Economic Aspects of Cyber Security: Socio-Financial Consequences of Cyber Attacks
Economic Aspects of Cyber Security: Socio-Financial Consequences of Cyber Attacks

Summary/Abstract: Conceptualising the economic aspects of cybersecurity, this research's analytical framework reveals the cause-and-effect relationship between risk and threat in cyberspace, as well as the materialisation of damage outside the digital framework. It includes vulnerability and exposure factors, as well as security measures that influence the observed phenomenon and cyberspace. A systematic analysis of the costs caused by the same financial damage, as well as the economic and social consequences that arose from them, was carried out on a relevant sample of cyber attacks in the time interval from 2009 to 2024 and concerns natural and legal persons, state administration bodies and individual countries of the world, international companies, large, medium and small enterprises, financial institutions and critical infrastructure. Proactive cybersecurity measures, effective incident response planning, cyber insurance, and integration of cyber risk into corporate governance are crucial to mitigating the impact of cyber attacks on all business entities, both in the public and private sectors of the economy, at the national, international, and global levels.

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