Economic Impact of Cyber Attacks and Effective Cyber Risk Management Strategies: a Light Literature Review and Case Study Analysis

EasyChair Preprint 15244

Abstract

Businesses increasingly rely on digital technologies in the digital age, making them vulnerable to cyberattacks. These attacks, which range from data leaks to ransomware, can cause significant economic damage. This study examines the economic impact of cyberattacks on organizations and identifies effective cyber risk management strategies that can strengthen organizational resilience.

The methodology is based on a light literature review, which includes both scientific sources and grey literature (unpublished or non-peer-reviewed sources that are still considered valuable in the field). It also includes a detailed analysis of a real-world case study: the ransomware attack on Norsk Hydro ASA in 2019. The results show that cyberattacks cause direct costs, such as IT recovery and legal costs, and indirect costs, such as loss of customer trust and reputational damage.

Effective cyber risk management strategies that include preventive, reactive, and continuous measures can significantly reduce the risk and impact of such attacks. Norsk Hydro's case study illustrates the importance of a robust incident response plan and continuous improvements in cybersecurity measures.

This study contributes to the academic discourse on cybersecurity and economic resilience by providing evidence-based insights and practical recommendations for businesses. Companies that invest in comprehensive cyber risk management strategies can ensure economic stability and gain competitive advantage by better managing the complexities of the digital landscape.

Keyphrases: Computer Science, Cyber Resilience, Cyber Risk Management, Cyber Risk Strategies, Cyber Security, Cyber Threats, Risk management strategies, cyber attacks, economic impact, risk management

@booklet{EasyChair:15244,
  author    = {Friederikos Fotis},
  title     = {Economic Impact of Cyber Attacks and Effective Cyber Risk Management Strategies: a Light Literature Review and Case Study Analysis},
  howpublished = {EasyChair Preprint 15244},
  year      = {EasyChair, 2024}}