Publication Type
PhD Dissertation
Version
publishedVersion
Publication Date
9-2023
Abstract
Publication date: 5 September 2023
In the digital era, technological progress has been shadowed by an escalation in cybersecurity threats, notably impacting the financial sector. This research critically examines the influence of hacktivist campaigns—particularly those led by groups like Anonymous—on the cyber exposure of financial services firms listed on the NYSE. Employing Synthetic Controls and analyzing 22 treated firms, the study found that such campaigns significantly enhance the target institutions' deep and dark web exposure, with an average increase of 65% per annum in the subsequent two years from the campaign initiation. Crucially, smaller firms display a heightened susceptibility to these campaigns. The outcomes suggest that financial entities, especially smaller ones, should be proactive, adopting strategies like improved cybersecurity measures, continuous deep and dark web monitoring, employee training, and possibly cyber insurance. Additionally, maintaining ethical business practices and prioritizing transparency can potentially reduce the risk of becoming a hacktivist target.
Keywords
cyber risk, cybersecurity, darkweb, hacktivists, hacktivism, cyberattack
Degree Awarded
Doctor of Business Administration (Innovation)
Discipline
Finance | Finance and Financial Management
Supervisor(s)
ANG, Ser Keng
First Page
1
Last Page
72
Publisher
Singapore Management University
City or Country
Singapore
Citation
NIEMELAE, Mikko Samuli.
Do hacker groups pose a risk to organizations? Study on financial institutions targeted by hacktivists. (2023). 1-72.
Available at: https://ink.library.smu.edu.sg/etd_coll/539
Copyright Owner and License
Author
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.