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Analysing IoT cyber risk for estimating IoT cyber insurance

Author

Listed:
  • Radanliev, Petar
  • De Roure, Dave
  • Cannady, Stacy
  • Mantilla Montalvo, Rafael
  • Nicolescu, Razvan
  • Huth, Michael

Abstract

This paper is focused on mapping the current evolution of Internet of Things (IoT) and its associated cyber risks for the Industry 4.0 (I4.0) sector. We report the results of a qualitative empirical study that correlates academic literature with 14 - I4.0 frameworks and initiatives. We apply the grounded theory approach to synthesise the findings from our literature review, to compare the cyber security frameworks and cyber security quantitative impact assessment models, with the world leading I4.0 technological trends. From the findings, we build a new impact assessment model of IoT cyber risk in Industry 4.0. We therefore advance the efforts of integrating standards and governance into Industry 4.0 and offer a better understanding of economics impact assessment models for I4.0.

Suggested Citation

  • Radanliev, Petar & De Roure, Dave & Cannady, Stacy & Mantilla Montalvo, Rafael & Nicolescu, Razvan & Huth, Michael, 2019. "Analysing IoT cyber risk for estimating IoT cyber insurance," MPRA Paper 92566, University Library of Munich, Germany, revised 2019.
    • Handle: RePEc:pra:mprapa:92566
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    References listed on IDEAS

    as
    1. Daniel DiMase & Zachary A. Collier & Kenneth Heffner & Igor Linkov, 2015. "Systems engineering framework for cyber physical security and resilience," Environment Systems and Decisions, Springer, vol. 35(2), pages 291-300, June.
    2. Thomas Leonard, 2008. "Richard H. Thaler, Cass R. Sunstein, Nudge: Improving decisions about health, wealth, and happiness," Constitutional Political Economy, Springer, vol. 19(4), pages 356-360, December.
    3. Radanliev, Petar & De Roure, David & Nicolescu, Razvan & Huth, Michael & Mantilla Montalvo, Rafael & Cannady, Stacy & Burnap, Peter, 2018. "Future developments in cyber risk assessment for the internet of things," MPRA Paper 92567, University Library of Munich, Germany, revised Sep 2018.
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    Cited by:

    1. Kjartan Palsson & Steinn Gudmundsson & Sachin Shetty, 0. "Analysis of the impact of cyber events for cyber insurance," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 0, pages 1-16.
    2. Radanliev, Petar & De Roure, David & Nicolescu, Razvan & Huth, Michael & Mantilla Montalvo, Rafael & Cannady, Stacy & Burnap, Peter, 2018. "Future developments in cyber risk assessment for the internet of things," MPRA Paper 92567, University Library of Munich, Germany, revised Sep 2018.
    3. Radanliev, Petar & De Roure, David & R.C. Nurse, Jason & Burnap, Pete & Anthi, Eirini & Ani, Uchenna & Maddox, La’Treall & Santos, Omar & Mantilla Montalvo, Rafael, 2019. "Definition of Internet of Things (IoT) Cyber Risk – Discussion on a Transformation Roadmap for Standardization of Regulations, Risk Maturity, Strategy Design and Impact Assessment," MPRA Paper 92569, University Library of Munich, Germany.
    4. Kjartan Palsson & Steinn Gudmundsson & Sachin Shetty, 2020. "Analysis of the impact of cyber events for cyber insurance," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(4), pages 564-579, October.

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    More about this item

    Keywords

    IoT Cyber Risk; IoT risk analysis; IoT cyber insurance; IoT MicroMort; Cyber Value-at-Risk;
    All these keywords.

    JEL classification:

    • L0 - Industrial Organization - - General
    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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