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Register a new userFuture developments in cyber risk assessment for the internet of things
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Added by
Petar Radanliev
Publication date
2018
fields
Informatics Engineering
and research's language is
English
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This article is focused on the economic impact assessment of Internet of Things (IoT) and its associated cyber risks vectors and vertices - a reinterpretation of IoT verticals. We adapt to IoT both the Cyber Value at Risk model, a well-established model for measuring the maximum possible loss over a given time period, and the MicroMort model, a widely used model for predicting uncertainty through units of mortality risk. The resulting new IoT MicroMort for calculating IoT risk is tested and validated with real data from the BullGuards IoT Scanner - over 310,000 scans - and the Garner report on IoT connected devices. Two calculations are developed, the current state of IoT cyber risk and the future forecasts of IoT cyber risk. Our work therefore advances the efforts of integrating cyber risk impact assessments and offer a better understanding of economic impact assessment for IoT cyber risk.
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In this research article, we explore the use of a design process for adapting existing cyber risk assessment standards to allow the calculation of economic impact from IoT cyber risk. The paper presents a new model that includes a design process with new risk assessment vectors, specific for IoT cyber risk. To design new risk assessment vectors for IoT, the study applied a range of methodologies, including literature review, empirical study and comparative study, followed by theoretical analysis and grounded theory. An epistemological framework emerges from applying the constructivist grounded theory methodology to draw on knowledge from existing cyber risk frameworks, models and methodologies. This framework presents the current gaps in cyber risk standards and policies, and defines the design principles of future cyber risk impact assessment. The core contribution of the article therefore, being the presentation of a new model for impact assessment of IoT cyber risk.
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