{"id":"https://openalex.org/W2768651693","doi":"https://doi.org/10.1109/access.2017.2773366","title":"An Options Approach to Cybersecurity Investment","display_name":"An Options Approach to Cybersecurity Investment","publication_year":2017,"publication_date":"2017-11-15","ids":{"openalex":"https://openalex.org/W2768651693","doi":"https://doi.org/10.1109/access.2017.2773366","mag":"2768651693"},"language":"en","primary_location":{"id":"doi:10.1109/access.2017.2773366","is_oa":true,"landing_page_url":"https://doi.org/10.1109/access.2017.2773366","pdf_url":null,"source":{"id":"https://openalex.org/S2485537415","display_name":"IEEE Access","issn_l":"2169-3536","issn":["2169-3536"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Access","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.1109/access.2017.2773366","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5083903574","display_name":"Michail Chronopoulos","orcid":"https://orcid.org/0000-0002-3858-2021"},"institutions":[{"id":"https://openalex.org/I2803044603","display_name":"Brighton Hospital","ror":"https://ror.org/006yjsn14","country_code":"US","type":"healthcare","lineage":["https://openalex.org/I1320343167","https://openalex.org/I2803044603"]},{"id":"https://openalex.org/I71637028","display_name":"University of Brighton","ror":"https://ror.org/04kp2b655","country_code":"GB","type":"education","lineage":["https://openalex.org/I71637028"]},{"id":"https://openalex.org/I931913249","display_name":"Norwegian School of Economics","ror":"https://ror.org/04v53s997","country_code":"NO","type":"education","lineage":["https://openalex.org/I931913249"]}],"countries":["GB","NO","US"],"is_corresponding":false,"raw_author_name":"Michail Chronopoulos","raw_affiliation_strings":["Department of Business and Management Science, Norwegian School of Economics, Bergen, Norway","School of Computing Engineering and Mathematics, University of Brighton, Brighton, U.K"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Business and Management Science, Norwegian School of Economics, Bergen, Norway","institution_ids":["https://openalex.org/I931913249"]},{"raw_affiliation_string":"School of Computing Engineering and Mathematics, University of Brighton, Brighton, U.K","institution_ids":["https://openalex.org/I2803044603","https://openalex.org/I71637028"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5090517118","display_name":"Emmanouil Panaousis","orcid":null},"institutions":[{"id":"https://openalex.org/I28290843","display_name":"University of Surrey","ror":"https://ror.org/00ks66431","country_code":"GB","type":"education","lineage":["https://openalex.org/I28290843"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Emmanouil Panaousis","raw_affiliation_strings":["Surrey Centre of Cyber Security, University of Surrey, Guildford, U.K"],"raw_orcid":"https://orcid.org/0000-0001-7306-4062","affiliations":[{"raw_affiliation_string":"Surrey Centre of Cyber Security, University of Surrey, Guildford, U.K","institution_ids":["https://openalex.org/I28290843"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5063714878","display_name":"Jens Gro\u00dfklags","orcid":"https://orcid.org/0000-0003-1093-1282"},"institutions":[{"id":"https://openalex.org/I62916508","display_name":"Technical University of Munich","ror":"https://ror.org/02kkvpp62","country_code":"DE","type":"education","lineage":["https://openalex.org/I62916508"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Jens Grossklags","raw_affiliation_strings":["Chair for Cyber Trust, Technical University of Munich, Munich, Germany"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Chair for Cyber Trust, Technical University of Munich, Munich, Germany","institution_ids":["https://openalex.org/I62916508"]}]}],"institutions":[],"countries_distinct_count":4,"institutions_distinct_count":5,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":1850,"currency":"USD","value_usd":1850},"apc_paid":{"value":1850,"currency":"USD","value_usd":1850},"fwci":4.8731,"has_fulltext":false,"cited_by_count":50,"citation_normalized_percentile":{"value":0.9524367,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":99},"biblio":{"volume":"6","issue":null,"first_page":"12175","last_page":"12186"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9976000189781189,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10471","display_name":"Climate Change Policy and Economics","score":0.9754999876022339,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12659","display_name":"Innovation Diffusion and Forecasting","score":0.9437000155448914,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/computer-security","display_name":"Computer security","score":0.7506639957427979},{"id":"https://openalex.org/keywords/investment","display_name":"Investment (military)","score":0.5576055645942688},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.5547131299972534},{"id":"https://openalex.org/keywords/incentive","display_name":"Incentive","score":0.5529435873031616},{"id":"https://openalex.org/keywords/risk-analysis","display_name":"Risk analysis (engineering)","score":0.47246599197387695},{"id":"https://openalex.org/keywords/novelty","display_name":"Novelty","score":0.4719138443470001},{"id":"https://openalex.org/keywords/key","display_name":"Key (lock)","score":0.46655935049057007},{"id":"https://openalex.org/keywords/investment-decisions","display_name":"Investment decisions","score":0.4253583550453186},{"id":"https://openalex.org/keywords/private-information-retrieval","display_name":"Private information retrieval","score":0.4216797351837158},{"id":"https://openalex.org/keywords/inefficiency","display_name":"Inefficiency","score":0.4158923923969269},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.2976762652397156},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.2559194564819336},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.15014392137527466},{"id":"https://openalex.org/keywords/law","display_name":"Law","score":0.09000030159950256},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.0811198353767395}],"concepts":[{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.7506639957427979},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5576055645942688},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.5547131299972534},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.5529435873031616},{"id":"https://openalex.org/C112930515","wikidata":"https://www.wikidata.org/wiki/Q4389547","display_name":"Risk analysis (engineering)","level":1,"score":0.47246599197387695},{"id":"https://openalex.org/C2778738651","wikidata":"https://www.wikidata.org/wiki/Q16546687","display_name":"Novelty","level":2,"score":0.4719138443470001},{"id":"https://openalex.org/C26517878","wikidata":"https://www.wikidata.org/wiki/Q228039","display_name":"Key (lock)","level":2,"score":0.46655935049057007},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.4253583550453186},{"id":"https://openalex.org/C99221444","wikidata":"https://www.wikidata.org/wiki/Q1532069","display_name":"Private information retrieval","level":2,"score":0.4216797351837158},{"id":"https://openalex.org/C2778869765","wikidata":"https://www.wikidata.org/wiki/Q6028363","display_name":"Inefficiency","level":2,"score":0.4158923923969269},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.2976762652397156},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2559194564819336},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.15014392137527466},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.09000030159950256},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.0811198353767395},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C27206212","wikidata":"https://www.wikidata.org/wiki/Q34178","display_name":"Theology","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C109574028","wikidata":"https://www.wikidata.org/wiki/Q647525","display_name":"Behavioral economics","level":2,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.1109/access.2017.2773366","is_oa":true,"landing_page_url":"https://doi.org/10.1109/access.2017.2773366","pdf_url":null,"source":{"id":"https://openalex.org/S2485537415","display_name":"IEEE Access","issn_l":"2169-3536","issn":["2169-3536"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Access","raw_type":"journal-article"},{"id":"pmh:oai:alma.44SUR_INST:11138439240002346","is_oa":false,"landing_page_url":null,"pdf_url":null,"source":{"id":"https://openalex.org/S4210197018","display_name":"View","issn_l":"2688-268X","issn":["2688-268X","2688-3988"],"is_oa":false,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"","raw_type":""},{"id":"pmh:oai:pure.atira.dk:openaire/77f877cc-8afa-49a8-9dd3-8531862b151e","is_oa":true,"landing_page_url":"https://research.brighton.ac.uk/en/publications/77f877cc-8afa-49a8-9dd3-8531862b151e","pdf_url":null,"source":{"id":"https://openalex.org/S4306401758","display_name":"University of Brighton Repository (University of Brighton)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I71637028","host_organization_name":"University of Brighton","host_organization_lineage":["https://openalex.org/I71637028"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Chronopoulos, M, Panaousis, E & Grossklags, J 2017, 'An Options Approach to Cybersecurity Investment', IEEE Access, vol. 99, pp. 1-1. https://doi.org/10.1109/ACCESS.2017.2773366","raw_type":"info:eu-repo/semantics/publishedVersion"},{"id":"pmh:oai:openaccess.city.ac.uk:21061","is_oa":false,"landing_page_url":"https://openaccess.city.ac.uk/view/creators_id/michalis=2Echronopoulos.html>,","pdf_url":null,"source":{"id":"https://openalex.org/S4306401940","display_name":"City Research Online (City University London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I180825142","host_organization_name":"City, University of London","host_organization_lineage":["https://openalex.org/I180825142"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"Article"},{"id":"pmh:oai:doaj.org/article:ee09b20662ff41aab6b27e5db55d0e67","is_oa":true,"landing_page_url":"https://doaj.org/article/ee09b20662ff41aab6b27e5db55d0e67","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"IEEE Access, Vol 6, Pp 12175-12186 (2018)","raw_type":"article"},{"id":"pmh:oai:epubs.surrey.ac.uk:844989","is_oa":false,"landing_page_url":"http://epubs.surrey.ac.uk/844989/1/08110826.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306400680","display_name":"Surrey Research Insight Open Access (The University of Surrey)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I28290843","host_organization_name":"University of Surrey","host_organization_lineage":["https://openalex.org/I28290843"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Article"}],"best_oa_location":{"id":"doi:10.1109/access.2017.2773366","is_oa":true,"landing_page_url":"https://doi.org/10.1109/access.2017.2773366","pdf_url":null,"source":{"id":"https://openalex.org/S2485537415","display_name":"IEEE Access","issn_l":"2169-3536","issn":["2169-3536"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Access","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[{"id":"https://openalex.org/G2711952031","display_name":null,"funder_award_id":"EP/R006938/1","funder_id":"https://openalex.org/F4320334627","funder_display_name":"Engineering and Physical Sciences Research Council"}],"funders":[{"id":"https://openalex.org/F4320334627","display_name":"Engineering and Physical Sciences Research Council","ror":"https://ror.org/0439y7842"}],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":33,"referenced_works":["https://openalex.org/W305397564","https://openalex.org/W618475404","https://openalex.org/W1606547093","https://openalex.org/W1925725102","https://openalex.org/W1965020404","https://openalex.org/W1967285522","https://openalex.org/W1974897113","https://openalex.org/W1975174386","https://openalex.org/W1995503011","https://openalex.org/W2015887084","https://openalex.org/W2021451263","https://openalex.org/W2023342782","https://openalex.org/W2028269651","https://openalex.org/W2036178246","https://openalex.org/W2056075452","https://openalex.org/W2056202988","https://openalex.org/W2062442145","https://openalex.org/W2084458859","https://openalex.org/W2103763594","https://openalex.org/W2123532037","https://openalex.org/W2149104594","https://openalex.org/W2161107483","https://openalex.org/W2253327857","https://openalex.org/W2605949394","https://openalex.org/W2610527038","https://openalex.org/W2614184875","https://openalex.org/W3124770064","https://openalex.org/W3124911206","https://openalex.org/W3126056455","https://openalex.org/W4365787967","https://openalex.org/W6610739104","https://openalex.org/W6675678489","https://openalex.org/W6737267302"],"related_works":["https://openalex.org/W2381242807","https://openalex.org/W2264067234","https://openalex.org/W3124243301","https://openalex.org/W2751208925","https://openalex.org/W1589409554","https://openalex.org/W2759038785","https://openalex.org/W2347541121","https://openalex.org/W2061688005","https://openalex.org/W3138631451","https://openalex.org/W4292241392"],"abstract_inverted_index":{"Cybersecurity":[0],"has":[1,52],"become":[2,53,81],"a":[3,120,184,239,260],"key":[4],"factor":[5],"that":[6,14,103,129,134,164,207,242],"determines":[7],"the":[8,141,211,217,229,245,257,264,267,274,282,286,290,295,299],"success":[9],"or":[10,192],"failure":[11],"of":[12,125,143,190,213,219,259,266,276,289,298],"companies":[13],"rely":[15],"on":[16,148],"information":[17,31,59],"systems.":[18],"Therefore,":[19],"investment":[20,51,89,116,149,279],"in":[21,86,183,188,196,225,235,271],"cybersecurity":[22,39,50,74,109,115,146,199,214,240,250,261],"is":[23,128],"an":[24,54,98,220,277],"important":[25],"financial":[26],"and":[27,69,76,96,111,145],"operational":[28],"decision.":[29,300],"Typical":[30],"technology":[32],"investments":[33,40],"aim":[34,41],"to":[35,42,64,108,137,223,231,237,249,269,284,294],"create":[36],"value,":[37],"whereas":[38],"minimize":[43],"loss":[44],"incurred":[45],"by":[46],"cyber":[47],"attacks.":[48],"Admittedly,":[49],"increasingly":[55],"complex":[56],"one,":[57],"since":[58],"systems":[60],"are":[61,157,171],"typically":[62],"subject":[63],"frequent":[65],"attacks,":[66],"whose":[67],"arrival":[68],"impact":[70],"fluctuate":[71],"stochastically.":[72],"Furthermore,":[73],"measures":[75],"improvements,":[77],"such":[78],"as":[79],"patches,":[80],"available":[82],"at":[83],"random":[84],"points":[85],"time":[87],"making":[88],"decisions":[90,117],"even":[91],"more":[92,247],"challenging.":[93],"We":[94],"propose":[95],"develop":[97],"analytical":[99,132],"real":[100,152],"options":[101,153],"framework":[102],"incorporates":[104],"major":[105],"components":[106],"relevant":[107],"practice,":[110],"analyze":[112],"how":[113],"optimal":[114],"perform":[118],"for":[119],"private":[121],"firm.":[122],"The":[123],"novelty":[124],"this":[126],"paper":[127],"it":[130],"provides":[131],"solutions":[133],"lend":[135],"themselves":[136],"intuitive":[138],"interpretations":[139],"regarding":[140],"effect":[142],"timing":[144],"risk":[147,200],"behavior":[150],"using":[151],"theory.":[154],"Such":[155],"aspects":[156],"frequently":[158],"not":[159,172,178],"implemented":[160],"within":[161],"economic":[162],"models":[163],"support":[165],"policy":[166,203],"initiatives.":[167],"However,":[168,273],"if":[169],"these":[170],"properly":[173,180],"understood,":[174],"security":[175],"controls":[176],"will":[177,243],"be":[179],"set":[181],"resulting":[182],"dynamic":[185],"inefficiency":[186],"reflected":[187],"cycles":[189],"over":[191,210],"under":[193],"investment,":[194],"and,":[195],"turn,":[197],"increased":[198],"following":[201],"corrective":[202],"actions.":[204],"Results":[205],"indicate":[206],"greater":[208,253],"uncertainty":[209],"cost":[212],"attacks":[215],"raises":[216],"value":[218,265],"embedded":[221,278],"option":[222,268,280],"invest":[224,270],"cybersecurity.":[226,272],"This":[227],"increases":[228,263,281],"incentive":[230,283],"suspend":[232],"operations":[233],"temporarily":[234],"order":[236],"install":[238],"patch":[241,262],"make":[244],"firm":[246],"resilient":[248],"breaches.":[251],"Similarly,":[252],"likelihood":[254],"associated":[255],"with":[256],"availability":[258],"absence":[275],"delay":[285],"permanent":[287],"abandonment":[288],"company's":[291],"operation":[292],"due":[293],"irreversible":[296],"nature":[297]},"counts_by_year":[{"year":2026,"cited_by_count":4},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":8},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":7},{"year":2021,"cited_by_count":9},{"year":2020,"cited_by_count":5},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":1}],"updated_date":"2026-07-26T07:53:14.480251","created_date":"2025-10-10T00:00:00"}