The main focus of this paper is to study empirically the impact of major cyberattacks in the market value of the ten most exposed insurers to cyber risk. Using an event study for 53 global cyberattacks, we observe a negative and statistically significant stock price reaction for insurers around the cyberattack disclosure dates. The increase in the assessed probability of an increase in future payments tends to prevail over the increase in demand and/or premiums caused by the disclosure of global major cyberattacks. The results of our analysis also show a higher negative stock market reaction for small insurers and when involves financial information loss.

中文翻译：

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重大网络攻击对股票市场的影响：最容易受到网络风险影响的 10 家保险公司的证据


本文的主要重点是实证研究重大网络攻击对 10 家最容易受到网络风险影响的保险公司的市场价值的影响。通过对 53 起全球网络攻击的事件研究，我们观察到保险公司在网络攻击披露日期前后的负面且具有统计意义的股价反应。未来付款增加的评估概率的增加往往优先于因披露全球重大网络攻击而导致的需求和/或保费的增加。我们的分析结果还显示，小型保险公司和涉及财务信息丢失的负面股市反应更高。