Cybertax: A New Approach to Cybersecurity Risk Management

Abstract

In our modern world, it may seem that we have a complete understanding of threats, means of counteraction, risk management, and potential impact. However, reality turns out to be much more complex and less evident. The theory of risk management is constantly evolving and expanding, and this also applies to a new direction - risk management in cyberspace. This paper presents an analysis of the concept of „Cybertax“ proposed by George K. Tsantes and James F. Ransome. The emergence and evolution of this concept are driven by the necessity to enhance the management of cyber security both in governmental and commercial organizations, as well as among individual users. It should be recognized that „Cybertax“ - is a measure of the effort and resources used to prove the current state of cybersecurity to others, primarily business partners, regulators, and auditors. JEL: P41, D74, D89, H12, K24