publication . Article . Preprint . 2014

A multi-level approach to understanding the impact of cyber crime on the financial sector

Monica Lagazio; Nazneen Sherif; Mike Cushman;
Open Access English
  • Published: 01 Sep 2014
  • Publisher: Elsevier Advanced Technology
  • Country: United Kingdom
Abstract
This paper puts forward a multi-level model, based on system dynamics methodology, to understand the impact of cyber crime on the financial sector. Consistent with recent findings, our results show that strong dynamic relationships, amongst tangible and intangible factors, affect cyber crime cost and occur at different levels of society and value network. Specifically, shifts in financial companies’ strategic priorities, having the protection of customer trust and loyalty as a key objective, together with considerations related to market positioning vis-à-vis competitors are important factors in determining the cost of cyber crime. Most of these costs are not dr...
Persistent Identifiers
Subjects
ACM Computing Classification System: ComputingMilieux_LEGALASPECTSOFCOMPUTING
free text keywords: HG Finance, QA75 Electronic computers. Computer science, General Computer Science, Law, causal loop diagram; cyber crime; economic impact; financial sector; system dynamics, Competitor analysis, Business, Value network, System dynamics, Computer security, computer.software_genre, computer, Jurisdictional arbitrage, Loyalty, media_common.quotation_subject, media_common, Industrial organization, Economic impact analysis, Causal loop diagram, Financial sector, jel:G15
Related Organizations

Moore T., R. Clayton and R. Anderson. “The Economics of Online Crime”. Journal of Economic Perspectives, Vol.23, No. 3, 2009, pp. 3-20.National Cyber Leap Year Summit. Co-Chairs' Report, Washington, DC, 2009.

Jones, Neira. “Failing Gracefully”, Net Focus. Weblog [Online]. http://netfocus.baptie.com/blogs/neirajones/archive/2012/08/03/failing-gracefully.aspx . 2012.

Office of National Counterintelligence Executive. “Foreign spies stealing US economic secrets in cyber space”. Report to Congress on Foreign Economic Collection and Industrial Espionage, October 2011.

Schneier, Bruce. “Schneier-Ranum Face-Off: Should we ban anonymity on the Internet?”. Information Security, February 2010.

Wall, David. “Policing Cyber crimes: Situating the Public Police in Networks of Security within Cyber space”. Police Practice and Research: An International Journal, Vol. 8, No.2, 2007, pp. 183- 205.

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