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The impact of the crowdstrike incident in the stock market: an event study analysis for airlines
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This study investigates the short-term market effect of the CrowdStrike IT outage in the airline
industry. Using an event study methodology, we provide evidence that airline stocks respond
significantly negatively to the technology disruption within two days before and after the event
day. IT disruptions create friction in daily operations—such as schedule disruptions, flight
delays or cancellations, negative externalities, and customer dissatisfaction—ultimately leading
to a loss of value for airlines. The results also show that the most affected airlines are those
from main CrowdStrike customer’s countries (mainly non-Asian countries) and an irrelevance
of the business model. Finally, the extent of the stock market’s response to the CrowdStrike IT
outage is influenced by other airline characteristics such as profitability, size, leverage, and
cyber risk rating.
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Airline industry Market impact Event study CrowdStrike IT outage Management . Faculdade de Ciências Sociais