Abstract
Along with the growing threat of cyberattacks, cybersecurity has become one of the most important areas of the Internet of Things (IoT). The purpose of IoT cybersecurity is to reduce cybersecurity risk for organizations and users through the protection of IoT assets and privacy. New cybersecurity technologies and tools provide potential for better IoT security management. However, there is a lack of effective IoT cyber risk management frameworks for managers. This paper reviews IoT cybersecurity technologies and cyber risk management frameworks. Then, this paper presents a four-layer IoT cyber risk management framework. This paper also applies a linear programming method for the allocation of financial resources to multiple IoT cybersecurity projects. An illustration is provided as a proof of concept.
Highlights
The Internet of Things (IoT) has created a new paradigm in which a network of machines and devices capable of communicating and collaborating with each other are driving new process innovations in enterprises [1]
The CMMI Cybermaturity Platform is aligned with leading frameworks such as International Organization for Standardization (ISO) 27001 and the National Institute of Standards and Technology (NIST) Cybersecurity Framework
The frameworks do not provide any guide on how cFyutbuererIsnetcerunretit2y02i0n, v12e,sxtmFOeRnPtEcEaRnRbEVeImEWade for each cybersecurity project and how financial resou6 rocfe2s1 can be allocated among multiple cybersecurity projects
Summary
The Internet of Things (IoT) has created a new paradigm in which a network of machines and devices capable of communicating and collaborating with each other are driving new process innovations in enterprises [1]. Only 35% of survey participants report that they have an IoT security strategy in place and, of those, only 28% report that they implemented it Another survey shows that 80% of organizations experienced cyberattacks on their IoT devices in the past year [7]. It finds that 26% of the organizations did not use security protection technologies. These two surveys demonstrate the security limitations many IoT devices have and the need for organizations to move proactively to invest in IoT cybersecurity. Despite weak security measures, existing risk assessment methods are not appropriate for dynamic systems such as the IoT [8]. An illustration of the IoT cyber risk management for a hotel smart room provides the proof of concept of the risk assessment
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