---
_id: '16249'
abstract:
- lang: eng
  text: Timing plays a crucial role in the context of information security investments.
    We regard timing in two dimensions, namely the time of announcement in relation
    to the time of investment and the time of announcement in relation to the time
    of a fundamental security incident. The financial value of information security
    investments is assessed by examining the relationship between the investment announcements
    and their stock market reaction focusing on the two time dimensions. Using an
    event study methodology, we found that both dimensions influence the stock market
    return of the investing organization. Our results indicate that (1) after fundamental
    security incidents in a given industry, the stock price will react more positively
    to a firm’s announcement of actual information security investments than to announcements
    of the intention to invest; (2) the stock price will react more positively to
    a firm’s announcements of the intention to invest after the fundamental security
    incident compared to before; and (3) the stock price will react more positively
    to a firm’s announcements of actual information security investments after the
    fundamental security incident compared to before. Overall, the lowest abnormal
    return can be expected when the intention to invest is announced before a fundamental
    information security incident and the highest return when actual investing after
    a fundamental information security incident in the respective industry.
author:
- first_name: Eva
  full_name: Szubartowicz, Eva
  last_name: Szubartowicz
- first_name: Guido
  full_name: Schryen, Guido
  id: '72850'
  last_name: Schryen
citation:
  ama: 'Szubartowicz E, Schryen G. Timing in Information Security: An Event Study
    on the Impact of Information Security Investment Announcements. <i>Journal of
    Information System Security</i>. 2020;16(1):3-31.'
  apa: 'Szubartowicz, E., &#38; Schryen, G. (2020). Timing in Information Security:
    An Event Study on the Impact of Information Security Investment Announcements.
    <i>Journal of Information System Security</i>, <i>16</i>(1), 3–31.'
  bibtex: '@article{Szubartowicz_Schryen_2020, title={Timing in Information Security:
    An Event Study on the Impact of Information Security Investment Announcements},
    volume={16}, number={1}, journal={Journal of Information System Security}, publisher={Information
    Institute Publishing, Washington DC, USA}, author={Szubartowicz, Eva and Schryen,
    Guido}, year={2020}, pages={3–31} }'
  chicago: 'Szubartowicz, Eva, and Guido Schryen. “Timing in Information Security:
    An Event Study on the Impact of Information Security Investment Announcements.”
    <i>Journal of Information System Security</i> 16, no. 1 (2020): 3–31.'
  ieee: 'E. Szubartowicz and G. Schryen, “Timing in Information Security: An Event
    Study on the Impact of Information Security Investment Announcements,” <i>Journal
    of Information System Security</i>, vol. 16, no. 1, pp. 3–31, 2020.'
  mla: 'Szubartowicz, Eva, and Guido Schryen. “Timing in Information Security: An
    Event Study on the Impact of Information Security Investment Announcements.” <i>Journal
    of Information System Security</i>, vol. 16, no. 1, Information Institute Publishing,
    Washington DC, USA, 2020, pp. 3–31.'
  short: E. Szubartowicz, G. Schryen, Journal of Information System Security 16 (2020)
    3–31.
date_created: 2020-03-05T10:29:00Z
date_updated: 2022-01-06T06:52:47Z
ddc:
- '000'
department:
- _id: '277'
file:
- access_level: open_access
  content_type: application/pdf
  creator: hsiemes
  date_created: 2020-03-05T10:26:11Z
  date_updated: 2020-03-05T10:35:49Z
  file_id: '16250'
  file_name: Timing in Information Security - JISSEC format PREPUBLICATION.pdf
  file_size: 478056
  relation: main_file
file_date_updated: 2020-03-05T10:35:49Z
has_accepted_license: '1'
intvolume: '        16'
issue: '1'
keyword:
- Event Study
- Information Security
- Investment Announcements
- Stock Price Reaction
- Value of Information Security Investments
language:
- iso: eng
oa: '1'
page: 3 - 31
publication: Journal of Information System Security
publisher: Information Institute Publishing, Washington DC, USA
status: public
title: 'Timing in Information Security: An Event Study on the Impact of Information
  Security Investment Announcements'
type: journal_article
user_id: '61579'
volume: 16
year: '2020'
...