A Novel Model for Cybersecurity Economics and Analysis
Rathod, P., & Hämäläinen, T. (2017). A Novel Model for Cybersecurity Economics and Analysis. In CIT 2017 : 17th IEEE International Conference on Computer and Information Technology (pp. 274-279). IEEE. https://doi.org/10.1109/CIT.2017.65
Date
2017Copyright
© 2017 IEEE. This is an author's final draft version of an article whose final and definitive form has been published by IEEE. Published in this repository with the kind permission of the publisher.
In recent times, major cybersecurity breaches and
cyber fraud had huge negative impact on victim organisations.
The biggest impact made on major areas of business activities.
Majority of organisations facing cybersecurity adversity and
advanced threats suffers from huge financial and reputation loss.
The current security technologies, policies and processes are
providing necessary capabilities and cybersecurity mechanism to
solve cyber threats and risks. However, current solutions are not
providing required mechanism for decision making on impact of
cybersecurity breaches and fraud. In this paper, we are
reporting initial findings and proposing conceptual solution. The
paper is aiming to provide a novel model for Cybersecurity
Economics and Analysis (CEA). We propose an innovative model
for an optimal cybersecurity cost-benefit framework to help
decision-making based on a combination of qualitative and
quantitative analysis of the cybersecurity risks and their impact
on organizational tangible and intangible assets. Cybersecurity
Economics and Analysis utilizes a holistic approach to
cybersecurity, proposing a model based on a deep and
comprehensive analysis of organisations’ security – considering
not only technological perspectives, but institutional, economic,
governance and human dimensions – taking forward existing
‘best’ and effective practices from national audit frameworks,
sectoral guidelines and organisational policies. This new solution
will account for the wants and needs of various stakeholder
groups and existing sectoral requirements. We will contribute to
increasing harmonization of European cybersecurity initiatives
and reducing fragmented practices of cybersecurity solutions and
also helping to reach EU Digital Single Market goal. By
introducing Cybersecurity Readiness Level Metrics the project
will measure and increase effectiveness of cybersecurity
programs, while the cost-benefit framework will help to increase
the economic and financial viability, effectiveness and value
generation of cybersecurity solutions for organisation’s strategic,
tactical and operational imperative. The ambition of the research
development and innovation (RDI) is to increase and re-establish
the trust of the European citizens in European digital
environments through practical solutions.
...
Publisher
IEEEParent publication ISBN
978-1-5386-0958-3Conference
IEEE International Conference on Computer and Information TechnologyIs part of publication
CIT 2017 : 17th IEEE International Conference on Computer and Information TechnologyKeywords
Publication in research information system
https://converis.jyu.fi/converis/portal/detail/Publication/27213170
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