정보보안 사고가 기업의 주식가치에 미치는 영향 : 한국기업 중심으로

Abstract

Recently several notable Korean companies and organizations have experienced security breaches. Korea is the most “connected” country in the world and as such is highly susceptible to cyber attacks. Measuring the overall financial impact of security breaches on companies has been a challenge primarily because many attacks are not reported. In addition, much of the financial impact is thought to be indirect such as loss of potential rents due to loss of customers’ trust, reduced brand loyalty, and legal actions. The goal of this study is to examine the impact of security breach announcements on companies in South Korea employing an event study methodology. The results show that Korean firms experience short-term and long-term negative abnormal returns after an announcement of a security breach. While ecommerce firms or small firms suffer from the security breach, traditional firms and Chaebols do not experience negative abnormal returns. This study contributes to comparison between the reactions of other markets and Korean market to the public announcement of a security breach.