KIPS Transactions on Computer and Communication Systems (정보처리학회논문지:컴퓨터 및 통신 시스템)

Korea Information Processing Society (한국정보처리학회)
권호 표지
DOI QR코드

DOI QR Code

The Investment of Information Security and Real Option

정보보호투자와 실물옵션

  • 조동욱 (고려대학교 정보보호학과) ;
  • 임종인 (고려대학교 자연과학대학)
  • Received : 2012.08.16
  • Accepted : 2012.09.11
  • Published : 2012.12.31
Download PDF
⟨ Previous Next ⟩

Abstract

Although many companies acknowledge the necessity of investment of information security, it is difficult to grasp a tangible effect and to calculate a scale of damage from the security incident. Consequently, companies are under the reality that it is not easy to make an investment decision for information security and to calculate the investment scale. For the investment decision making, although there are several traditional techniques of investment analysis, the investment of information security, comparing to other tangible assets, has limitations in using traditional techniques due to the highly uncertain investment effects. In this study, the traditional technique of investment analysis will be described, and the application method of analytic technique for Real Option, which is developed from the evaluation technique of highly uncertain financial futures and options, will be suggested.

다수의 기업은 정보보호투자에 대한 필요성은 인식하고 있으나, 정보보호 투자로 인한 효과가 가시적으로 파악하기 힘들고, 침해사고로 인한 피해규모 또한 산정하기 매우 힘들다. 그렇기 때문에 기업은 정보보호에 관한 투자의사결정을 하기도 쉽지 않고 투자규모 또한 산정하기 쉽지 않은 실정이다. 물론 기업의 투자의사결정을 위한 전통적인 투자기법들은 많지만, 정보보호투자는 다른 실물자산에 대한 투자에 비하여 투자효과의 불확실성이 매우 높기 때문에 전통적인 투자분석 기법으로는 한계를 가지고 있다. 본 연구에서는 기업이 투자 의사결정을 함에 있어서 전통적으로 사용한 투자분석기법들에 대해 기술하고, 미래에 대한 불확실성이 큰 금융 선물(先物), 옵션(Option)의 평가기법에서 발전한 실물옵션(Real Option) 분석기법을 정보보호투자 분석에 활용하는 방법을 제시하고자 한다.

Keywords

References

  1. Korea Communication Commision, Ministry of Administration and Security, Ministry of Knowledge Economy, 2011 National Information Security White Papers, May, 2011.
  2. Korea Communication Commision, Ministry of Administration and Security, Ministry of Knowledge Economy, 2011 National Information Security White Papers, May, 2011.
  3. Seo Seung-Woo, Security Economics "Seoul Univ. Press", October, 2008.
  4. Jeong Byeong-Yeol, MicorEconomics Practice, "Segyeong Press", March, 2006.
  5. Kim Min-Hwan, Financial Management, "WooRi Management Acdemy", Vol.4, December, 2005.
  6. Park Beom-Jo, The valuation of real options and uncertainties, "Sigma Press", July, 2009.
  7. Hong Dong-Pyo, Lee In-Hyung, Kim Kyung-Mi, The analysis of IT investments value using real options, "In-Sung Culture", December, 2001.
  8. Korea Information Security Agency(KISA), A Study on the Development of Internet security incident of calculating damages, 2006.
  9. Jeong Hyeong-Cheol And 6 other people, "Trend analysis of investment in information Security and Performance Analysis", National Information Society Agency, 2007.
  10. Kim Yeon-Dae, Study on methods of evaluating the venture corporation value using a Real Option Model, Yonsei University Graduate School, 2006.
  11. Han Jae-Jung, Study on methods of evaluating the corporation value using a real option model, Yonsei University Graduate School, 2005.
  12. Kim Sung-Min, Kwon Yong-Jang, Dynamic Valuation of the G7-HSR350X Using Real Option Model, Journal of Korean Society for RailWay, 2007.
  13. Lee Tae-Hee,Valuation of investment on HSDPA (High Speed Downlink Packet Access) service by real option approach ,Yonsei University Graduate School, 2007.
  14. Yu Chang-Seok, Valuation of Online Game Developers Using Real Options Analysis : the Case of Korea , Journal of Korea Game Society, October, 2011.
  15. Chae Seung-Hwan, The economic effects of the Private Information Security, Journal of Consumer Issues Research, Vol.33, April, 2008.
  16. Mun Sung-Ju, Kim Tae-Ho, A Study on the Real Option Approach to Apartment Reconstruction Projects Valuation, Journal of Financial Engineering Research, Vol.10, September, 2011.
  17. Kim Hye-Won, Jeong Seong-Hoon ,The Effect of Housing Price Flexibility on Housing Renewal Option Valuation , Journal of Daegu Gyeongbuk Research, Vol.10.1, December, 2011.
  18. Kim Tae-Sung, Research on the effects of investment in information Security, Journal of Korea Institute of Information Security & Cryptology, Vol.17.4, August, 2007.
  19. Nam Sang-Hun/Lim Jong-In, Study on approaches for the economic evaluation of corporate investment in information Security, Journal of Korea Technology Innovation Society, 2005.
  20. KISA, "2011 Korea Information Security Industry Survey", December, 2011.
  21. KISA, Trends and Analysis Monthly Internet Incident, 2004.1-2012.5
  22. Jingyue Li,Xiaomeng Su, "Making Cost Effective Security Decision with Real Option Thinking", pp.2-3, 2007.
  23. Gordon,L.A. and M.P. Loeb, The Economics of Information Security Investment, June, 2002.
  24. Black,F. and M.Sholes, "The pricing of options and corporate liabilities", Political Economy. Vol.81, June, 1973.
  25. Myers,S.C., "Determinant of corporate borrowing pricing", Journal of Futures and Option Research, 4, pp.1-21, November, 1977.
  26. Trigeorgis, L., "Real Options: An Overview", Schwartz and Trigeorgis, Real Options and Investment under Uncertainty, Cambridge:MIT Press, 2004.
  27. Amram,m. and N.Kulatilaka, "Real Option: Managing strategic investment in uncertain world, Boston, MA, Havard Business School Press, 1999.
  28. Olena Borissiouk and Janos Peli, "Real Option Approach to R&D Project Valuation: Case Study at Serono Internationa S.A.", University of Lausanne, 2002.
  29. Razib Hayat Khan, " The Use of Rea Option Analysis(ROA) to assist in Security Solution Decisions", IJCSNS International Journal of Computer Science and Network Security, Vol.11, No.10, October, 2011.