The Impact of Cybersecurity, IT Spending, and Innovation on Economic Growth in 2023

Abstract

This study seeks to examine the influence of cyber security, IT expenditure, and innovation on economic development across a sample of 30 nations, utilizing cross-sectional data from 2023. This is happening because the digital transition is speeding up and digital variables are playing a bigger role in supporting global economic growth. The study employed a quantitative analytical framework, utilizing the Ordinary Least Squares (OLS) method with EViews12 to assess the correlation between the independent variables (cyber security, IT expenditure, and innovation) and the dependent variable (economic growth). The results indicated that cyber security exerts a positive and considerable influence on economic growth, underscoring the necessity of establishing a safe digital environment to foster trust and stability. The effect of IT expenditure was favorable but not very big, which shows that spending efficiency varies from country to country. Innovation has a negative and substantial effect, which may be due to a difference between the results of innovation and how it is actually used in some nations. The study suggested that to maintain long-term growth, we should improve the efficiency of technology expenditure, build cyber security infrastructure, and try to close the gap between scientific research and the job market.