‘Cyber social value’ could save lives from cyber incompetence: Report | ZDNet
‘Behind each death by computer error is a human mistake, usually caused by faults in management of the cyber ecosystem,’ writes Professor Greg Austin.
The report, Creating Cyber Social Value [PDF], proposes that a social science perspective could help mitigate what it calls the “Five I” problems. Failing to address these problems could cost vast amounts of money. They are:
- Cyber insecurity: Shipping giant Maersk lost $300 million to the NotPetya ransomware attack in 2017, for example.
- Cyber incompetence: Australia’s financial crime investigation agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC), hit the Commonwealth Bank with a AU$700 million fine for failing to monitor for possible money laundering.
- Cyber intransigence: A 2014 report [PDF] from PwC estimated that slow digital transformation and slow uptake of related technologies is estimated to be costing Australia $37 billion over a decade.
- Cyber ignorance: In 2013, a hoax tweet sent via the official Associated Press account claimed there’d been an attack on President Obama in the White House. It crashed the stock market in mere minutes.
- Cyber insensitivity: Facebook’s share price dropped 44% in 2018 and 2019 as it struggled to adapt to new global expectations for privacy and security. Facebook was eventually forced to pay fines of $5 billion.