Economic Impacts of Cyber Security in Energy Sector: A Review

Authors

  • Sampath Kumar Venkatachary Botho University PO Box 501564, Botho Education Park Kgale KO, Gaborone Botswana http://orcid.org/0000-0002-5583-7313
  • Jagdish Prasad Amity University Rajasthan
  • Ravi Samikannu Botswana International University of Science and Technology (BIUST)

Abstract

The new age “digital age” is bringing rapid change in the form of connections, integration, supply chain management, models and much more. As a result, security is a big business, securing critical data, operations, the customer profile is beyond the four wall of physical security. It is therefore essential to re-look on the definition of security and increase resilience on technology. The electric power system comprises of both IT infrastructures and electrical systems which include cyber systems, people, physical systems, money. Threats can be physical, internal or external threats and cyber threats can emerge from anywhere. Tackling cybercrimes and cyber-attacks on the energy sector poses major challenges on its own. These threats cannot be eliminated but only mitigated. The threat mitigation costs money, efforts, downtime, economic and psychological impacts on the industry that could result in damage to company's performance and the national economies. The paper aims to highlight various security attacks on the energy infrastructure and its economic impacts. While discussing the economics, the paper presents mechanism, and emphasizes the need for global security coordination to mitigate threats.

Keywords: Systemic Cyber Event, Syntactic Attack, Digital Age


JEL Classification: A19

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Author Biographies

Sampath Kumar Venkatachary, Botho University PO Box 501564, Botho Education Park Kgale KO, Gaborone Botswana

Sampath Kumar is a Research Scholar at Amity Business School, Amity University, Jaipur Rajasthan. He has received his Diploma in Electrical Engineering from Board of Technical Education, Karnataka, Bachelor's degree in Information Technology from SHAITS and Master's in Business Administration from Amity University Noida. He has over 25+ years of experience in the field of engineering and technology and is working as Technical Manager, Botho University. He is currently doing his research on Virtual Power Plant / Distributed Generation and is interested in AI, Cyber security impacts, cyber warfare, cyber terrorism

Jagdish Prasad, Amity University Rajasthan

Prof Jagdish Prasad is Retired Prof and Head of Department, University of Rajasthan and is now Coordinator, Amity School of Applied Sciences, Amity University, Rajasthan. He has supervised over 14 graduate students for Ph.D. and has an extensive experience of 38 years in Research. He has published many research papers and is the author of •Statistical techniques for family planning measures. LAP LAMBERT Academic Publishing, 2011 

Ravi Samikannu, Botswana International University of Science and Technology (BIUST)

Prof. Or.Ravii, obtained his Ph.D. Degree in Electrical Engineering, from Anna University, Chennai. Hehas a total teaching experience of 12years at UG and PG levels and more than 8 years in Research field.4 research scholars are doing research under his supervision. Dr.S.Ravi is currently working as a SeniorLecturer, Electrical Engineering Department in Botswana International University of Science andTechnology, Palapye, Botswana. He has published 25 research papers in International Journals. He haspresented 29 Papers and 4 projects in International and National Conferences, and has received the BestPaper Award two times for his presentation. Many times he has produced 100% pass in the UniversityExaminations. He is actively engaged in teaching, research and academic administration. He is arecognized guide for Ph.D programme of different universities in India. He has played a major role insetting up the various laboratories of the Department and prepared the Institution for accreditation byNBA (AICTE) and UGC for the autonomous status. He has organized Faculty Development Programme onSolar Electric Power Conversion System, Recent Trends in Nontechnology and Its Application to EnergySector sponsored by CSIR, India. He has played an / active role in organizing the AICTE sponsored staffDevelopment programme on Embedded Control Application on Drives and has attended 16 Workshops /Seminars etc., and has Chaired 3 National Technical Symposia. He is a member of IE(I),ISTE and IEEE. Hehas conducted a 4 National Level Symposium and a Science Exhibition. He is the reviewer in IEEE andother reputed Journals and has delivered special guest lecturers in many International and Nationalconferences.

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Published

2017-11-01

How to Cite

Venkatachary, S. K., Prasad, J., & Samikannu, R. (2017). Economic Impacts of Cyber Security in Energy Sector: A Review. International Journal of Energy Economics and Policy, 7(5), 250–262. Retrieved from https://econjournals.com/index.php/ijeep/article/view/5283

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