Economic Impacts of Cyber Security in Energy Sector: A Review

Sampath Kumar Venkatachary, Jagdish Prasad and Ravi Samikannu
Additional contact information
Sampath Kumar Venkatachary: Amity University, Jaipur, Rajasthan, India,
Jagdish Prasad: Amity University, Jaipur, Rajasthan, India
Ravi Samikannu: Botswana International University of Science and Technology, Palapye, Botswana.

International Journal of Energy Economics and Policy, 2017, vol. 7, issue 5, 250-262

Abstract: 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.

Keywords: Systemic Cyber Event; Syntactic Attack; Digital Age (search for similar items in EconPapers)
JEL-codes: A19 (search for similar items in EconPapers)
Date: 2017
References: View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://www.econjournals.com/index.php/ijeep/article/download/5283/3333 (application/pdf)
https://www.econjournals.com/index.php/ijeep/article/view/5283/3333 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2017-05-28

Access Statistics for this article

International Journal of Energy Economics and Policy is currently edited by Ilhan Ozturk

More articles in International Journal of Energy Economics and Policy from Econjournals
Bibliographic data for series maintained by Ilhan Ozturk ().