FAIR: Cyber Security Risk Quantification In Logistics Sector

Abstract

For many industries, the fourth industrial revolution has brought technological advancements in the form of advances in the integration of physical and digital technologies, particularly for cyber-physical systems, that go far beyond speed, scalability, storage, and cost-effectiveness. Smart manufacturing, smart factories, smart warehousing, and smart logistics are every aspect of the enabling Fourth Industrial Revolution. As a result of these improvements and advantages, new attack surfaces have been created that benefit malicious actors. For effective cyber security risk management in the face of converging cyber attacks, it is essential to quantify cyber risks across or within organisations that estimate cyber security risks in monetary value. This study explored and integrated the FAIR methodology (a well-recognized approach for quantitative cyber security risk assessment) to quantify cyber risk. A case study was conducted with one of the largest logistics companies in Scandinavia.