Research

Professor Mark Cummins, University of Strathclyde

"Data Breaches as Competitive Shocks: Product Market Evidence"

Wednesday 18 November 2026. 15:00-16:30 Room 257 The Wolfson Medical School

Abstract

While many data breaches have small value implications, breaches with high Severity index values and those involving financial information loss have economically and statistically large effects. Their confounding with other information releases does not simply add noise. The competitive shock of breach-induced customer-switching affects firms’ values according to both industry structure and firms’ positions within the product space. In highly concentrated industries, matched non-breached firms that offer similar products to those offered by breached firms or operate in more fluid markets are more likely to gain by attracting high-profit customers.

Authors: Mark Cummins, Ruoyo Gao, Bruce Grundy, Ronan Powell and Pierangelo. 

Bio

Professor Mark Cummins is Professor of Financial Technology at the Strathclyde Business School, University of Strathclyde, where he leads the FinTech Cluster as part of the university’s Technology and Innovation Zone leadership and connection into the Glasgow City Innovation District. He is driving collaboration between the FinTech Cluster and the other strategic clusters within the university, in particular the Industrial AI, Space and Quantum Clusters. Professor Cummins is the lead investigator at the University of Strathclyde on the Financial Regulation Innovation Lab initiative; an impactful innovation accelerator being run in partnership with FinTech Scotland.

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For further information, please contact business-school-research@glasgow.ac.uk

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First published: 8 October 2026