Future developments in cyber risk assessment for the internet of things

Petar Radanliev (), David De Roure, Razvan Nicolescu, Michael Huth, Rafael Mantilla Montalvo, Stacy Cannady and Peter Burnap

MPRA Paper from University Library of Munich, Germany

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 (search for similar items in EconPapers)
JEL-codes: C1 C10 C15 C18 O3 O30 O31 O32 O33 O35 O38 O39 (search for similar items in EconPapers)
Date: 2018-09, Revised 2018-09
New Economics Papers: this item is included in nep-pay and nep-rmg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

Published in Computers in Industry - https://doi.org/10.1016/j.compind.2018.08.002 102 (2018) 14–22 (2018): pp. 14-22

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