Economic Impacts of Cyber Security in Energy Sector: A Review

<p class="Pa7"><span>The new age “digital age” is bringing rapid change in the form of connections, integration, supply chain management, models and much more. As a result, security is a big business, securing critical data, operations, the customer profile is beyond the four w...

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Main Authors: Sampath Kumar Venkatachary, Jagdish Prasad, Ravi Samikannu
Format: Article
Language:English
Published: EconJournals 2017-11-01
Series:International Journal of Energy Economics and Policy
Online Access:https://www.econjournals.com/index.php/ijeep/article/view/5283
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spelling doaj-085e7571e8bd4b25a0ec0d6f4b7e749e2020-11-25T03:52:08ZengEconJournalsInternational Journal of Energy Economics and Policy2146-45532017-11-01752502622943Economic Impacts of Cyber Security in Energy Sector: A ReviewSampath Kumar Venkatachary0Jagdish Prasad1Ravi Samikannu2Botho University PO Box 501564, Botho Education Park Kgale KO, Gaborone BotswanaAmity University RajasthanBotswana International University of Science and Technology (BIUST)<p class="Pa7"><span>The new age “digital age” is bringing rapid change in the form of connections, integration, supply chain management, models and much more. As a result, security is a big business, securing critical data, operations, the customer profile is beyond the four wall of physical security. It is therefore essential to re-look on the definition of security and increase resilience on technology. The electric power system comprises of both IT infrastructures and electrical systems which include cyber systems, people, physical systems, money. Threats can be physical, internal or external threats and cyber threats can emerge from anywhere. Tackling cybercrimes and cyber-attacks on the energy sector poses major challenges on its own. These threats cannot be eliminated but only mitigated. The threat mitigation costs money, efforts, downtime, economic and psychological impacts on the industry that could result in damage to company’s performance and the national economies. The paper aims to highlight various security attacks on the energy infrastructure and its economic impacts. While discussing the economics, the paper presents mechanism, and emphasizes the need for global security coordination to mitigate threats.</span></p><h1><span lang="EN-US"><strong>Keywords:</strong> </span><span lang="EN-US">Systemic Cyber Event, Syntactic Attack, Digital Age</span></h1><h1><span lang="EN-US"><strong><br /></strong></span></h1><h1><span lang="EN-US"><strong>JEL Classification:</strong> </span><span lang="EN-US">A19</span></h1>https://www.econjournals.com/index.php/ijeep/article/view/5283
collection DOAJ
language English
format Article
sources DOAJ
author Sampath Kumar Venkatachary
Jagdish Prasad
Ravi Samikannu
spellingShingle Sampath Kumar Venkatachary
Jagdish Prasad
Ravi Samikannu
Economic Impacts of Cyber Security in Energy Sector: A Review
International Journal of Energy Economics and Policy
author_facet Sampath Kumar Venkatachary
Jagdish Prasad
Ravi Samikannu
author_sort Sampath Kumar Venkatachary
title Economic Impacts of Cyber Security in Energy Sector: A Review
title_short Economic Impacts of Cyber Security in Energy Sector: A Review
title_full Economic Impacts of Cyber Security in Energy Sector: A Review
title_fullStr Economic Impacts of Cyber Security in Energy Sector: A Review
title_full_unstemmed Economic Impacts of Cyber Security in Energy Sector: A Review
title_sort economic impacts of cyber security in energy sector: a review
publisher EconJournals
series International Journal of Energy Economics and Policy
issn 2146-4553
publishDate 2017-11-01
description <p class="Pa7"><span>The new age “digital age” is bringing rapid change in the form of connections, integration, supply chain management, models and much more. As a result, security is a big business, securing critical data, operations, the customer profile is beyond the four wall of physical security. It is therefore essential to re-look on the definition of security and increase resilience on technology. The electric power system comprises of both IT infrastructures and electrical systems which include cyber systems, people, physical systems, money. Threats can be physical, internal or external threats and cyber threats can emerge from anywhere. Tackling cybercrimes and cyber-attacks on the energy sector poses major challenges on its own. These threats cannot be eliminated but only mitigated. The threat mitigation costs money, efforts, downtime, economic and psychological impacts on the industry that could result in damage to company’s performance and the national economies. The paper aims to highlight various security attacks on the energy infrastructure and its economic impacts. While discussing the economics, the paper presents mechanism, and emphasizes the need for global security coordination to mitigate threats.</span></p><h1><span lang="EN-US"><strong>Keywords:</strong> </span><span lang="EN-US">Systemic Cyber Event, Syntactic Attack, Digital Age</span></h1><h1><span lang="EN-US"><strong><br /></strong></span></h1><h1><span lang="EN-US"><strong>JEL Classification:</strong> </span><span lang="EN-US">A19</span></h1>
url https://www.econjournals.com/index.php/ijeep/article/view/5283
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