A framework for quantifying cyber security risks

Reinder Wolthuis, Frank Phillipson, Hidde-Jan Jongsma and Peter Langenkamp
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Reinder Wolthuis: TNO, Postbus 1416, The Netherlands
Frank Phillipson: TNO, Postbus 96800, The Netherlands
Hidde-Jan Jongsma: TNO, Postbus 1416, The Netherlands
Peter Langenkamp: TNO, Postbus 1416, The Netherlands

Cyber Security: A Peer-Reviewed Journal, 2021, vol. 4, issue 4, 302-316

Abstract: Recent years have seen an increasing amount of information becoming available which is of benefit to the security risk process. Traditionally, security risk management is an asset-based, qualitative process based on expert opinion and information at hand; periodically a group of experts assesses applicable risks and determines correct risk levels and whether new risks should be added to the list. This paper proposes a threat-based, traceable quantitative risk management approach that uses current information to quantify risks. This leads to a near real-time risk process, where available information is processed, and the risks are automatically updated. The approach was tested in practice at the main banks in the Netherlands.

Keywords: quantified cyber security; Bayesian belief network; real-time monitoring; model based (search for similar items in EconPapers)
JEL-codes: M15 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aza:csj000:y:2021:v:4:i:4:p:302-316

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