1. Is Cybersecurity a Public Good? Evidence from the Financial Services Industry
- Author:
- Benjamin Powell
- Publication Date:
- 03-2005
- Content Type:
- Working Paper
- Institution:
- Independent Institute
- Abstract:
- The September 11, 2001, terrorist attacks on the United States heightened concerns about vulnerabilities to future attacks. One new area of concern is cyberterrorism: the possibility of terrorists using computers to attack our critical infrastructure electronically. The government has made efforts to better secure its own computer networks to prevent terrorists from hacking into computer systems in the Pentagon, FBI, and other government agencies. Increasingly, however, the government has been concerned that the private sector is vulnerable to cyberterrorism. The private sector owns approximately 85 percent of the critical infrastructure in the U.S. (Deloitte 2004 p. 15). There are concerns that a cyber attack on dams, trains, electrical grids, pipeline pumps, communications networks, or the financial services industry could cause significant physical or economic damage to the U.S. The policy question being asked is whether private businesses, when left to their own devices, provide enough cybersecurity or if some form of government involvement is justified.
- Topic:
- International Relations, Development, Industrial Policy, and Science and Technology
- Political Geography:
- United States and United Nations