Scholar Commons > M3 Center > JGBI > Vol. 8 > Iss. 2 (2023)
Article Title
Abstract
This study examined the effects of cyberattacks on the profitability of U.S. public and private commercial banks using a sample of 120 data breaches across various institutions. The results showed that cyberattacks negatively influence bank profitability, with effects more robust in the 12 quarters following a breach, especially from non-hack breaches. Large and private banks suffer more than small and public banks, with breaches resulting in decreased deposits and loans and increased liquidity. These changes are confirmed as independent channels reducing bank profitability. The results were robust after controlling for factors like multicollinearity, non-stationarity, cross-sectional dependence, and heteroskedasticity.
Keywords
cybersecurity, data breaches, breach types, performance ownership
ORCID Identifiers
Asligul Erkan-Barlow: https://orcid.org/0000-0001-5159-7634
Thanh Ngo: https://orcid.org/0000-0003-4950-1474
Rajni Goel: https://orcid.org/0000-0002-2516-0399
Denise W. Streeter: https://orcid.org/0000-0003-3267-1397
DOI
10.5038/2640-6489.8.2.1246
Recommended Citation
Erkan-Barlow, A., Ngo, T., Goel, R., & Streeter, D. W. (2023). An in-depth analysis of the impact of cyberattacks on the profitability of commercial banks in the United States. Journal of Global Business Insights, 8(2), 120-135. https://www.doi.org/10.5038/2640-6489.8.2.1246
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License