Cyber Risk Management for the Internet of Things
Open accessAbstract
The Internet-of-Things (IoT) enables enterprises to obtain profits from data but triggers data protection questions and new types of cyber risk. Cyber risk regulations for the IoT however do not exist. The IoT risk is not included in the cyber security assessment standards, hence, often not visible to cyber security experts. This is concerning, because companies integrating IoT devices and services need to perform a self-assessment of its IoT cyber security posture. The outcome of such self-assessment need to define a current and target state, prior to creating a transformation roadmap outlining tasks to achieve the stated target state. In this article, a comparative empirical analysis is performed of multiple cyber risk assessment approaches, to define a high-level potential target state for company integrating IoT devices and/or services. Defining a high-level potential target state represent is followed by a high-level transformation roadmap, describing how company can achieve their target state, based on their current state. The transformation roadmap is used to adapt IoT risk impact assessment with a Goal-Oriented Approach and the Internet of Things Micro Mart model. The main contributions from this paper represent a transformation roadmap for standardisation of IoT risk impact assessment; and transformation design imperatives describing how IoT companies can achieve their target state based on their current state with a Goal-Oriented approach. Verified by epistemological analysis defining a unified cyber risk assessment approach. These can be used for calculating the economic impact of cyber risk; for international cyber risk assessment approach; for quantifying cyber risk; and for planning for impact of cyber-attacks, e.g. cyber insurance. The new methods presented in this paper for applying the roadmap include: IoT Risk Analysis through Functional Dependency; Network-based Linear Dependency Modelling; IoT risk impact assessment with a Goal-Oriented Approach; and a correlation between the Goal-Oriented Approach and the IoTMM model.
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Radanliev et al. performed an empirical analysis of different risk assessment methods to define a target state for companies integrating IoT devices with services.
“They also performed an empirical analysis of different risk assessment methods to define a target state for companies integrating IoT devices with services [37].”
From IoT cyber risk: A holistic analysis of cyber risk assessment frameworks, risk vectors, and risk ranking process (2020) · cites this paper as [37]
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Self-citation
- Authors
- Radanliev, P., Charles De Roure, D., R.C. Nurse, J., Burnap, P., Anthi, E., Uchenna, A., Maddox, L., Santos, O., & Mantilla Montalvo, R.
- Affiliations
- University of Oxford (GB)
- Cardiff University (GB)
- Cisco Systems (United States) (US)
- Corresponding author
- Radanliev, Petar
- Venue
- Preprints.org
- Publisher
- MDPI AG
- Published
- 2019-04-11
- OpenAlex
- W2946594951
- Cited by
- 17
- References
- 108
- Citations by year
- 2024: 1 · 2023: 1 · 2022: 1 · 2021: 2 · 2020: 6 · 2019: 6
- Type
- posted content
- Language
- en
- Open access
- green
- doi.org
- Locations
- Preprints.org (acceptedVersion, cc-by)
- Funders
- Engineering and Physical Sciences Research Council (EP/N02334X/1)
- Topics
- Physical Sciences › Computer Science › Information Systems › Information and Cyber Security
- Physical Sciences › Computer Science › Computer Networks and Communications › IoT and Edge/Fog Computing
- Social Sciences › Business, Management and Accounting › Management Information Systems › Information Technology Governance and Strategy
- Keywords
- Internet of Things, cyber risk management, cybersecurity risk assessment, transformation roadmap, goal-oriented approach, risk impact assessment, functional dependencies, cyber insurance
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