“This paper employs #computational #linguistics to introduce a novel text-based measure of firm-level #cyberrisk exposure based on quarterly earnings conference calls of listed firms. Our quarterly measures are available for more than 13,000 firms from 85 countries over 2002-2021. … The geography of cyber risk exposure is well approximated by a gravity model extended with cross-border portfolio flows. Back-of-the-envelope calculations suggest that the global #cost of cyber risk is over $200 billion per year.”

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