Economic Impact of IoT Cyber Risk: Analysing Past and Present to Predict the Future Developments in IoT Risk Analysis and IoT Cyber Insurance

Living in the Internet of Things: Cybersecurity of the IoT - 2018

9 Pages Posted: 11 Dec 2018

See all articles by Petar Radanliev

Petar Radanliev

Department of Engineering Science

David de Roure

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

Stacy Cannady

Cisco Systems

Rafael Montalvo

Cisco Systems

Razvan Nicolescu

Imperial College London

Michael Huth

Imperial College London

Date Written: March 28, 2018

Abstract

This paper is focused on mapping the current evolution of Internet of Things (IoT) and its associated cyber risks for the Industry 4.0 (I4.0) sector. We report the results of a qualitative empirical study that correlates academic literature with 14 - I4.0 frameworks and initiatives. We apply the grounded theory approach to synthesise the findings from our literature review, to compare the cyber security frameworks and cyber security quantitative impact assessment models, with the world leading I4.0 technological trends. From the findings, we build a new impact assessment model of IoT cyber risk in Industry 4.0. We therefore advance the efforts of integrating standards and governance into Industry 4.0 and offer a better understanding of economics impact assessment models for I4.0.

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 Cannady, Stacy and Montalvo, Rafael and Nicolescu, Razvan and Huth, Michael, Economic Impact of IoT Cyber Risk: Analysing Past and Present to Predict the Future Developments in IoT Risk Analysis and IoT Cyber Insurance (March 28, 2018). Living in the Internet of Things: Cybersecurity of the IoT - 2018, Available at SSRN: https://ssrn.com/abstract=3286130

Petar Radanliev (Contact Author)

Department of Engineering Science ( 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

Stacy Cannady

Cisco Systems ( email )

San Jose, CA 95134
United States

Rafael Montalvo

Cisco Systems ( email )

San Jose, CA 95134
United States

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

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