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Towards effective cybersecurity resource allocation: the Monte Carlo predictive modelling approach

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  • Tesleem Fagade
  • Konstantinos Maraslis
  • Theo Tryfonas

Abstract

Organisations invest in technical and procedural capabilities to ensure the confidentiality, integrity and availability of information assets and sustain business continuity at all times. However, given growing productive assets and limited protective security budgets, there is a need for deliberate evaluation of information security investment. Optimal resource allocation to security is often affected by intrinsically uncertain variables, leading to disparities in resource allocation decisions. We explored how Monte Carlo predictive simulation model can be used within the context of information technology to reduce these disparities. Using a conceptual enterprise as a case study and verifiable historical cost of security breaches as parametric values, our model shows why using conventional risk assessment approach as budgeting process can result in significant over/under allocation of resources for cyber capabilities. Our model can serve as a benchmark for policy and decision support to aid stakeholders in optimising resource allocation for cyber security investments.

Suggested Citation

  • Tesleem Fagade & Konstantinos Maraslis & Theo Tryfonas, 2017. "Towards effective cybersecurity resource allocation: the Monte Carlo predictive modelling approach," International Journal of Critical Infrastructures, Inderscience Enterprises Ltd, vol. 13(2/3), pages 152-167.
  • Handle: RePEc:ids:ijcist:v:13:y:2017:i:2/3:p:152-167
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    Cited by:

    1. Pigola, Angélica & Da Costa, Priscila Rezende & Ferasso, Marcos & Cavalcanti da Silva, Luís Fabio, 2024. "Enhancing cybersecurity capability investments: Evidence from an experiment," Technology in Society, Elsevier, vol. 76(C).

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