Risk and uncertainty in the digital ecosystem

Abstract

Humans struggle with uncertainty, and risk management has been developed to tame it. It is used in many di=erent contexts including the digital ecosystem. But is risk management suitable for addressing cybersecurity challenges? In this article, we will delve into the di=erence between risk and uncertainty to find the types of challenges for which risk management works well, and the types of uncertainty for which it falls short. The ‘risk-uncertainty’ scale will help us clarify this distinction. Next, we will zoom in on the digital domain. Cyber risk management can be brought to bear on specific cybersecurity challenges, but we must supplement it with other approaches. In this article, we will discuss two: preparedness and Security by Design.