讲座题目： Ransomware Event Disclosures and the Public’s and Investors’ Reactions
讲座人： 陈燕副教授
主持人： 李凯教授
讲座时间：2023年6月22日（星期四）14：00
讲座地点：商学院A501-3
讲座人简介：
Yan Chen is an Associate Professor, Ryder Eminent Scholar Chair in Management Information Systems and the faculty director of MBA in Cybersecurity Risk Management program in Information Systems in the Information Systems and Business Analytics Department at the Florida International University. She received her Ph.D. degree in management information systems from the University of Wisconsin–Milwaukee. Her research focuses on online fraud, security management, information privacy, and social media analytics. She has published more than 40 research papers in refereed academic journals and conference proceedings, including MIS Quarterly, Information Systems Research, Journal of Management Information Systems, Journal of the Association for Information Systems, Information & Management, Decision Support Systems, and others. Dr. Chen is an associate editor for the Journal of Information Technology Case and Application Research and Organizational Cybersecurity Journal: Practice, Process and People. She has been serving as a reviewer for many IS journals and conferences, including MIS Quarterly, Information Systems Research, Journal of Management Information Systems, Decision Sciences, European Journal of Information Systems, Information & Management, and others. Dr. Chen is ranked 163rd among IS scholars in the world in the time window from 2020 to 2022 for top-tier publications in MISQ, ISR, JMIS and JAIS. She is a recipient of research scholarships and best paper award nominations.
讲座摘要：
By rendering data inaccessible, ransomware events can be highly disruptive to firms’ operations. Yet scant research has examined investors’ reactions to disclosures of ransomware events. Thus, we investigated investors’ reactions by focusing on three types of reactions: information search volume, stock market reactions, and social media reactions. We drew upon a novel data set of ransomware events and combined it with Google Trends, the stock market, and Twitter data. Using the event study method, we found that—depending on whether ransomware events caused (vs. did not cause) operational disruptions—on the disclosure day, information search increased by 666% (vs. 129%), stock market prices dropped -1.22% (vs. gained 1.28%), and negative tweet volume increased by 19.06% (vs. 1.40%). Therefore, investors’ reactions were much more negative when operations were disrupted. Notably, our results are among the first to document significant positive market reactions to the disclosure of security incidents, for which we offer the novel explanation that the disclosure of “defended” ransomware events signals cyber resilience and reduced future cyber risk to investors. To further support this explanation, we show that investors are responsive to cyber risk. Overall, our work provides novel insights into investors’ reactions to ransomware events.
