ABSTRACT

CYBERCRIME AND ECONOMY

Better industry practices and accountability can help advance our knowledge of the economics of cybercrime. Knowing the true extent of the problem enables governments to budget for cost-effective measures that are fit-for-purpose. This includes the need for better prevention, detection, and application of security measures as a result of purposeful and productive research. Improving trust in the data comes from the provision of quantifiable metrics supplied by reliable sources using standardized methods that are benchmarked within the industry.

Benchmarking provides the means for a framework of accountability, whereby practices can be measured according to industry standards, and the capacity to introduce a regulatory system with managed powers of enforcement. It is already established that a barrier to the reporting of cybercrimes is a lack of trust in existing law enforcement in addition to low prosecution rates by the police. An industry based regulatory framework provides an alternative for victims to be supported, a method for action against the perpetrators and a focal point for the reporting of cybercrime.