This research studies the indirect financial impact of phishing announcements on firm value. Using about 3,000 phishing announcements, we showed that phishing has a significantly negative impact on firms regardless of their size. We also discovered that place of incorporation, type of ownership, industry, and time are significant factors exacerbating the impact. Our research findings may give some insights to industrial practitioners about attitude of investors towards phishing. Compared to other similar event studies, our research has also made several significant breakthroughs. Firstly, we used the largest data set ever in prior event studies. Secondly, our research is the first to analyze global phenomena concerning phishing. Thirdly, we enhanced the robustness of a regression model by introducing the criterion of selection of best fit market index based on R square. We believe that our research can add value to the literature in the subjects of phishing research and event studies.