Risk Analysis for Critical Asset Protection

William L. McGill, Bilal M. Ayyub and Mark Kaminskiy

Risk Analysis, 2007, vol. 27, issue 5, 1265-1281

Abstract: This article proposes a quantitative risk assessment and management framework that supports strategic asset‐level resource allocation decision making for critical infrastructure and key resource protection. The proposed framework consists of five phases: scenario identification, consequence and criticality assessment, security vulnerability assessment, threat likelihood assessment, and benefit‐cost analysis. Key innovations in this methodology include its initial focus on fundamental asset characteristics to generate an exhaustive set of plausible threat scenarios based on a target susceptibility matrix (which we refer to as asset‐driven analysis) and an approach to threat likelihood assessment that captures adversary tendencies to shift their preferences in response to security investments based on the expected utilities of alternative attack profiles assessed from the adversary perspective. A notional example is provided to demonstrate an application of the proposed framework. Extensions of this model to support strategic portfolio‐level analysis and tactical risk analysis are suggested.

Date: 2007
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https://doi.org/10.1111/j.1539-6924.2007.00955.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:riskan:v:27:y:2007:i:5:p:1265-1281

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