{"id":"https://openalex.org/W7123803969","doi":"https://doi.org/10.1109/ecrime66972.2025.11327977","title":"Is Ransomware an Economically Distinct Attack Type? An Event Study of Market Reactions","display_name":"Is Ransomware an Economically Distinct Attack Type? An Event Study of Market Reactions","publication_year":2025,"publication_date":"2025-11-04","ids":{"openalex":"https://openalex.org/W7123803969","doi":"https://doi.org/10.1109/ecrime66972.2025.11327977"},"language":null,"primary_location":{"id":"doi:10.1109/ecrime66972.2025.11327977","is_oa":false,"landing_page_url":"https://doi.org/10.1109/ecrime66972.2025.11327977","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2025 APWG Symposium on Electronic Crime Research (eCrime)","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5113231952","display_name":"Ambarish Aniruddha Gurjar","orcid":null},"institutions":[{"id":"https://openalex.org/I102149020","display_name":"University of North Carolina at Charlotte","ror":"https://ror.org/04dawnj30","country_code":"US","type":"education","lineage":["https://openalex.org/I102149020"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Ambarish Gurjar","raw_affiliation_strings":["UNC Charlotte,College of Computing and Informatics,Charlotte,USA"],"affiliations":[{"raw_affiliation_string":"UNC Charlotte,College of Computing and Informatics,Charlotte,USA","institution_ids":["https://openalex.org/I102149020"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5079872236","display_name":"Dalyapraz Manatova","orcid":null},"institutions":[{"id":"https://openalex.org/I4210119109","display_name":"Indiana University Bloomington","ror":"https://ror.org/02k40bc56","country_code":"US","type":"education","lineage":["https://openalex.org/I4210119109","https://openalex.org/I592451"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Dalyapraz Manatova","raw_affiliation_strings":["Indiana University,Luddy School of Informatics, Computing, and Engineering,Bloomington,USA"],"affiliations":[{"raw_affiliation_string":"Indiana University,Luddy School of Informatics, Computing, and Engineering,Bloomington,USA","institution_ids":["https://openalex.org/I4210119109"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5091525327","display_name":"Benjamin Staples","orcid":null},"institutions":[{"id":"https://openalex.org/I4210119109","display_name":"Indiana University Bloomington","ror":"https://ror.org/02k40bc56","country_code":"US","type":"education","lineage":["https://openalex.org/I4210119109","https://openalex.org/I592451"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Benjamin Staples","raw_affiliation_strings":["Indiana University,Luddy School of Informatics, Computing, and Engineering,Bloomington,USA"],"affiliations":[{"raw_affiliation_string":"Indiana University,Luddy School of Informatics, Computing, and Engineering,Bloomington,USA","institution_ids":["https://openalex.org/I4210119109"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5122974634","display_name":"Spencer Chambers","orcid":null},"institutions":[{"id":"https://openalex.org/I4210119109","display_name":"Indiana University Bloomington","ror":"https://ror.org/02k40bc56","country_code":"US","type":"education","lineage":["https://openalex.org/I4210119109","https://openalex.org/I592451"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Spencer Chambers","raw_affiliation_strings":["Indiana University,Luddy School of Informatics, Computing, and Engineering,Bloomington,USA"],"affiliations":[{"raw_affiliation_string":"Indiana University,Luddy School of Informatics, Computing, and Engineering,Bloomington,USA","institution_ids":["https://openalex.org/I4210119109"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5122973860","display_name":"L. Jean Camp","orcid":null},"institutions":[{"id":"https://openalex.org/I102149020","display_name":"University of North Carolina at Charlotte","ror":"https://ror.org/04dawnj30","country_code":"US","type":"education","lineage":["https://openalex.org/I102149020"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"L. Jean Camp","raw_affiliation_strings":["UNC Charlotte,College of Computing and Informatics,Charlotte,USA"],"affiliations":[{"raw_affiliation_string":"UNC Charlotte,College of Computing and Informatics,Charlotte,USA","institution_ids":["https://openalex.org/I102149020"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5113231952"],"corresponding_institution_ids":["https://openalex.org/I102149020"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.82824668,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":"1","last_page":"10"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10734","display_name":"Information and Cyber Security","score":0.4745999872684479,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10734","display_name":"Information and Cyber Security","score":0.4745999872684479,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11241","display_name":"Advanced Malware Detection Techniques","score":0.13940000534057617,"subfield":{"id":"https://openalex.org/subfields/1711","display_name":"Signal Processing"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T12519","display_name":"Cybercrime and Law Enforcement Studies","score":0.06679999828338623,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/ransomware","display_name":"Ransomware","score":0.9682000279426575},{"id":"https://openalex.org/keywords/leverage","display_name":"Leverage (statistics)","score":0.6983000040054321},{"id":"https://openalex.org/keywords/externality","display_name":"Externality","score":0.5917999744415283},{"id":"https://openalex.org/keywords/payment","display_name":"Payment","score":0.47189998626708984},{"id":"https://openalex.org/keywords/event-study","display_name":"Event study","score":0.4715999960899353},{"id":"https://openalex.org/keywords/investment","display_name":"Investment (military)","score":0.3903000056743622},{"id":"https://openalex.org/keywords/event","display_name":"Event (particle physics)","score":0.35499998927116394}],"concepts":[{"id":"https://openalex.org/C2777667771","wikidata":"https://www.wikidata.org/wiki/Q926331","display_name":"Ransomware","level":3,"score":0.9682000279426575},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.6983000040054321},{"id":"https://openalex.org/C16118543","wikidata":"https://www.wikidata.org/wiki/Q275372","display_name":"Externality","level":2,"score":0.5917999744415283},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.550000011920929},{"id":"https://openalex.org/C145097563","wikidata":"https://www.wikidata.org/wiki/Q1148747","display_name":"Payment","level":2,"score":0.47189998626708984},{"id":"https://openalex.org/C12958728","wikidata":"https://www.wikidata.org/wiki/Q1002530","display_name":"Event study","level":3,"score":0.4715999960899353},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4117000102996826},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.4108999967575073},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.3903000056743622},{"id":"https://openalex.org/C2779662365","wikidata":"https://www.wikidata.org/wiki/Q5416694","display_name":"Event (particle physics)","level":2,"score":0.35499998927116394},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.33889999985694885},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.3305000066757202},{"id":"https://openalex.org/C165609540","wikidata":"https://www.wikidata.org/wiki/Q1172486","display_name":"Data breach","level":2,"score":0.32989999651908875},{"id":"https://openalex.org/C178411942","wikidata":"https://www.wikidata.org/wiki/Q622657","display_name":"Market failure","level":2,"score":0.3158000111579895},{"id":"https://openalex.org/C201307755","wikidata":"https://www.wikidata.org/wiki/Q4071928","display_name":"Cyber-attack","level":2,"score":0.30320000648498535},{"id":"https://openalex.org/C2777834853","wikidata":"https://www.wikidata.org/wiki/Q96776939","display_name":"Liability","level":2,"score":0.29739999771118164},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.28999999165534973},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.27730000019073486},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2752000093460083},{"id":"https://openalex.org/C96219163","wikidata":"https://www.wikidata.org/wiki/Q649124","display_name":"Network effect","level":2,"score":0.27149999141693115}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1109/ecrime66972.2025.11327977","is_oa":false,"landing_page_url":"https://doi.org/10.1109/ecrime66972.2025.11327977","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2025 APWG Symposium on Electronic Crime Research (eCrime)","raw_type":"proceedings-article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":27,"referenced_works":["https://openalex.org/W77047371","https://openalex.org/W1483280370","https://openalex.org/W1501321335","https://openalex.org/W1863670505","https://openalex.org/W1966875048","https://openalex.org/W1970404990","https://openalex.org/W2018085556","https://openalex.org/W2056075452","https://openalex.org/W2062493711","https://openalex.org/W2091722306","https://openalex.org/W2102415505","https://openalex.org/W2104796460","https://openalex.org/W2122902902","https://openalex.org/W2550780206","https://openalex.org/W2590695271","https://openalex.org/W2918490372","https://openalex.org/W2972902221","https://openalex.org/W3122010751","https://openalex.org/W3122745812","https://openalex.org/W3161792124","https://openalex.org/W4236620421","https://openalex.org/W4249337050","https://openalex.org/W4255615384","https://openalex.org/W4300567850","https://openalex.org/W4323519524","https://openalex.org/W4393372521","https://openalex.org/W4407938443"],"related_works":[],"abstract_inverted_index":{"Ransomware":[0],"attacks":[1],"have":[2],"emerged":[3],"as":[4,31],"a":[5,57,148],"significant":[6],"threat,":[7],"but":[8],"has":[9],"this":[10],"new":[11],"mode":[12],"of":[13,19,24,193],"attack":[14],"transformed":[15],"the":[16,22,117,127,137,168,189],"economic":[17,191],"calculus":[18],"cybersecurity?":[20],"Before":[21],"emergence":[23],"ransomware,":[25],"vulnerabilities":[26],"could":[27,180],"be":[28],"characterized":[29],"largely":[30],"having":[32],"high":[33],"negative":[34,61,132],"network":[35],"externalities":[36,62],"while":[37],"also":[38,181],"creating":[39],"risks":[40],"for":[41,69,102],"vulnerable":[42],"parties.":[43],"However,":[44,177],"with":[45],"ransomware\u2019s":[46],"rise,":[47],"attackers":[48],"can":[49],"more":[50],"directly":[51,64],"extract":[52],"payments":[53],"from":[54],"victims.":[55],"Such":[56],"shift":[58],"may":[59,187],"change":[60],"into":[63],"tangible":[65],"and":[66,109,140,147],"quantifiable":[67],"costs":[68],"affected":[70,106],"firms.To":[71],"investigate":[72],"whether":[73],"ransomware":[74,86,108,172],"victims":[75],"internalize":[76],"these":[77,111],"costs,":[78],"we":[79,90],"compute":[80],"Cumulative":[81],"Abnormal":[82],"Returns":[83],"(CARs)":[84],"around":[85],"disclosure":[87],"dates.":[88],"Specifically,":[89],"leverage":[91],"an":[92,163],"event-study":[93],"methodology":[94],"to":[95,171,197],"estimate":[96],"CARs":[97],"across":[98],"multiple":[99],"event":[100],"windows":[101],"publicly":[103],"traded":[104],"firms":[105,125,135],"by":[107],"compare":[110],"effects":[112,146],"against":[113],"prior":[114],"findings":[115,161,179],"in":[116,126,136,158,166,174,201],"cybersecurity":[118],"finance":[119],"literature.":[120],"Our":[121],"results":[122],"show":[123],"that":[124,183],"critical":[128],"manufacturing":[129],"sector":[130,142],"experience":[131],"returns,":[133],"whereas":[134],"information":[138],"technology":[139],"communications":[141],"exhibit":[143],"comparatively":[144],"mild":[145],"faster":[149],"recovery":[150],"trajectory,":[151],"often":[152],"showing":[153],"positive":[154],"cumulative":[155],"abnormal":[156],"returns":[157],"longer":[159],"windows.Our":[160],"illuminate":[162],"important":[164],"difference":[165],"how":[167],"market":[169,185],"reacts":[170],"incidents":[173],"different":[175],"sectors.":[176],"our":[178],"imply":[182],"standard":[184],"valuations":[186],"understate":[188],"full":[190],"impact":[192],"such":[194],"incidents,":[195],"failing":[196],"incentivize":[198],"adequate":[199],"investment":[200],"risk":[202],"remediation.":[203]},"counts_by_year":[],"updated_date":"2026-01-14T23:44:37.837170","created_date":"2026-01-14T00:00:00"}
