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Estimates of the macroeconomic costs of cyber‐attacks

Author

Listed:
  • Rokhaya Dieye
  • Ahmed Bounfour
  • Altay Ozaygen
  • Niaz Kammoun

Abstract

This paper estimates the macroeconomic losses related to the cyber‐attacks originating from the information and communications technology (ICT) and the financial sectors. The study accounts for the interdependency of various economic sectors and looks to the cascading effect of cyber‐attacks on production network in the United States and leading Organisation for Economic Co‐operation and Development countries with the help of the input–output methodology and the World Input–Output Database. Our results suggest that cyber‐attacks that affect the ICT and finance sectors result in losses which also impact different economic sectors, due to cascading effects.

Suggested Citation

  • Rokhaya Dieye & Ahmed Bounfour & Altay Ozaygen & Niaz Kammoun, 2020. "Estimates of the macroeconomic costs of cyber‐attacks," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 23(2), pages 183-208, June.
    • Handle: RePEc:bla:rmgtin:v:23:y:2020:i:2:p:183-208
    DOI: 10.1111/rmir.12151
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    References listed on IDEAS

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    2. Niaz Kammoun & Ahmed Bounfour & Altay Özaygen & Rokhaya Dieye, 2019. "Financial market reaction to cyberattacks," Cogent Economics & Finance, Taylor & Francis Journals, vol. 7(1), pages 1645584-164, January.
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    Cited by:

    1. Alessandro Mazzoccoli, 2023. "Optimal Cyber Security Investment in a Mixed Risk Management Framework: Examining the Role of Cyber Insurance and Expenditure Analysis," Risks, MDPI, vol. 11(9), pages 1-14, August.
    2. Thomas Url, 2020. "Robustes Wachstum der Nicht-Lebensversicherung sichert Privatversicherung 2019 Steigerung der Prämieneinnahmen," WIFO Monatsberichte (monthly reports), WIFO, vol. 93(9), pages 659-671, September.

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