The Anatomy of Cyber Risk
"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."