Information Systems Security · 2004 · 94 citations · 20 references
BusinessCybersecurityRisk ManagementComputer SecurityInformation Security ManagementRisk AnalysisCyber RiskCybersecurity ManagementCybersecurity StrategyFinancial RiskInformation Systems Risk ManagementSecurity ManagementCyber Insurance RiskCyber Risk MitigationFinancial Performance ManagementInformation Security RiskMarket Value LossPreventive Control MeasuresSecurity Breach PreventionSecurity Risk Management
Information systems risk is a major concern because security breaches can severely damage a company’s financial performance, prompting strategies to minimize loss and manage risk through frameworks such as that proposed by Gordon et al. The study examines how virus attack announcements affect the market value of firms over a 15‑year span. The authors assess breach risk, then implement preventive technical, procedural, and financial measures, and finally maintain an acceptable risk level.
Abstract This paper reports the impact of virus attack announcements on the market value of affected companies over a period of 15 years. Information Systems (IS) risk is a top concern for organizations.1 These concerns are due to the fact that the consequence of a security breach can be detrimental to a company's financial performance.2 Thus, security strategies revolve around the act of a security breach (or an attempt at one) and the need to minimize the financial loss resulting from such a breach. Gordon et al.3 proposed a framework to manage cyber-risk. The antecedent activities include the assessment of the risk involved in a security breach. Subsequent steps involve the preventive measures necessary to avert such an attempt. These measures are divided into technical or procedural measures (i.e., access control, firewalls) and financial measures (such as buying cyber insurance). The final step entails the maintenance of an accepted level of risk.
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