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Effects of Data Breaches on Sector-Wide Systematic Risk in Financial, Technology, Healthcare and Services Sectors.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Effects of Data Breaches on Sector-Wide Systematic Risk in Financial, Technology, Healthcare and Services Sectors./
Author:	Pelletier, Justin M.
Description:	1 online resource (104 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-01(E), Section: B.
Contained By:	Dissertation Abstracts International79-01B(E).
Subject:	Information technology. -
Online resource:	click for full text (PQDT)
ISBN:	9780355147247

Effects of Data Breaches on Sector-Wide Systematic Risk in Financial, Technology, Healthcare and Services Sectors.
Pelletier, Justin M.

Effects of Data Breaches on Sector-Wide Systematic Risk in Financial, Technology, Healthcare and Services Sectors. - 1 online resource (104 pages)

Source: Dissertation Abstracts International, Volume: 79-01(E), Section: B.

Thesis (Ph.D.)

Includes bibliographical references

This research informs an ongoing debate regarding a firm's incentives to invest in information security. Previous research reported that data breaches have had a decreasing impact on a company's stock price over time, leading researchers to conclude that market-based incentives are decreasingly effective. Some information security economists also suggested that further regulation is necessary because they found that capital market participants poorly accounted for the spillover effects of a breach---the effects of a breach that are external to the breached company. However, some studies indicate that sector-wide systematic risk could measure spillover effects and that the effects of a data breach on systematic risk may have changed over time. The purpose of this study was to quantitatively describe the relationship between the data breach of a firm and changes to the systematic risk of that firm's sector. This dissertation used event studies of sector-wide systematic risk within American stock markets to measure the external effects of breaches that occurred in companies within the financial, technology, healthcare and services sectors. The use of a repeated measures analysis of variance between those event studies allowed examination of longitudinal changes to sector-wide systematic risk between 2006 through 2016. This analysis found that the breach of an individual company had a significant impact on the systematic risk for that company's entire sector (1.08% in 2016) and that these impacts have increased over time (p = 0.015). The results were consistent across all measured sectors, without any significant correlation attributable to the scope of the breach. Together, these findings suggest that market forces are increasingly incentivizing sector-wide investment in information security. Further research should consider the potential for government enforced meta-regulation of sector defined information security standards.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355147247Subjects--Topical Terms:

559429
Information technology.
Index Terms--Genre/Form:

554714
Electronic books.

Effects of Data Breaches on Sector-Wide Systematic Risk in Financial, Technology, Healthcare and Services Sectors.
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520 $a This research informs an ongoing debate regarding a firm's incentives to invest in information security. Previous research reported that data breaches have had a decreasing impact on a company's stock price over time, leading researchers to conclude that market-based incentives are decreasingly effective. Some information security economists also suggested that further regulation is necessary because they found that capital market participants poorly accounted for the spillover effects of a breach---the effects of a breach that are external to the breached company. However, some studies indicate that sector-wide systematic risk could measure spillover effects and that the effects of a data breach on systematic risk may have changed over time. The purpose of this study was to quantitatively describe the relationship between the data breach of a firm and changes to the systematic risk of that firm's sector. This dissertation used event studies of sector-wide systematic risk within American stock markets to measure the external effects of breaches that occurred in companies within the financial, technology, healthcare and services sectors. The use of a repeated measures analysis of variance between those event studies allowed examination of longitudinal changes to sector-wide systematic risk between 2006 through 2016. This analysis found that the breach of an individual company had a significant impact on the systematic risk for that company's entire sector (1.08% in 2016) and that these impacts have increased over time (p = 0.015). The results were consistent across all measured sectors, without any significant correlation attributable to the scope of the breach. Together, these findings suggest that market forces are increasingly incentivizing sector-wide investment in information security. Further research should consider the potential for government enforced meta-regulation of sector defined information security standards.
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