Economics of Cybersecurity: Literature Review Compendium
Authored by Natallia Khaniejo and edited by Amber Sinha
Politics and economics are increasingly being amalgamated with Cybernetic frameworks and consequently Critical infrastructure has become intrinsically dependent on Information and Communication Technology (ICTs). The rapid evolution of technological platforms has been accompanied by a concomitant rise in the vulnerabilities that accompany them. Recurrent issues include concerns like network externalities, misaligned incentives and information asymmetries. Malignant actors use these vulnerabilities to breach secure systems, access and sell data, and essentially destabilize cyber and network infrastructures. Additionally, given the relative nascence of the realm, establishing regulatory policies without limiting innovation in the space becomes an additional challenge as well. The lack of uniform understanding regarding the definition and scope of what can be defined as Cybersecurity also serves as a barrier preventing the implementation of clear guidelines. Furthermore, the contrast between what is convenient and what is ‘sanitary’ in terms of best practices for cyber infrastructures is also a constant tussle with recommendations often being neglected in favor of efficiency. In order to demystify the security space itself and ascertain methods of effective policy implementation, it is essential to take stock of current initiatives being proposed for the development and implementation of cybersecurity best practices, and examine their adequacy in a rapidly evolving technological environment. This literature review attempts to document the various approaches that are being adopted by different stakeholders towards incentivizing cybersecurity and the economic challenges of implementing the same.
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