Radanliev, Petar;
De Roure, David Charles;
Nicolescu, Razvan;
Huth, Michael;
Montalvo, Rafael Mantilla;
Cannady, Stacy;
Burnap, Peter;
(2018)
Future developments in cyber risk assessment for the internet of things.
Computers in Industry
, 102
pp. 14-22.
10.1016/j.compind.2018.08.002.
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Abstract
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 BullGuard's 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.
| Type: | Article |
|---|---|
| Title: | Future developments in cyber risk assessment for the internet of things |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1016/j.compind.2018.08.002 |
| Publisher version: | https://doi.org/10.1016/j.compind.2018.08.002 |
| Language: | English |
| Additional information: | © 2018 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/). |
| Keywords: | IoT cyber risk, IoT risk analysis, IoT cyber insurance, IoT MicroMort, Cyber value-at-risk |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Anthropology |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10162776 |
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