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A Monte-Carlo Analysis of Monetary Impact of Mega Data Breaches

A Monte-Carlo Analysis of Monetary Impact of Mega Data Breaches

Mustafa Canan, Omer Ilker Poyraz, Anthony Akil
Copyright: © 2021 |Volume: 11 |Issue: 3 |Pages: 24
ISSN: 1947-3435|EISSN: 1947-3443|EISBN13: 9781799861782|DOI: 10.4018/IJCWT.2021070105
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MLA

Canan, Mustafa, et al. "A Monte-Carlo Analysis of Monetary Impact of Mega Data Breaches." IJCWT vol.11, no.3 2021: pp.58-81. http://doi.org/10.4018/IJCWT.2021070105

APA

Canan, M., Poyraz, O. I., & Akil, A. (2021). A Monte-Carlo Analysis of Monetary Impact of Mega Data Breaches. International Journal of Cyber Warfare and Terrorism (IJCWT), 11(3), 58-81. http://doi.org/10.4018/IJCWT.2021070105

Chicago

Canan, Mustafa, Omer Ilker Poyraz, and Anthony Akil. "A Monte-Carlo Analysis of Monetary Impact of Mega Data Breaches," International Journal of Cyber Warfare and Terrorism (IJCWT) 11, no.3: 58-81. http://doi.org/10.4018/IJCWT.2021070105

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Abstract

The monetary impact of mega data breaches has been a significant concern for enterprises. The study of data breach risk assessment is a necessity for organizations to have effective cybersecurity risk management. Due to the lack of available data, it is not easy to obtain a comprehensive understanding of the interactions among factors that affect the cost of mega data breaches. The Monte Carlo analysis results were used to explicate the interactions among independent variables and emerging patterns in the variation of the total data breach cost. The findings of this study are as follows: The total data breach cost varies significantly with personally identifiable information (PII) and sensitive personally identifiable information (SPII) with unique patterns. Second, SPII must be a separate independent variable. Third, the multilevel factorial interactions between SPII and the other independent variables elucidate subtle patterns in the total data breach cost variation. Fourth, class action lawsuit (CAL) categorical variables regulate the variation in the total data breach cost.

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