Cyber Risk Assessment and Mitigation (CRAM) Framework Using Logit and Probit Models for Cyber Insurance

2017 ◽  
Vol 21 (5) ◽  
pp. 997-1018 ◽  
Author(s):  
Arunabha Mukhopadhyay ◽  
Samir Chatterjee ◽  
Kallol K. Bagchi ◽  
Peteer J. Kirs ◽  
Girja K. Shukla
Keyword(s):  
Risk Assessment ◽  
Cyber Insurance ◽  
Probit Models ◽  
Logit And Probit Models ◽  
Cyber Risk

scholarly journals INSTRUMENT DESIGN FOR CYBER RISK ASSESSMENT IN INSURABILITY VERIFICATION

2018 ◽  
Vol 8 (3) ◽  
pp. 7-10
Author(s):  
David Nicolas Bartolini ◽  
Andreas Ahrens ◽  
Jelena Zascerinska
Keyword(s):  
Risk Assessment ◽  
Empirical Evidence ◽  
Empirical Research ◽  
Instrument Design ◽  
Growth Potential ◽  
Research Interest ◽  
Cyber Insurance ◽  
Cyber Risk

Cyber risk assessment for insurability verification has been paid a lot of research interest as cyber insurance represents a new dynamic segment of market with considerable growth potential for insurers. As customer’s practices and processes consistently lead to the final overall result, customer's behaviour has to be described in detail. The aim of the present paper is to design an instrument (questionnaire) for customer’s cyber risk assessment in insurability verification. The method for building an instrument (questionnaire) is empirical research. Empirical research is based on use of empirical evidence. A questionnaire with 11 questions is proposed.

scholarly journals Epistemological Equation for Analysing Uncontrollable States in Complex Systems: Quantifying Cyber Risks from the Internet of Things

2021 ◽  
Author(s):  
Petar Radanliev ◽  
David De Roure ◽  
Pete Burnap ◽  
Omar Santos
Keyword(s):  
Risk Assessment ◽  
Internet Of Things ◽  
Empirical Analysis ◽  
Quantitative Risk Assessment ◽  
The Internet ◽  
Self Assessment ◽  
Target State ◽  
Epistemological Analysis ◽  
Cyber Risk ◽  
The Internet Of Things

AbstractThe Internet-of-Things (IoT) triggers data protection questions and new types of cyber risks. Cyber risk regulations for the IoT, however, are still in their infancy. This is concerning, because companies integrating IoT devices and services need to perform a self-assessment of its IoT cyber security posture. At present, there are no self-assessment methods for quantifying IoT cyber risk posture. It is considered that IoT represent a complex system with too many uncontrollable risk states for quantitative risk assessment. To enable quantitative risk assessment of uncontrollable risk states in complex and coupled IoT systems, a new epistemological equation is designed and tested though comparative and empirical analysis. The comparative analysis is conducted on national digital strategies, followed by an empirical analysis of cyber risk assessment approaches. The results from the analysis present the current and a target state for IoT systems, followed by a transformation roadmap, describing how IoT systems can achieve the target state with a new epistemological analysis model. The new epistemological analysis approach enables the assessment of uncontrollable risk states in complex IoT systems—which begin to resemble artificial intelligence—and can be used for a quantitative self-assessment of IoT cyber risk posture.

scholarly journals Qualitative Risk Assessment of Cybersecurity and Development of Vulnerability Enhancement Plans in Consideration of Digitalized Ship

2021 ◽  
Vol 9 (6) ◽  
pp. 565
Author(s):  
Yunja Yoo ◽  
Han-Seon Park
Keyword(s):  
Risk Assessment ◽  
Safety Management ◽  
International Standards ◽  
Security Risk ◽  
Analytic Hierarchy ◽  
Improvement Plan ◽  
Qualitative Risk Assessment ◽  
Cyber Risk ◽  
Hierarchy Process ◽  
Ship Safety

The International Maritime Organization (IMO) published the Guidelines on Maritime Cyber Risk Management in 2017 to strengthen cybersecurity in consideration of digitalized ships. As part of these guidelines, the IMO recommends that each flag state should integrate and manage matters regarding cyber risk in the ship safety management system (SMS) according to the International Safety Management Code (ISM Code) before the first annual verification that takes place on or after 1 January 2021. The purpose of this paper is to identify cybersecurity risk components in the maritime sector that should be managed by the SMS in 2021 and to derive priorities for vulnerability improvement plans through itemized risk assessment. To this end, qualitative risk assessment (RA) was carried out for administrative, technical, and physical security risk components based on industry and international standards, which were additionally presented in the IMO guidelines. Based on the risk matrix from the RA analysis results, a survey on improving cybersecurity vulnerabilities in the maritime sector was conducted, and the analytic hierarchy process was used to analyze the results and derive improvement plan priority measures.

A functional approach to cyber risk assessment

2021 ◽  
Author(s):  
Giulia Rafaiani ◽  
Massimo Battaglioni ◽  
Marco Baldi ◽  
Franco Chiaraluce ◽  
Giovanni Libertini ◽  
...  
Keyword(s):  
Risk Assessment ◽  
Functional Approach ◽  
Cyber Risk

scholarly journals Analysing IoT Cyber Risk for Estimating IoT Cyber Insurance

2019 ◽  
Author(s):  
Petar Radanliev ◽  
Rafael Mantilla Montalvo ◽  
Razvan Nicolescu ◽  
Michael Huth ◽  
Stacy Cannady ◽  
...  
Keyword(s):  
Impact Assessment ◽  
Cyber Security ◽  
Industry 4.0 ◽  
Assessment Model ◽  
Theory Approach ◽  
Academic Literature ◽  
Cyber Insurance ◽  
Cyber Risk ◽  
Quantitative Impact ◽  
Grounded Theory Approach

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.

Evaluating Predictive power of Data Envelopment Analysis Technique Compared with Logit and Probit Models in Predicting Corporate Bankruptcy

2012 ◽  
Vol 02 (09) ◽  
pp. 38-46
Author(s):  
Khalili Araghi Maryam ◽  
Makvandi Sara
Keyword(s):  
Data Envelopment Analysis ◽  
Predictive Power ◽  
Environmental Changes ◽  
Stock Exchange ◽  
Rapid Development ◽  
Manufacturing Firms ◽  
Data Envelopment ◽  
Probit Models ◽  
Analysis Technique ◽  
Logit And Probit Models

Simultaneous with extensive environmental changes and the rapid development of technology which has increasingly accelerated economy, competitiveness economical enterprises have restricted earning profit and make probable closing of bankrupt firms. Thus it seems necessary to find a model that can predict financial crisis and bankruptcy of companies. Nowadays occurrence of significant progress in other sciences, such as computer and math attract the attention of the financial scholars toward designing and using more exact patterns like Data Envelopment Analysis (DEA). For this purpose, this study uses DEA technique to predict the bankruptcy likelihood of manufacturing firms and also compare its predictability with2 methods : Logit and Probit models. Study sample includes all manufacturing firms listed in Stock Exchange of Tehran from 2000-2010. The results showed that the accuracy of the designed model under DEA technique is %72 and the predictability of Logit and Probit models has been81, and %80 respectively. The results also showed DEA was proved to be an effective tool for predicting bankruptcy likelihood of manufacturing firms; but,it acted less efficient than Logit and Probit models.

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