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foundational expertise required in order to formulate these norms, not only because of the vague nature of the cyberspace but also due to the traditional view of security. Further, the problem intensifies as technology develops at an extremely high speed thereby resulting in multifaceted problems. This is seen with the example of the recent escalation in engagement with the Internet of Things (IoT) due to factors such as advances in big data analytics and artificial intelligence (AI) (Simona Jankowski et al., 2014). This can be expected to grow in the future as it provides crucial opportunity for key players to gain advantage in an already competitive market.
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Cyber-attacks and the Costs of Data Breach
One of the primary reasons for the inability to meet the demands of uniform policy, as mentioned above, is the rapid development in technology. Along with this evolution, there has been a parallel evolution in the methodology adopted by cyberattacks. Cyber-attacks have proven to be disastrous due to the phenomenally high costs of data breaches. This also has a direct impact upon political and human costs incurred, as the integrity and security of the state stands questioned, while individuals risk the violation of their rights. Further, the threats over a period of time have become more sophisticated as attackers have taken a more organized approach. The lone wolf concept has given way to a wide range of attackers whose motivation may vary; however, the aimed end result remains the same (James Dobbins et al., 2015). Therefore, the government is dealing with conflicting problems wherein the balance to be maintained so as to not encroach upon rights of parties while maintaining national security and integrity seems to be a herculean task (Carter, 2015). The accelerant to this is also due to the IoT and as has been rightly predicted that the Internet of Things will expand the area of cyberspace, thereby leading to an increased potential of evolved cyber threats. In order to combat this, it is essential to look at the technological capacities of a nation as it helps gauge the deviation in traditional threats and the manner in which a developed as well as a developing nation responds to these threats. This is primarily because the threats to all key players in this domain remain more or less similar while the ends that are aimed to be achieved and how a nation deals with the same, may prove to be different. This still remains a problem which has the capacity to cripple a nation as it has phenomenally high economic, political and social costs. The Cost of a Data Breach Report 2020 (Ponemon Institute & IBM Security, 2020), which was brought forth by the Ponemon Institute & IBM Security, has been instrumental in analyzing the costs that are incurred every year due to data breaches. The global perspective indicates that in 2020 data breaches costed the USA $8.64M which took 237 days for identification and containment, it costed India $2M and 313 days for containment whereas Canada lost $4.5M. The costs of data breaches vary, however, the certainty that is brought forth is that regardless of