{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,17]],"date-time":"2026-04-17T00:57:25Z","timestamp":1776387445086,"version":"3.51.2"},"reference-count":66,"publisher":"Springer Science and Business Media LLC","issue":"4","license":[{"start":{"date-parts":[[2025,1,15]],"date-time":"2025-01-15T00:00:00Z","timestamp":1736899200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2025,1,15]],"date-time":"2025-01-15T00:00:00Z","timestamp":1736899200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"funder":[{"name":"Korea Advanced Institute of Science and Technology"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Inf Syst Front"],"published-print":{"date-parts":[[2025,8]]},"abstract":"<jats:title>Abstract<\/jats:title>\n          <jats:p>Cybersecurity incidents damage not only the organizations attacked, but also society in general, harming customers and stakeholders. Through the text mining of the incident database, we observed that the impact of cybersecurity incident trends became more outward-oriented causing increased risks associated with social responsibility. Thus, this study aims to validate the potential effect of cybersecurity incidents on social responsibility risks and stock price drops. To derive meaningful factors from the description of incidents, we mined the texts to extract the features of the severity of incidents and their direction of impact whether inward or outward. The severity score is derived from sentiment analysis and the impact direction by topic modeling and machine learning models including SVM, LSTM, and BERT. The effects of these incident features are studied through regression models with social responsibility risk and stock price drops as dependent variables. To conduct this study, we collected incident texts from the Privacy Rights Clearinghouse database, and social responsibility risk indices from the Privacy and Data Security index and Cyber Risk Rating scores. The subsequent short-term stock price drops are measured by Cumulative Abnormal Returns and their variations. Our analysis revealed a profound impact of cybersecurity incidents on social responsibility risk indices and stock price drops with the moderating effect of outward impact in both models. However, we recognize the incompatibility between an annual index of social responsibility risk and short-term stock price drops. Therefore, we propose a short-term social responsibility risk index for cybersecurity which can be derived from the disclosed incidents. All these scenarios support the premise that cybersecurity incidents significantly impact the social responsibility risk and may lead to potential stock price drops.<\/jats:p>","DOI":"10.1007\/s10796-024-10565-z","type":"journal-article","created":{"date-parts":[[2025,1,15]],"date-time":"2025-01-15T04:14:40Z","timestamp":1736914480000},"page":"1367-1391","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Is Cybersecurity a Social Responsibility?"],"prefix":"10.1007","volume":"27","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-2407-9695","authenticated-orcid":false,"given":"Waqas Nawaz","family":"Khan","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1571-2281","authenticated-orcid":false,"given":"Jae Kyu","family":"Lee","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1328-0331","authenticated-orcid":false,"given":"Shan","family":"Liu","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2025,1,15]]},"reference":[{"key":"10565_CR1","unstructured":"Acquisti, A., Friedman, A., & Telang, R. (2006). Is There a Cost to Privacy Breaches? An Event Study. ICIS 2006 Proceedings. https:\/\/aisel.aisnet.org\/icis2006\/94"},{"key":"10565_CR2","doi-asserted-by":"publisher","unstructured":"Akey, P., Lewellen, S., Liskovich, I., & Schiller, C. (2021). Hacking Corporate Reputations (SSRN Scholarly Paper 3143740). https:\/\/doi.org\/10.2139\/ssrn.3143740","DOI":"10.2139\/ssrn.3143740"},{"issue":"3","key":"10565_CR3","doi-asserted-by":"publisher","first-page":"1177","DOI":"10.1007\/s11142-018-9452-4","volume":"23","author":"E Amir","year":"2018","unstructured":"Amir, E., Levi, S., & Livne, T. (2018). Do firms underreport information on cyber-attacks? Evidence from capital markets. Review of Accounting Studies, 23(3), 1177\u20131206. https:\/\/doi.org\/10.1007\/s11142-018-9452-4","journal-title":"Review of Accounting Studies"},{"key":"10565_CR4","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.4884478","author":"P Balboni","year":"2024","unstructured":"Balboni, P., & Francis, K. E. (2024). Data Ethics and Digital Sustainability: Bridging Legal Data Protection Compliance and ESG for a Responsible Data-Driven Future (SSRN Scholarly Paper 4884478). Social Science Research Network. https:\/\/doi.org\/10.2139\/ssrn.4884478","journal-title":"Social Science Research Network"},{"issue":"12","key":"10565_CR5","doi-asserted-by":"publisher","first-page":"2503","DOI":"10.1111\/risa.14122","volume":"43","author":"V Bamiatzi","year":"2023","unstructured":"Bamiatzi, V., Dowling, M., Gogolin, F., Kearney, F., & Vigne, S. (2023). Are the good spared? Corporate social responsibility as insurance against cyber security incidents. Risk Analysis, 43(12), 2503\u20132518. https:\/\/doi.org\/10.1111\/risa.14122","journal-title":"Risk Analysis"},{"issue":"1","key":"10565_CR6","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1177\/0022242919873106","volume":"84","author":"J Berger","year":"2020","unstructured":"Berger, J., Humphreys, A., Ludwig, S., Moe, W. W., Netzer, O., & Schweidel, D. A. (2020). Uniting the Tribes: Using Text for Marketing Insight. Journal of Marketing, 84(1), 1\u201325. https:\/\/doi.org\/10.1177\/0022242919873106","journal-title":"Journal of Marketing"},{"issue":"5","key":"10565_CR7","doi-asserted-by":"publisher","first-page":"848","DOI":"10.1007\/s11747-019-00634-0","volume":"48","author":"SB Borah","year":"2020","unstructured":"Borah, S. B., Prakhya, S., & Sharma, A. (2020). Leveraging service recovery strategies to reduce customer churn in an emerging market. Journal of the Academy of Marketing Science, 48(5), 848\u2013868. https:\/\/doi.org\/10.1007\/s11747-019-00634-0","journal-title":"Journal of the Academy of Marketing Science"},{"issue":"1","key":"10565_CR8","doi-asserted-by":"publisher","first-page":"70","DOI":"10.1080\/10864415.2004.11044320","volume":"9","author":"H Cavusoglu","year":"2004","unstructured":"Cavusoglu, H., Mishra, B., & Raghunathan, S. (2004). The Effect of Internet Security Breach Announcements on Market Value: Capital Market Reactions for Breached Firms and Internet Security Developers. International Journal of Electronic Commerce, 9(1), 70\u2013104. https:\/\/doi.org\/10.1080\/10864415.2004.11044320","journal-title":"International Journal of Electronic Commerce"},{"key":"10565_CR9","doi-asserted-by":"crossref","unstructured":"Chai, C. P. (2023). Comparison of text preprocessing methods. Natural Language Engineering, 29(3), 509\u2013553.","DOI":"10.1017\/S1351324922000213"},{"key":"10565_CR10","unstructured":"Chin, K. (2023). Cybersecurity and social responsibility: Ethical considerations. UpGuard. https:\/\/www.upguard.com\/blog\/cybersecurity-ethics. Accessed 18 Nov 2023."},{"key":"10565_CR11","doi-asserted-by":"publisher","unstructured":"Clavel, C., & Callejas, Z. (2016). Sentiment Analysis: From Opinion Mining to Human-Agent Interaction. IEEE Transactions on Affective Computing, 7(1), 74\u201393. IEEE Transactions on Affective Computing. https:\/\/doi.org\/10.1109\/TAFFC.2015.2444846","DOI":"10.1109\/TAFFC.2015.2444846"},{"issue":"3","key":"10565_CR12","doi-asserted-by":"publisher","first-page":"163","DOI":"10.1057\/palgrave.crr.1550049","volume":"10","author":"WT Coombs","year":"2007","unstructured":"Coombs, W. T. (2007). Protecting Organization Reputations During a Crisis: The Development and Application of Situational Crisis Communication Theory. Corporate Reputation Review, 10(3), 163\u2013176. https:\/\/doi.org\/10.1057\/palgrave.crr.1550049","journal-title":"Corporate Reputation Review"},{"issue":"1","key":"10565_CR13","doi-asserted-by":"publisher","first-page":"150","DOI":"10.1016\/j.eswa.2012.07.028","volume":"40","author":"R Costa","year":"2013","unstructured":"Costa, R., & Menichini, T. (2013). A multidimensional approach for CSR assessment: The importance of the stakeholder perception. Expert Systems with Applications, 40(1), 150\u2013161. https:\/\/doi.org\/10.1016\/j.eswa.2012.07.028","journal-title":"Expert Systems with Applications"},{"issue":"2","key":"10565_CR14","doi-asserted-by":"publisher","first-page":"285","DOI":"10.2753\/MIS0742-1222310210","volume":"31","author":"J D\u2019Arcy","year":"2014","unstructured":"D\u2019Arcy, J., Herath, T., & Shoss, M. K. (2014). Understanding Employee Responses to Stressful Information Security Requirements: A Coping Perspective. Journal of Management Information Systems, 31(2), 285\u2013318. https:\/\/doi.org\/10.2753\/MIS0742-1222310210","journal-title":"Journal of Management Information Systems"},{"issue":"4","key":"10565_CR15","doi-asserted-by":"publisher","first-page":"1200","DOI":"10.1287\/isre.2020.0939","volume":"31","author":"J D\u2019Arcy","year":"2020","unstructured":"D\u2019Arcy, J., Adjerid, I., Angst, C. M., & Glavas, A. (2020). Too Good to Be True: Firm Social Performance and the Risk of Data Breach. Information Systems Research, 31(4), 1200\u20131223. https:\/\/doi.org\/10.1287\/isre.2020.0939","journal-title":"Information Systems Research"},{"key":"10565_CR59","unstructured":"Esuli, A. & Sebastiani, F. (2006). Sentiwordnet: A publicly available lexical resource for opinion mining. In Proceedings of the 5th international conference on language resources and evaluation (pp. 417\u2013422). European Language Resources Association (ELRA)."},{"issue":"11","key":"10565_CR16","doi-asserted-by":"publisher","first-page":"2549","DOI":"10.1287\/mnsc.2014.2038","volume":"61","author":"C Flammer","year":"2015","unstructured":"Flammer, C. (2015). Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science, 61(11), 2549\u20132568. https:\/\/doi.org\/10.1287\/mnsc.2014.2038","journal-title":"A Regression Discontinuity Approach. Management Science"},{"key":"10565_CR17","unstructured":"Fombrun, C. J., & van Riel, C. B. (2004). Fame & fortune: How successful companies build winning reputations. FT press."},{"key":"10565_CR18","unstructured":"Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman."},{"key":"10565_CR19","unstructured":"Fu, M., Lee, J. K., Li, J., & Liu, S. (2023). What do customers say on the online reviews about their satisfaction? International Conference on Electronic Commerce 2023. http:\/\/icec2023.3chuang.net\/static\/pdf\/ICEC-2023-Program-Book.pdf"},{"issue":"1","key":"10565_CR20","doi-asserted-by":"publisher","first-page":"61","DOI":"10.1111\/j.1540-6296.2010.01178.x","volume":"13","author":"KM Gatzlaff","year":"2010","unstructured":"Gatzlaff, K. M., & McCullough, K. A. (2010). The Effect of Data Breaches on Shareholder Wealth. Risk Management and Insurance Review, 13(1), 61\u201383. https:\/\/doi.org\/10.1111\/j.1540-6296.2010.01178.x","journal-title":"Risk Management and Insurance Review"},{"issue":"3","key":"10565_CR21","doi-asserted-by":"publisher","first-page":"703","DOI":"10.25300\/MISQ\/2017\/41.3.03","volume":"41","author":"S Goode","year":"2017","unstructured":"Goode, S., Hoehle, H., Venkatesh, V., & Brown, S. A. (2017). User compensation as a data breach recovery action. MIS Quarterly, 41(3), 703-A16.","journal-title":"MIS Quarterly"},{"issue":"2","key":"10565_CR22","doi-asserted-by":"publisher","first-page":"133","DOI":"10.4236\/jis.2018.92010","volume":"9","author":"LA Gordon","year":"2018","unstructured":"Gordon, L. A., Loeb, M. P., Lucyshyn, W., & Zhou, L. (2018). Empirical evidence on the determinants of cybersecurity investments in private sector firms. Journal of Information Security, 9(2), 133\u2013153. https:\/\/doi.org\/10.4236\/jis.2018.92010","journal-title":"Journal of Information Security"},{"issue":"2","key":"10565_CR23","doi-asserted-by":"publisher","first-page":"683","DOI":"10.1080\/07421222.2018.1451962","volume":"35","author":"KL Gwebu","year":"2018","unstructured":"Gwebu, K. L., Wang, J., & Wang, L. (2018). The Role of Corporate Reputation and Crisis Response Strategies in Data Breach Management. Journal of Management Information Systems, 35(2), 683\u2013714. https:\/\/doi.org\/10.1080\/07421222.2018.1451962","journal-title":"Journal of Management Information Systems"},{"key":"10565_CR24","doi-asserted-by":"publisher","unstructured":"Hogan, K. M., Olson, G. T., & Angelina, M. (2020). A comprehensive analysis of cyber data breaches and their resulting effects on shareholder wealth. SSRN. https:\/\/doi.org\/10.2139\/ssrn.3589701","DOI":"10.2139\/ssrn.3589701"},{"key":"10565_CR25","unstructured":"Index, B. L. (2018). Data Privacy and New Regulations Take Center Stage. Technical Report. Breach Level Index. https:\/\/www.privacyitalia.eu\/wp-content\/uploads\/2018\/10\/breach-level-index-report-h1-2018.pdf"},{"issue":"11","key":"10565_CR26","doi-asserted-by":"publisher","first-page":"15169","DOI":"10.1007\/s11042-018-6894-4","volume":"78","author":"H Jelodar","year":"2019","unstructured":"Jelodar, H., Wang, Y., Yuan, C., Feng, X., Jiang, X., Li, Y., & Zhao, L. (2019). Latent Dirichlet allocation (LDA) and topic modeling: Models, applications, a survey. Multimedia Tools and Applications, 78(11), 15169\u201315211. https:\/\/doi.org\/10.1007\/s11042-018-6894-4","journal-title":"Multimedia Tools and Applications"},{"key":"10565_CR27","doi-asserted-by":"publisher","unstructured":"Johnson, M., Kang, M. J., & Lawson, T. (2017). Stock Price Reaction to Data Breaches. Journal of Finance Issues, 16(2), Article 2. https:\/\/doi.org\/10.58886\/jfi.v16i2.2263","DOI":"10.58886\/jfi.v16i2.2263"},{"issue":"2","key":"10565_CR28","doi-asserted-by":"publisher","first-page":"177","DOI":"10.1016\/j.eij.2020.07.003","volume":"22","author":"I Keshta","year":"2021","unstructured":"Keshta, I., & Odeh, A. (2021). Security and privacy of electronic health records: Concerns and challenges. Egyptian Informatics Journal, 22(2), 177\u2013183. https:\/\/doi.org\/10.1016\/j.eij.2020.07.003","journal-title":"Egyptian Informatics Journal"},{"key":"10565_CR29","unstructured":"Khan, F. S., Kim, J. H., Moore, R. L., & Mathiassen, L. (2019). Data breach risks and resolutions: A literature synthesis. https:\/\/scholar.archive.org\/work\/nfldoegdtvgbbfbyr7d3r6k4be\/access\/wayback\/https:\/\/aisel.aisnet.org\/cgi\/viewcontent.cgi?article=1061&context=amcis2019"},{"key":"10565_CR30","doi-asserted-by":"publisher","unstructured":"Khan, A. W., Zaib, S., Khan, F., Tarimer, I., Seo, J. T., & Shin, J. (2022). Analyzing and Evaluating Critical Cyber Security Challenges Faced by Vendor Organizations in Software Development: SLR Based Approach. IEEE Access, 10, 65044\u201365054. IEEE Access. https:\/\/doi.org\/10.1109\/ACCESS.2022.3179822","DOI":"10.1109\/ACCESS.2022.3179822"},{"issue":"4","key":"10565_CR31","doi-asserted-by":"publisher","first-page":"560","DOI":"10.1177\/2329488418777037","volume":"58","author":"N Kim","year":"2021","unstructured":"Kim, N., & Lee, S. (2021). Cybersecurity Breach and Crisis Response: An Analysis of Organizations\u2019 Official Statements in the United States and South Korea. International Journal of Business Communication, 58(4), 560\u2013581. https:\/\/doi.org\/10.1177\/2329488418777037","journal-title":"International Journal of Business Communication"},{"issue":"9","key":"10565_CR32","doi-asserted-by":"publisher","first-page":"4434","DOI":"10.1007\/s11227-017-1980-3","volume":"74","author":"SJ Kim","year":"2018","unstructured":"Kim, S. J., & Shon, T. (2018). Field classification-based novel fuzzing case generation for ICS protocols. The Journal of Supercomputing, 74(9), 4434\u20134450. https:\/\/doi.org\/10.1007\/s11227-017-1980-3","journal-title":"The Journal of Supercomputing"},{"issue":"10","key":"10565_CR33","doi-asserted-by":"publisher","first-page":"1","DOI":"10.5815\/ijisa.2012.10.01","volume":"4","author":"A Kumar","year":"2012","unstructured":"Kumar, A., & Sebastian, T. M. (2012). Sentiment analysis: A perspective on its past, present and future. International Journal of Intelligent Systems and Applications, 4(10), 1\u201314.","journal-title":"International Journal of Intelligent Systems and Applications"},{"key":"10565_CR34","unstructured":"Landmann, J. (2019). The impact of data security on firm value: How do stock markets react to data breach announcements? Doctoral dissertation at the Universidade Cat\u00f3lica Portuguesa, 1\/7\/2019. http:\/\/hdl.handle.net\/10400.14\/26875"},{"issue":"2","key":"10565_CR35","doi-asserted-by":"publisher","first-page":"iii","DOI":"10.25300\/MISQ\/2015\/39.2.E0","volume":"39","author":"JK Lee","year":"2015","unstructured":"Lee, J. K. (2015). Guest editorial: Research framework for AIS grand vision of the bright ICT initiative. MIS Quarterly, 39(2), iii\u2013xii.","journal-title":"MIS Quarterly"},{"key":"10565_CR36","doi-asserted-by":"crossref","unstructured":"Lee, J. K., Cho, D., & Lim, G. G. (2018). Design and validation of the bright internet. Journal of the Association for Information Systems, 19(2), 3. https:\/\/aisel.aisnet.org\/jais\/vol19\/iss2\/3","DOI":"10.17705\/jais1.00484"},{"issue":"2","key":"10565_CR37","doi-asserted-by":"publisher","first-page":"413","DOI":"10.1111\/fire.12160","volume":"53","author":"C Lending","year":"2018","unstructured":"Lending, C., Minnick, K., & Schorno, P. J. (2018). Corporate Governance, Social Responsibility, and Data Breaches. Financial Review, 53(2), 413\u2013455. https:\/\/doi.org\/10.1111\/fire.12160","journal-title":"Financial Review"},{"key":"10565_CR38","doi-asserted-by":"crossref","unstructured":"Li, W., & Chen, H. (2014). Identifying top sellers in underground economy using deep learning-based sentiment analysis. 2014 IEEE Joint Intelligence and Security Informatics Conference, 64\u201367. https:\/\/ieeexplore.ieee.org\/abstract\/document\/6975555. Accessed Sept 2014.","DOI":"10.1109\/JISIC.2014.19"},{"key":"10565_CR39","doi-asserted-by":"publisher","first-page":"756","DOI":"10.1016\/j.amc.2015.08.059","volume":"270","author":"ACES Lima","year":"2015","unstructured":"Lima, A. C. E. S., de Castro, L. N., & Corchado, J. M. (2015). A polarity analysis framework for Twitter messages. Applied Mathematics and Computation, 270, 756\u2013767. https:\/\/doi.org\/10.1016\/j.amc.2015.08.059","journal-title":"Applied Mathematics and Computation"},{"key":"10565_CR40","doi-asserted-by":"publisher","DOI":"10.1016\/j.dss.2021.113609","volume":"149","author":"F Liu","year":"2021","unstructured":"Liu, F., Lai, K.-H., Wu, J., & Duan, W. (2021). Listening to online reviews: A mixed-methods investigation of customer experience in the sharing economy. Decision Support Systems, 149, 113609. https:\/\/doi.org\/10.1016\/j.dss.2021.113609","journal-title":"Decision Support Systems"},{"key":"10565_CR41","doi-asserted-by":"publisher","unstructured":"Macdonald, M., Frank, R., Mei, J., & Monk, B. (2015). Identifying Digital Threats in a Hacker Web Forum. Proceedings of the 2015 IEEE\/ACM International Conference on Advances in Social Networks Analysis and Mining 2015, 926\u2013933. https:\/\/doi.org\/10.1145\/2808797.2808878","DOI":"10.1145\/2808797.2808878"},{"issue":"21","key":"10565_CR42","doi-asserted-by":"publisher","first-page":"11174","DOI":"10.3390\/app122111174","volume":"12","author":"S Malaivongs","year":"2022","unstructured":"Malaivongs, S., Kiattisin, S., & Chatjuthamard, P. (2022). Cyber Trust Index: A Framework for Rating and Improving Cybersecurity Performance. Applied Sciences, 12(21), 11174. https:\/\/doi.org\/10.3390\/app122111174","journal-title":"Applied Sciences"},{"issue":"1","key":"10565_CR43","doi-asserted-by":"publisher","first-page":"44","DOI":"10.1177\/1094670510383409","volume":"14","author":"A Malhotra","year":"2011","unstructured":"Malhotra, A., & Malhotra, C. K. (2011). Evaluating customer information breaches as service failures: An event study approach. Journal of Service Research, 14(1), 44\u201359. https:\/\/doi.org\/10.1177\/1094670510383409","journal-title":"Journal of Service Research"},{"issue":"1","key":"10565_CR44","doi-asserted-by":"publisher","first-page":"36","DOI":"10.1509\/jm.15.0497","volume":"81","author":"KD Martin","year":"2017","unstructured":"Martin, K. D., Borah, A., & Palmatier, R. W. (2017). Data Privacy: Effects on Customer and Firm Performance. Journal of Marketing, 81(1), 36\u201358. https:\/\/doi.org\/10.1509\/jm.15.0497","journal-title":"Journal of Marketing"},{"issue":"1","key":"10565_CR45","doi-asserted-by":"publisher","first-page":"166","DOI":"10.5465\/amr.2005.15281448","volume":"30","author":"D Matten","year":"2005","unstructured":"Matten, D., & Crane, A. (2005). Corporate Citizenship: Toward an Extended Theoretical Conceptualization. Academy of Management Review, 30(1), 166\u2013179. https:\/\/doi.org\/10.5465\/amr.2005.15281448","journal-title":"Academy of Management Review"},{"issue":"2","key":"10565_CR46","doi-asserted-by":"publisher","first-page":"404","DOI":"10.5465\/amr.2008.31193458","volume":"33","author":"D Matten","year":"2008","unstructured":"Matten, D., & Moon, J. (2008). \u201cImplicit\u201d and \u201cExplicit\u201d CSR: A Conceptual Framework for a Comparative Understanding of Corporate Social Responsibility. Academy of Management Review, 33(2), 404\u2013424. https:\/\/doi.org\/10.5465\/amr.2008.31193458","journal-title":"Academy of Management Review"},{"issue":"4","key":"10565_CR47","doi-asserted-by":"publisher","first-page":"853","DOI":"10.5465\/amr.1997.9711022105","volume":"22","author":"RK Mitchell","year":"1997","unstructured":"Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of who and What Really Counts. Academy of Management Review, 22(4), 853\u2013886. https:\/\/doi.org\/10.5465\/amr.1997.9711022105","journal-title":"Academy of Management Review"},{"key":"10565_CR48","doi-asserted-by":"publisher","unstructured":"Mogotsi, I. C. (2010). Christopher D. Manning, Prabhakar Raghavan, and Hinrich Sch\u00fctze: Introduction to information retrieval: Cambridge University Press, Cambridge, England, 2008, 482 pp, ISBN: 978\u20130\u2013521\u201386571\u20135. Information Retrieval, 13(2), 192\u2013195. https:\/\/doi.org\/10.1007\/s10791-009-9115-y","DOI":"10.1007\/s10791-009-9115-y"},{"key":"10565_CR50","unstructured":"Morgan, J. P. (2021). Why is cybersecurity important to ESG frameworks? https:\/\/www.jpmorgan.com\/insights\/global-research\/esg\/why-is-cybersecurity-important. Accessed 19 Aug 2021."},{"issue":"6","key":"10565_CR51","doi-asserted-by":"publisher","first-page":"263","DOI":"10.1080\/19393555.2011.611860","volume":"20","author":"EA Morse","year":"2011","unstructured":"Morse, E. A., Raval, V., & Wingender, J. R. (2011). Market Price Effects of Data Security Breaches. Information Security Journal: A Global Perspective, 20(6), 263\u2013273. https:\/\/doi.org\/10.1080\/19393555.2011.611860","journal-title":"Information Security Journal: A Global Perspective"},{"issue":"1","key":"10565_CR52","doi-asserted-by":"publisher","first-page":"81","DOI":"10.1007\/s13278-021-00776-6","volume":"11","author":"P Nandwani","year":"2021","unstructured":"Nandwani, P., & Verma, R. (2021). A review on sentiment analysis and emotion detection from text. Social Network Analysis and Mining, 11(1), 81. https:\/\/doi.org\/10.1007\/s13278-021-00776-6","journal-title":"Social Network Analysis and Mining"},{"issue":"1","key":"10565_CR53","first-page":"62","volume":"9","author":"YS Rahayu","year":"2021","unstructured":"Rahayu, Y. S., & Wardana, G. K. (2021). The Effect of financial performance and dividend policy on cumulative abnormal return. EL DINAR: Jurnal Keuangan Dan Perbankan Syariah, 9(1), 62\u201376.","journal-title":"EL DINAR: Jurnal Keuangan Dan Perbankan Syariah"},{"issue":"1","key":"10565_CR54","doi-asserted-by":"publisher","first-page":"44","DOI":"10.1177\/10946705211036944","volume":"26","author":"S Rasoulian","year":"2023","unstructured":"Rasoulian, S., Gr\u00e9goire, Y., Legoux, R., & S\u00e9n\u00e9cal, S. (2023). The Effects of Service Crises and Recovery Resources on Market Reactions: An Event Study Analysis on Data Breach Announcements. Journal of Service Research, 26(1), 44\u201363. https:\/\/doi.org\/10.1177\/10946705211036944","journal-title":"Journal of Service Research"},{"issue":"3","key":"10565_CR55","doi-asserted-by":"publisher","first-page":"227","DOI":"10.2308\/isys-52379","volume":"33","author":"VJ Richardson","year":"2019","unstructured":"Richardson, V. J., Smith, R. E., & Watson, M. W. (2019). Much Ado about Nothing: The (Lack of) Economic Impact of Data Privacy Breaches. Journal of Information Systems, 33(3), 227\u2013265. https:\/\/doi.org\/10.2308\/isys-52379","journal-title":"Journal of Information Systems"},{"issue":"2","key":"10565_CR56","first-page":"121","volume":"2","author":"S Romanosky","year":"2016","unstructured":"Romanosky, S. (2016). Examining the costs and causes of cyber incidents. Journal of Cybersecurity, 2(2), 121\u2013135.","journal-title":"Journal of Cybersecurity"},{"key":"10565_CR57","doi-asserted-by":"publisher","unstructured":"Saad, F. (2014). Baseline evaluation: An empirical study of the performance of machine learning algorithms in short snippet sentiment analysis. Proceedings of the 14th International Conference on Knowledge Technologies and Data-Driven Business, 1\u20138. https:\/\/doi.org\/10.1145\/2637748.2638420","DOI":"10.1145\/2637748.2638420"},{"key":"10565_CR58","doi-asserted-by":"publisher","unstructured":"Sahu, S., Kumar, R., & Shafi, P. M. (2023). Movie Rating Prediction and Viewers\u2019 Sentiment Trend Analysis Using YouTube Trailer Comments. In D. K. Sharma, S.-L. Peng, R. Sharma, & G. Jeon (Eds.), Micro-Electronics and Telecommunication Engineering (Vol. 617, pp. 127\u2013142). Springer Nature Singapore. https:\/\/doi.org\/10.1007\/978-981-19-9512-5_12","DOI":"10.1007\/978-981-19-9512-5_12"},{"key":"10565_CR60","doi-asserted-by":"publisher","unstructured":"Smailovi\u0107, J., Gr\u010dar, M., Lavra\u010d, N., & \u017dnidar\u0161i\u010d, M. (2013). Predictive Sentiment Analysis of Tweets: A Stock Market Application. In A. Holzinger & G. Pasi (Eds.), Human-Computer Interaction and Knowledge Discovery in Complex, Unstructured, Big Data (pp. 77\u201388). Springer. https:\/\/doi.org\/10.1007\/978-3-642-39146-0_8","DOI":"10.1007\/978-3-642-39146-0_8"},{"issue":"1","key":"10565_CR61","doi-asserted-by":"publisher","first-page":"42","DOI":"10.1108\/JICES-02-2018-0010","volume":"17","author":"KT Smith","year":"2019","unstructured":"Smith, K. T., Jones, A., Johnson, L., & Smith, L. M. (2019). Examination of cybercrime and its effects on corporate stock value. Journal of Information, Communication and Ethics in Society, 17(1), 42\u201360.","journal-title":"Journal of Information, Communication and Ethics in Society"},{"issue":"1","key":"10565_CR62","doi-asserted-by":"publisher","first-page":"12","DOI":"10.2307\/JIE.30.1.12","volume":"30","author":"RA Spinello","year":"2021","unstructured":"Spinello, R. A. (2021). Corporate data breaches: A moral and legal analysis. Journal of Information Ethics, 30(1), 12\u201332. https:\/\/doi.org\/10.2307\/JIE.30.1.12","journal-title":"Journal of Information Ethics"},{"key":"10565_CR63","doi-asserted-by":"crossref","unstructured":"Sun, P. W., & Wen, Z. (2023). Stock return predictability of the cumulative abnormal returns around the earnings announcement date: Evidence from China. International Review of Finance, 23(1), 58\u201386.","DOI":"10.1111\/irfi.12380"},{"issue":"1","key":"10565_CR64","doi-asserted-by":"publisher","first-page":"24","DOI":"10.1177\/0261927X09351676","volume":"29","author":"YR Tausczik","year":"2010","unstructured":"Tausczik, Y. R., & Pennebaker, J. W. (2010). The Psychological Meaning of Words: LIWC and Computerized Text Analysis Methods. Journal of Language and Social Psychology, 29(1), 24\u201354. https:\/\/doi.org\/10.1177\/0261927X09351676","journal-title":"Journal of Language and Social Psychology"},{"key":"10565_CR49","unstructured":"Tech Monitor (2022). Why cybersecurity is a social responsibility. Tech Monitor. https:\/\/techmonitor.ai\/technology\/cybersecurity\/cybersecurity-social-responsibility. Accessed 2 June 2022."},{"key":"10565_CR65","doi-asserted-by":"publisher","unstructured":"Tsang, R. C. W., Baldwin, A. A., Hair, J. F., Affuso, E., & Lahtinen, K. D. (2023). The Informativeness of Sentiment Types in Risk Factor Disclosures: Evidence from Firms with Cybersecurity Breaches. Journal of Information Systems, 1\u201334. https:\/\/doi.org\/10.2308\/ISYS-2022-014","DOI":"10.2308\/ISYS-2022-014"},{"issue":"4","key":"10565_CR66","doi-asserted-by":"publisher","first-page":"1","DOI":"10.14763\/2020.4.1533","volume":"9","author":"M Veale","year":"2020","unstructured":"Veale, M., & Brown, I. (2020). Cybersecurity. Internet. Policy Review, 9(4), 1\u201322. https:\/\/doi.org\/10.14763\/2020.4.1533","journal-title":"Policy Review"}],"container-title":["Information Systems Frontiers"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10796-024-10565-z.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s10796-024-10565-z\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10796-024-10565-z.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,9,29]],"date-time":"2025-09-29T11:09:41Z","timestamp":1759144181000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s10796-024-10565-z"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,1,15]]},"references-count":66,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2025,8]]}},"alternative-id":["10565"],"URL":"https:\/\/doi.org\/10.1007\/s10796-024-10565-z","relation":{},"ISSN":["1387-3326","1572-9419"],"issn-type":[{"value":"1387-3326","type":"print"},{"value":"1572-9419","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,1,15]]},"assertion":[{"value":"24 November 2024","order":1,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"15 January 2025","order":2,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Declarations"}},{"value":"This research study has received ethics approval from the School of Management, Xi\u2019an Jiaotong University. The authors are committed to conducting this research in full compliance with ethical standards and guidelines.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Ethics Approval and Consent to Participate"}},{"value":"The author(s) give explicit consent that they obtained consent from the responsible authorities at the institute\/organization where the work was carried out, prior to submission.","order":3,"name":"Ethics","group":{"name":"EthicsHeading","label":"Consent for Publication"}},{"value":"Authors declare that there is no conflict of interest.","order":4,"name":"Ethics","group":{"name":"EthicsHeading","label":"Competing Interests"}}]}}