Future Developments in Cyber Risk Assessment for the Internet of Things

Future developments in cyber risk assessment for the internet of things. Computers in Industry, 102, 14–22. DOI/10.1016/J.COMPIND.2018.08.002

9 Pages Posted: 12 Dec 2018

See all articles by Petar Radanliev

Petar Radanliev

Oxford E-Research Centre

David de Roure

University of Southampton - School of Electronics and Computer Science (ECS)

Razvan Nicolescu

Imperial College London

Michael Huth

Imperial College London

Rafael Montalvo

Cisco Systems

Stacy Cannady

Cisco Systems

Pete Burnap

Cardiff University

Date Written: August 6, 2018

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.

Keywords: IoT Cyber Risk, IoT Risk Analysis, IoT Cyber Insurance, IoT MicroMort, Cyber Value-at-Risk

Suggested Citation

Radanliev, Petar and de Roure, David and Nicolescu, Razvan and Huth, Michael and Montalvo, Rafael and Cannady, Stacy and Burnap, Pete, Future Developments in Cyber Risk Assessment for the Internet of Things (August 6, 2018). Future developments in cyber risk assessment for the internet of things. Computers in Industry, 102, 14–22. DOI/10.1016/J.COMPIND.2018.08.002. Available at SSRN: https://ssrn.com/abstract=3286129

Petar Radanliev (Contact Author)

Oxford E-Research Centre ( email )

7 Keble Road
Oxford, OX1 3QG
United Kingdom
7917541847 (Phone)
7917541847 (Fax)

HOME PAGE: http://www.oerc.ox.ac.uk/people/PetarR

David De Roure

University of Southampton - School of Electronics and Computer Science (ECS) ( email )

University Road
Southampton
United Kingdom

Razvan Nicolescu

Imperial College London ( email )

South Kensington Campus
Exhibition Road
London, Greater London SW7 2AZ
United Kingdom

Michael Huth

Imperial College London ( email )

South Kensington Campus
Exhibition Road
London, Greater London SW7 2AZ
United Kingdom

Rafael Montalvo

Cisco Systems ( email )

San Jose, CA 95134
United States

Stacy Cannady

Cisco Systems ( email )

San Jose, CA 95134
United States

Pete Burnap

Cardiff University ( email )

Aberconway Building
Colum Drive
Cardiff, Wales CF10 3EU
United Kingdom

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