A proposal on the assessment of the economic impact due to cyber attacks on smart grid

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Value analysis of cyber security based on attack types

It is challenging to ensure security and to minimize economic impacts due to cyber-attacks because of the heavy reliance on ICT in different organizations and this paper presents an approach to estimate the cost of cyber security in public and private sector organizations. The paper also describes an approach for selecting the type of cyber security improvements to ensure that organizational goals are achieved. Different types of cyber-attacks and the subsequent impacts of these attacks are considered. A Value Analysis method is proposed to support the decision-making process by determining the priorities of deployment of various cyber security technologies. The proposed method is based on security costs related to and the losses due to attacks. Examples are provided in the paper to illustrate the proposed approach

A proposed study on economic impacts due to cyber attacks in Smart Grid: A risk based assessment

Smart Grid has a tightly coupled relationship between the generation, transmission and distribution of electrical power, and the digital information and communication technologies (ICT) that control or manage the system. Due to the heavy reliance on ICT in Smart Grid, cyber security and economic impacts of cyber-attacks are challenging issues. This paper presents a conceptual model of Smart Grid taking consideration of different kinds of attacks in the communication layer, and impacts of the attacks on valuable assets and services in each layer of the model. A mathematic model is then proposed for risk assessment by focusing on economics impacts based on their costs and benefits

Assessing economic impact due to cyber attacks with System Dynamics approach

Cyber security has become a serious challenge for organizations due to growing use of the Internet and increasing values of information that are stored in organizations' information systems. Because of the complexity and the number of different variables involved with information security, a special analytical tool is required to address the problem of how to balance the investment in different parts of the system in order to reduce the losses due to cyber attacks. Using the System Dynamics approach as an effective analytical tool is proposed to demonstrate dealing of complex situations due to cyber attacks involving different variables such as attractiveness of targets to losses, and their inter-relationships. Using this model, a casual loop diagram can be used to present an overview of the model and its associated variables. The model is based on quantitative measurements of security and the time that attackers may need to compromise a system. The model will assist in achieving the balance between investment on security and the resultant reduction of losses due to cyber attacks

Value analysis of cyber security based on attack types

It is challenging to ensure security and to minimize economic impacts due to cyber-attacks because of the heavy reliance on ICT in different organizations and this paper presents an approach to estimate the cost of cyber security in public and private sector organizations. The paper also describes an approach for selecting the type of cyber security improvements to ensure that organizational goals are achieved. Different types of cyber-attacks and the subsequent impacts of these attacks are considered. A Value Analysis method is proposed to support the decision-making process by determining the priorities of deployment of various cyber security technologies. The proposed method is based on security costs related to and the losses due to attacks. Examples are provided in the paper to illustrate the proposed approach