Cybersecurity as an Essential Sustainable Economic Development Factor

European Journal of Sustainable Development (2018), 7, 4, 171-178

8 Pages Posted: 31 Oct 2018 Last revised: 3 Nov 2021

See all articles by Ioana Vasiu

Ioana Vasiu

Babes-Bolyai University - Faculty of Law

Lucian Vasiu


Date Written: April 3, 2018


Technological developments facilitated an impressive growth in international trade; however, organizations are facing numerous risks, resulting from their reliance on digital services and complex supply chains. One of the most notable risks concerns cybersecurity, which can take numerous forms and can have very significant negative consequences for the victims. This reality makes cybersecurity a major differentiator for organizations and an essential sustainable economic development factor. This paper employs an empirically-informed theoretical approach, and, based on a large corpus of data, consisting essentially of cases brought to courts, cybersecurity reports, and press releases, examines the main cybersecurity risks, grouped in three broad categories: damage, theft of trade secrets, and payment fraud. In each category, the main issues are illustrated with real case examples. The findings of this study underline the need for improved cybersecurity strategies, policies, and programs. The paper proposes a number of measures that must be taken, in order to provide conditions for a safer and better economic development environment.

Keywords: Cybersecurity, E-Commerce, Sustainable Development, Cybercrime, Damage, Trade Secret, Fraud, Loss

JEL Classification: D23, F10, K00, K14, K42, L21, O34, Z00

Suggested Citation

Vasiu, Ioana and Vasiu, Lucian, Cybersecurity as an Essential Sustainable Economic Development Factor (April 3, 2018). European Journal of Sustainable Development (2018), 7, 4, 171-178, Available at SSRN:

Ioana Vasiu (Contact Author)

Babes-Bolyai University - Faculty of Law ( email )

Str.Avram Iancu nr. 11
1 street mihail kogalniceanu
Cluj-Napoca, cluj RO- 400089

Lucian Vasiu

Independent ( email )

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