Regulatory Economics: Cybersecurity-Who Cares? Threat and Apathy Worldwide, Outlook Uncertain

Abstract

American Blackout debuted in October on the National Geographic Channel. It is a pseudo-documentary that chronicles the 10-day aftermath of a cyber attack that brings down the nation's entire electricity grid. Experts contend that no cyber attack could bring down the entire national grid, but the program is a gentle reminder that electricity is essential to our basic way of life. The 2003 blackout reminds us multistate disruptions of the grid are not very hard to imagine. Thus, it is critical that our electricity generation and supply system is protected from crippling attacks—attacks of a magnitude beyond the ones in Arkansas that knocked out power to a mere 10,000 people over several days.