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Future developments in cyber risk assessment for the internet of things

Radanliev, Petar, De Roure, David, Nicolescu, Razvan, Huth, Michael, Mantilla, Rafael, Cannady, Stacy and Burnap, Peter ORCID: 2018. Future developments in cyber risk assessment for the internet of things. Computers in Industry 102 , pp. 14-22. 10.1016/j.compind.2018.08.002

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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.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Computer Science & Informatics
Data Innovation Research Institute (DIURI)
Subjects: Q Science > QA Mathematics > QA75 Electronic computers. Computer science
Publisher: Elsevier
ISSN: 0166-3615
Funders: ESPRC
Date of First Compliant Deposit: 17 August 2018
Date of Acceptance: 7 August 2018
Last Modified: 05 May 2023 21:54

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