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The Economics of Cybersecurity: Principles and Policy Options
There are serious issues with cybersecurity when it comes to the principles and policy options that are available, and the economic challenges it faces. While a technical approach to cybersecurity is important, the easiest way to gain perspective on the issue is through economics. When an organization is not prepared for the full cost of a system failure, there is nothing to be done when that system does fail. The critical infrastructures that are seen in cybersecurity systems fall apart, because all of the control systems are highly integrated. That is designed to reduce the costs if a catastrophic failure is to take place, and the losses become society's losses, instead of being absorbed by the company itself. Many people feel as though cybersecurity...
Namely, the virus on a computer can cause problems for people other than the owner of that specific computer.
When that takes place, an antivirus program may not be enough to contain the problem, which can take over a business, an organization, or an even larger entity. Many cybersecurity breaches affect thousands or even tens of thousands of people, and a huge failure of security could put financial data, medical data, and even lives at risk. There are ways in which the risk of cybersecurity breaches can be lowered. The problem of vulnerability is growing, and crimes of a cyberattack nature are growing. Legislation and policies have to be put into place that will consider both liabilities and responsibilities. When that…
References
Moore, T. (2010). The economics of cybersecurity: Principles and policy options. International Journal of Critical Infrastructure Protection, 3(4): 103-117.
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