Nowadays, Internet of Things (IoT) adoptions are burgeoning and deemed the lynchpin towards achieving ubiquitous connectivity. In this context, defining and leveraging robust IoT security risk management strategies are paramount for secure IoT adoptions. Thus, this study aims to support IoT adopters from any sector to formulate or reframe their IoT security risk management strategies to achieve robust strategies that effectively address IoT security issues. In a nutshell, this article relies on a mixed methods research methodology and proposes a reference model for IoT security risk management strategy. The proposed IoT security risk management strategy reference model (IoTSRM2) relies on the 25 selected IoT security best practices which are outlined using a proposed taxonomic hierarchy, and on the proposed three-phased methodology that consists of nine steps and outputs. The main contribution of this work is the proposed IoTSRM2 which consists of six domains, 16 objectives, and 30 prioritized controls. Furthermore, prior to providing the related work, this article provides a critical evaluation of selected informative references of IoTSRM2 based on their percentage-wise linkage to the IoTSRM2 domains and to the entire IoTSRM2. The findings of the critical evaluation illustrate, inter alia, the selected informative references that are the top three most and least linked to the entire IoTSRM2.
Cyber Security Risk Management Strategy for VG Trading Company
