Economics of Cyber Security and the Way Forward

Economics of Cyber Security and the Way Forward

Taiseera Al Balushi (Sultan Qaboos University, Muscat, Oman), Saqib Ali (Sultan Qaboos University, Muscat, Oman) and Osama Rehman (Bahria University, Karachi, Pakistan)
Copyright: © 2016 |Pages: 17
DOI: 10.4018/IJCWT.2016100104

Abstract

Initiatives carried by companies, institutes and governments to flourish and embellish the Information and Communication Technology (ICT) among the public have led to its penetration into every walk of life. ICT enhances the efficiency of various systems, such as the organisation and transfer of data. However, with the digital and remote access features of ICT comes the motivation towards financial, political and military gains by rivals. Security threats and vulnerabilities in existing ICT systems have resulted in cyber-attacks that are usually followed by substantial financial losses. This study discusses the security in ICT from a business, economic and government perspective. The study makes an attempt to understand the seriousness of the security issues and highlights the consequences of security breech from an economic perspective. Based on the performed analysis, the factors behind these attacks are provided along with recommendations for better preparations against them.
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2. Background

Cybercrimes are usually initiated with the vulnerabilities that are present in a given ICT system. Observing these loop-holes, a hacker plans and executes an attack. A combination of skills, resources, motives and opportunities leads to the optimum blend required to perform an attack. Any breach in the ICT security can lead to a heavy losses and even casualties, thus making it equivalent to any other war attack. Some cases of the cyber-attacks that lead to significant losses are given below.

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