Assessment of Phishing Announcements on Market Value of Firms

This is a research study of indirect financial impact of phishing announcements on firm value. Using about 3,000 phishing announcements, we showed that phishing has significant negative influence on firms regardless of company size. With regard to attacks on holding and subsidiary companies, we also discovered that the impact on holding companies is significantly higher. We believe that our research can enrich literature in the fields of phishing research and encourage future research in the area of information security.