Abnormal Returns and Dispersion in Cybersecurity Exposure

Tim Liu, C. Makridis
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Abstract

This paper examines the dispersion in cybersecurity risk across firms. Using new, proprietary data on the Fortune 500 firms, We show that higher productivity firms exhibit abnormal returns. We subsequently document three new facts: (a) higher productivity firms have fewer cybersecurity vulnerabilities, (b) vulnerabilities are highly persistent within-firm, and (c) vulnerabilities are associated with data breaches. Our results suggest that higher productivity firms gain access to more technical human capital resources that are capable of mitigating cybersecurity vulnerabilities.
网络安全风险的异常收益与分散
本文考察了网络安全风险在企业间的分散。利用财富500强公司的最新专有数据,我们发现生产率较高的公司表现出异常的回报。我们随后记录了三个新的事实:(a)生产率较高的公司网络安全漏洞较少,(b)漏洞在公司内部高度持续存在,(c)漏洞与数据泄露有关。我们的研究结果表明,生产率较高的企业可以获得更多能够缓解网络安全漏洞的技术人力资本资源。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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