网络安全融资:投资决策和净现值的量化建模

IF 9.8 1区 工程技术 Q1 ENGINEERING, INDUSTRIAL
Mazen Brho , Amer Jazairy , Aaron V. Glassburner
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引用次数: 0

摘要

尽管有关网络安全投资的文献越来越多,但仍有重大差距未得到解决。首先,现有文献没有区分网络安全支出,即投资与支出,尽管两者在财务处理上存在差异。其次,文献主要采用基于经济和风险的模型,其中纳入的财务参数有限。第三,文献侧重于量化网络攻击的市场(股票)损失或对网络安全投资进行成本效益分析,但尚未在这两个领域架起桥梁。因此,我们的目标是引入一种新的金融模型--阿尔法模型,以弥补这些不足。我们首先对网络安全投资(资本支出)和支出(运营支出)进行了区分。在相对估值模型和最优资本结构理论的基础上,我们利用股权和债务的账面价值和市场价值,量化了最优网络安全投资的上限。我们还证明,网络安全投资的净现值(NPV)远远低于其账面价值,因为我们纳入了股权和债务融资的财务参数、通货膨胀调整后的资本成本以及折旧和利息的税收抵免。为了验证我们的模型,我们使用 2018-2023 年期间 S&P500 指数的数据进行了实证测试。我们提出了对主要利益相关者的实际影响,包括:(1) 行业高管单独或与供应链合作伙伴合作,对网络安全投资进行财务量化,并确定其实际净现值;(2) 网络安全解决方案提供商促进对网络安全的业务投资;(3) 保险提供商以高于相应投资的净现值为保费定价。我们还为进一步研究提供了几个途径。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The finance of cybersecurity: Quantitative modeling of investment decisions and net present value
Despite the growing literature on cybersecurity investment, significant gaps remain unaddressed. First, the existing literature does not differentiate between cybersecurity expenditures, namely investment versus spending, despite the differences in their financial treatments. Second, the literature predominantly employs economic and risk-based models, in which the incorporation of financial parameters is limited. Third, the literature focuses on quantifying market (stock) loss of cyberattacks or conducting a cost-benefit analysis of cybersecurity investments but has yet to bridge these two areas. Thus, our objective is to introduce a new financial model, the Alpha Model, that addresses these gaps. We first provide distinctions between cybersecurity investment (capital expenditure) and spending (operational expenditure). Grounded in Relative Valuation Models and Optimal Capital Structure Theory, we quantify the upper-bound of optimal cybersecurity investment by utilizing book and market values of equity and debt. We also demonstrate that the Net Present Values (NPV) of cybersecurity investment is considerably lower than its book value by incorporating financial parameters of equity and debt financing, inflation-adjusted capital cost, and tax credits of depreciation and interest. To validate our model, we conduct an empirical test using data from the S&P500 index during 2018–2023. We present practical implications to key stakeholders, including: (1) industry executives to financially quantify cybersecurity investments and ascertain their actual NPVs, individually and collaboratively with supply chain partners; (2) cybersecurity solution providers to promote business investments in cybersecurity; and (3) insurance providers to price premiums with higher NPVs than the corresponding investments. We also offer several avenues for further research.
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来源期刊
International Journal of Production Economics
International Journal of Production Economics 管理科学-工程:工业
CiteScore
21.40
自引率
7.50%
发文量
266
审稿时长
52 days
期刊介绍: The International Journal of Production Economics focuses on the interface between engineering and management. It covers all aspects of manufacturing and process industries, as well as production in general. The journal is interdisciplinary, considering activities throughout the product life cycle and material flow cycle. It aims to disseminate knowledge for improving industrial practice and strengthening the theoretical base for decision making. The journal serves as a forum for exchanging ideas and presenting new developments in theory and application, combining academic standards with practical value for industrial applications.
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