Barry Hughes Discusses Economic Benefits and Costs of Cyber Technology in DC
Dr. Barry Hughes traveled to Washington, DC, on May 19 for a two-part meeting with our partner team at the Atlantic Council. In the first session Dr. Hughes addressed the approach and preliminary results of a Frederick S. Pardee Center for International Futures project concerning the economic costs and benefits of cyber technology. The project, sponsored by Zurich Insurance Company will use the International Futures model to develop forecasts, in collaboration with scenario development led by the Atlantic Council.
In the second part of the meeting, Dr. Hughes worked alongside the Atlantic Council partner team to present the project and preliminary analysis to about 10 outside economists and analysts from the cyber security industry, universities, and think tanks. He presented the project’s conceptual schema, the data that the Pardee team has found, and the initial modeling approach and results. A primary conclusion so far is that cyber security costs are rising absolutely and as a percentage of GDP, while annual economic benefits from cyber may not be. The project aims to address whether the costs may come to be equal to or even exceed the benefits.
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