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This chapter covers the various theoretical foundations of cybersecurity in general and cybersecurity polices and strategies in particular. In addition to the resource based view (RBV) theory, a number of other theories are covered, which were recently advanced in the literature to assess cybersecurity. Three theories are highlighted: the economic, the public goods, and deterrence theories. The chapter covers deterrence theory and the four approaches associated with it. Specifically, we emphasize the role cyber deterrence plays in drafting cybersecurity policies, through declaration, credibility and the use of denial measures. We also indicate that in order for cybersecurity policies to be effective: (1) they must include reference to the ability to attribute; (2) they need to possess the ability to communicate deterrence capabilities; and (3) they need to have a certain level of credibility to act on the stated intentions. Achieving those three conditions is not as easy as it might sound. The chapter concludes by noting some important conceptual and methodological issues that need to be addressed by future research adopting the various theoretical perspectives of cybersecurity.

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