Economics, Business and Security: Review of Relations

Abstract

Rapidly expanding “digitisation” in almost all fields of human life has caused a corresponding digitisation of personal, corporate, business and other risks. Economics, business, marketing are not the exceptions in general tendencies. They have been changing dramatically during the last 20 years due to the intensive IT progress. At the beginning of the commercial Internet, there was much discussion among economic researchers on the problem of how information and communications technology revolution would reduce costs of many business cycles (Avi, 2019). Now this fact is indisputable and so the key question to discuss now is how to defend money and assets in the virtual world. According to McAfee and CSIS (Center for Strategic and International Studies) official report, global business is losing almost USD 600 billion, which is an equivalent to nearly 1% of annual global GDP (Gross Domestic Product) because of cybercrime (Lewis, 2018). Cybersecurity Ventures predict that cybercrime will cost the world USD 6 trillion annually by 2021 (Morgan, 2019). As a result, cyber-threats now are in the top list of problems which people, companies and governments face with. New challenges of 26 Business Risk in Changing Dynamics of Global Village BRCDGV-2020 cybersecurity lead to re-evaluation and update of business security strategies encompassing growing budgets on defence from cyberattacks. How can security experts reduce business losses? Can economists help to spend money on security issues more efficiently? These and other issues are under consideration in this research paper.