A Novel Model for Cybersecurity Economics and Analysis

Abstract

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 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.