In your opinion, what are the benefits of looking at cybersecurity from an economics perspective?

There are multiple benefits to cybersecurity from an economic perspective. In my eyes, the biggest benefit is the amount of money in damages that is saved when considering cybersecurity as part of a business model. Having cybersecurity be a key part of where to allocate resources and implement necessary controls can help large businesses not be hit with significant dents in their funds and allow smaller businesses to continue existing. Another economic benefit can come from cyber insurance or connecting with a third party that manages cybersecurity for companies. With cyber insurance, companies can be mostly covered when they inevitably get hit with a cyber-attack, saving them a large amount of money in repairs and lost time. A third party can also be a cost-effective choice if that party’s price is less than a company’s costs to both purchase necessary equipment and implement it for the same level of cybersecurity protection. Having third parties work on a company’s cybersecurity may also help them maintain proper compliance with the regulations that are associated with their field of practice. In summary, applying an economic lens to cybersecurity can show value in its ability to save money or reduce the loss of finances significantly for companies at all levels.