What is it about?
• The absence of a common point of reference has created an inconsistency in measuring cyber risk.
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Why is it important?
Safeguarding an IoT deployment, while simultaneously harnessing its economic value, requires systematic consideration of multiple risk factors. This work advances the efforts of integrating cyber risk impact assessments and offer a better understanding of economic impact assessment for IoT cyber risk.
Perspectives
- A new quantitative model is developed to define individual risk units and for measuring market cyber risk. - 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.
Dr Petar Radanliev
University of Oxford
Read the Original
This page is a summary of: Future developments in cyber risk assessment for the internet of things, Computers in Industry, November 2018, Elsevier,
DOI: 10.1016/j.compind.2018.08.002.
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