Pirates without borders: The propagation of cyberattacks through firms? supply chains

• 成果类型: Article
• 署名作者: Crosignani, Matteo; Macchiavelli, Marco; Silva, Andre F.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; University of Massachusetts System; University of Massachusetts Amherst; Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2022.12.002
• 发表日期: 2023
• 页码: 432-448
• 关键词: FINANCIAL CRISIS; Cyberattacks; Supply chains; Bank credit

摘要

This paper examines the supply chain effects of the most damaging cyberattack in his-tory so far. The attack propagated from the directly hit firms to their customers, causing a four-fold amplification of the initial drop in profits. These losses were larger for affected customers with fewer alternative suppliers. Internal liquidity buffers and increased bor-rowing, mainly through bank credit lines, helped firms navigate the shock. Nonetheless, the cyberattack led to persistent adjustments to the supply chain network, with affected customers terminating trading relations with directly hit firms and forming new ones with alternative suppliers with a stronger cybersecurity posture.(c) 2022 Elsevier B.V. All rights reserved.