Importance of providing Incentives and economic Solutions in It Security
There is no denying the fact that huge interconnectivity of devices and computer systems merged with attacks that can be performed in numerous ways by attackers having naive technical knowledge about internet is a gigantic threat to information available on internet. Since the past few decades, a lot of research has been carried out in technological solutions for protecting information on internet, but at the same time very little attention was paid towards economics of information security. Loopholes and vulnerabilities are not only the main reasons but lack of good incentives is also the main driving force behind information security breaches. Lack of information-sharing practice among industries and firms regarding security breaches will force the same to invest in security-providing tools and methods in a way that marginal costs become almost equal to marginal benefits. So, in this paper we focused on importance of an incentive mechanism that increases the profit of a firm as well as encourages the same to share information regarding computer security.