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    An economic analysis of ransomware and its welfare consequences

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    rsos.190023.pdf (842.0Kb)
    Date
    2020-03-04
    Author
    Cartwright, Anna;
    Hernandez-Castro, Julio;
    Cartwright, Edward
    Metadata
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    Abstract
    We present in this work an economic analysis of ransomware, a relatively new form of cyber-enabled extortion. We look at how the illegal gains of the criminals will depend on the strategies they use, examining uniform pricing and price discrimination. We also explore the welfare costs to society of such strategies. In addition, we present the results of a pilot survey which demonstrate proof of concept in evaluating the costs of ransomware attacks. We discuss at each stage whether the different strategies we analyse have been encountered already in existing malware, and the likelihood of them being implemented in the future. We hope this work will provide some useful insights for predicting how ransomware may evolve in the future.
    Description
    open access article
    Citation : Hernandez-Castro J., Cartwright A. and Cartwright E. (2020) An economic analysis of ransomware and its welfare consequences. Royal Society Open Science.7 (3)
    URI
    https://dora.dmu.ac.uk/handle/2086/19339
    DOI
    https://doi.org/10.1098/rsos.190023
    Research Institute : Institute for Applied Economics and Social Value (IAESV)
    Peer Reviewed : Yes
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    • Department of Economics and Marketing [222]

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