Cyber risk index: a socio-technical composite index for assessing risk of cyber attacks with negative outcome

Marco Bolpagni ()
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Marco Bolpagni: University of Rome Tor Vergata

Quality & Quantity: International Journal of Methodology, 2022, vol. 56, issue 3, No 36, 1643-1659

Abstract: Abstract Information and Communication Technologies has become a key-part of our life and transformed every aspect of it, from business to politics. Cybersecurity policy making has been a topic of interest in the last decade and the scientific community identified best practices, frameworks and metrics but no index in the literature has ever measured cyber security as a multidimensional phenomenon considering both cyber threats and readiness of countries. The aim of this paper is to propose a composite index for assessing cyber risk and secondly to investigate which socio-economic factors influence the index itself. The Cyber Risk Index showed good robustness and provided information on both the current cyber risk situation in the world and the socio-economic factors contributing to its increase. The results showed that the level of cyber risk is mainly influenced by four socio-economic factors: human development index, GDP, democracy and peace, suggesting that both the geopolitical and the socio-economic scenario play a key role.

Keywords: Cyber risk; Cybersecurity; Composite index; Multidimensional phenomenon; Socio-technical approach (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11135-021-01199-3

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