DAMPAK FINANSIAL SERANGAN SIBER TERHADAP KINERJA KORPORASI: SCOPING REVIEW
DOI:
https://doi.org/10.35446/dayasaing.v11i2.2245Keywords:
scoping review, cyber attack, financial impact, company loss, informationAbstract
: Rapid digital development has improved the operational efficiency of companies, but also increased exposure to the risk of cyber-attacks that can have a financial impact. This study aims to map and analyze the literature addressing the financial impact of cyberattacks on companies across sectors through a scoping review approach. The review process was based on the framework of Arksey and O'Malley (2005), including five stages: identification of research questions, search for relevant literature, selection of articles, data mapping, and preparation and reporting of results. A total of 10 selected scientific articles were analyzed and grouped into four main themes: (1) financial impacts and costs and (2) financial market reactions to cyberattacks. The findings show that cyberattacks cause real financial losses, including reduced stock prices, recovery costs, and reputational damage. The impact varies depending on industry sector, security readiness level, and transparency of incident reporting. The study also found gaps in cost estimation methodologies and incident reporting limitations that make comparative assessments between studies difficult. Therefore, future research should develop a standardized cost estimation approach, expand the geographical context of the study, and examine the long-term impact of cyberattacks on the financial sustainability of companies.
References
Arcuri, M. C., Gai, L., Ielasi, F., & Ventisette, E. (2020). Cyber attacks on hospitality sector: stock market reaction. Journal of Hospitality and Tourism Technology, 11(2), 277–290. https://doi.org/10.1108/JHTT-05-2019-0080
Castillo, D., & Falzon, J. (2018). An Analysis of the Impact of WannaCry Cyberattack on Cybersecurity Stock Returns.
Corallo, A., Lazoi, M., & Lezzi, M. (2020). Cybersecurity in the context of industry 4.0: A structured classification of critical assets and business impacts. In Computers in Industry (Vol. 114). Elsevier B.V. https://doi.org/10.1016/j.compind.2019.103165
Fonseca-Herrera, O. A., Rojas, A. E., & Florez, H. (2021). A Model of an Information Security Management System Based on NTC-ISO/IEC 27001 Standard. IAENG International Journal of Computer Science, 48(2).
Gordon, L. A., Loeb, M. P., & Zhou, L. (2011). The impact of information security breaches: Has there been a downward shift in costs? Journal of Computer Security, 19(1), 33–56. https://doi.org/10.3233/JCS-2009-0398
Gulyas, O., & Kiss, G. (2023). Impact of cyber-Attacks on the financial institutions. Procedia Computer Science, 219, 84–90. https://doi.org/10.1016/j.procs.2023.01.267
Hossain, M. S., & Sultana, M. (2024). Digitalization of corporate finance and firm performance: global evidence and analysis. Journal of Financial Economic Policy. https://doi.org/10.1108/JFEP-04-2023-0109
Jang-Jaccard, J., & Nepal, S. (2014). A survey of emerging threats in cybersecurity. Journal of Computer and System Sciences, 80(5), 973–993. https://doi.org/10.1016/j.jcss.2014.02.005
Kamiya, S., Kang, J. K., Kim, J., Milidonis, A., & Stulz, R. M. (2021). Risk management, firm reputation, and the impact of successful cyberattacks on target firms. Journal of Financial Economics, 139(3), 719–749. https://doi.org/10.1016/j.jfineco.2019.05.019
Kammoun, N., Bounfour, A., Özaygen, A., & Dieye, R. (2019). Financial market reaction to cyberattacks. Cogent Economics and Finance, 7(1). https://doi.org/10.1080/23322039.2019.1645584
Kitsing, M. (2017). Internet Banking as a Platform for E-Government. Annual International Conference on Innovation and Entrepreneurship (IE 2017). https://doi.org/10.5176/2251-2039_IE17.30
Meisner, M. (2018). FINANCIAL CONSEQUENCES OF CYBER ATTACKS LEADING TO DATA BREACHES IN HEALTHCARE SECTOR. Copernican Journal of Finance & Accounting, 6(3), 63. https://doi.org/10.12775/cjfa.2017.017
Pawar, S., & Palivela, D. H. (2022). LCCI: A framework for least cybersecurity controls to be implemented for small and medium enterprises (SMEs). International Journal of Information Management Data Insights, 2(1). https://doi.org/10.1016/j.jjimei.2022.100080
Romanosky, S. (2016). Examining the costs and causes of cyber incidents. Journal of Cybersecurity, 2(2), 121–135. https://doi.org/10.1093/cybsec/tyw001
Shameli-Sendi, A., Aghababaei-Barzegar, R., & Cheriet, M. (2016). Taxonomy of information security risk assessment (ISRA). Computers and Security, 57, 14–30. https://doi.org/10.1016/j.cose.2015.11.001
Sotamaa, O., Tyni, H., & Myöhänen, T. (2023). ‘Even if the algorithm is a terrible workmate, you just need to learn to live with it’: Perceptions of data analytics among game industry professionals. European Journal of Cultural Studies. https://doi.org/10.1177/13675494231168568
Tariq, N. (2018). Journal of Internet Banking and Commerce IMPACT OF CYBERATTACKS ON FINANCIAL INSTITUTIONS. In Journal of Internet Banking and Commerce (Vol. 23, Issue 2). http://www.icommercecentral.com
Thomas, G., & Sule, M.-J. (2023). A service lens on cybersecurity continuity and management for organizations’ subsistence and growth. Organizational Cybersecurity Journal: Practice, Process and People, 3(1), 18–40. https://doi.org/10.1108/ocj-09-2021-0025
Tosun, O. K. (2021). Cyber-attacks and stock market activity. International Review of Financial Analysis, 76. https://doi.org/10.1016/j.irfa.2021.101795
Tweneboah-Kodua, S., Atsu, F., & Buchanan, W. (2018). Impact of cyberattacks on stock performance: a comparative study. Information and Computer Security, 26(5), 637–652. https://doi.org/10.1108/ICS-05-2018-0060
Downloads
Published
Versions
- 2025-07-20 (2)
- 2025-07-20 (1)
