Cybersecurity Risk Management Research Articles

Effective cybersecurity risk management practices for small and medium-sized enterprises: A comprehensive review

Small-to-medium-sized enterprises (SMEs) make up a significant portion of the economies of many nations. However, research shows that many companies fall short when establishing cyber security, making them vulnerable to assaults. In addition, while accounting for a sizable share of firms, studies on cyber security focus on SMEs. This study reviews the latest evaluation on the cyber security of SMEs, emphasizing how well this experiment aligns with the well-known National Institute of Standards and Technology (NIST) and Cyber Security Framework (CSF). The report begins by underlining the crucial necessity of cybersecurity in the digital era and the particular issues that SMEs confront. It emphasizes the financial and reputational dangers associated with cyber events, emphasizing the importance of solid cybersecurity procedures. The review investigates several cybersecurity risk management approaches, strategies and frameworks, providing insights into their relevance and efficacy in the context of SMEs. We discovered that study in SME cyber security is sophisticated and specialized attention on the NIST and CSF recognize as well as defend tasks, with minimal effort spent on the other current activities. SMEs should be equipped to detect, react to, and recover from cybercrime. SMEs might not have appropriate information on responding to such occurrences if research in these areas is pathetic. In future studies in SMEs, there needs to be an excellent equilibrium in cyber security. Scholars ought to use firm, proven mathematical methods to improve and test their work, yet governments and academia are urged to invest in providing researchers with incentives to broaden their research horizons.

CYBER SECURITY ATTACK DETECTION MODEL USING SEMI-SUPERVISED LEARNING

The increasing digitalization of our society has brought about numerous benefits, enabling seamless communication, convenient transactions, and efficient operations. However, with this growing reliance on interconnected systems and information technology, the risk of cyber-attacks has also surged. Cyber threats, such as data breaches, ransomware, and sophisticated malware, have become more prevalent, threatening the confidentiality, integrity, and availability of critical data and services. Organizations across industries face the daunting challenge of defending against a wide array of cyber-attacks that continue to evolve in complexity and stealth. In response to this ever-changing cyber threat landscape, Cyber Security Risk Management (CSRM) and attack detection have become critical components of any comprehensive cybersecurity strategy. The ability to identify and mitigate cyber risks and swiftly detect malicious activities is paramount for safeguarding sensitive information, preserving business continuity, and maintaining the trust of customers and stakeholders. A novel approach to Cyber Security Risk Management through an Attack Detection Model that utilizes Semi-Supervised Learning Auto-Encoders in conjunction with Probabilistic Bayesian Networks. The study compares the performance of Multi Connect Variational Auto-Encoder (MC-VAE), Probabilistic Bayesian Networks (PBN), and a combined model of MC-VAE and PBN. The study employs the NUSW-NB15_GT dataset for training and evaluation purposes. Notably, the Semi-Supervised Learning with Probabilistic Bayesian Networks (SSL-PBN) model demonstrates exceptional results, achieving a precision rate of 94% and a recall rate of 90%. The F1 score of 0.9191 highlights the SSL-PBN model's efficacy in achieving a balanced trade-off between precision and recall, critical for minimizing false positives and false negatives...

Building a thematic framework of cybersecurity: a systematic literature review approach

PurposeThis paper aims to explore the factors affecting cybersecurity implementation in organizations in various countries and develop a cybersecurity framework to improve cybersecurity practices within organizations for cybersecurity risk management through a systematic literature review (SLR) approach.Design/methodology/approachThis SLR adhered to RepOrting Standards for Systematics Evidence Syntheses (ROSES) publication standards and used various research approaches. The study’s article selection process involved using Scopus, one of the most important scientific databases, to review articles published between 2014 and 2023.FindingsThis review identified the four main themes: individual factors, organizational factors, technological factors and governmental role. In addition, nine subthemes that relate to these primary topics were established.Originality/valueThis research sheds light on the multifaceted nature of cybersecurity by exploring factors influencing implementation and developing an improvement framework, offering valuable insights for researchers to advance theoretical developments, assisting industry practitioners in tailoring cybersecurity strategies to their needs and providing policymakers with a basis for creating more effective cybersecurity regulations and standards.

A QUANTITATIVE APPROACH TO ASSESSING AND MANAGING CYBERSECURITY RISKS

Effective cybersecurity risk management requires moving beyond traditional qualitative approaches toward quantitative methods that provide greater precision and objectivity. This article explores the benefits of cyber risk quantification (CRQ), which allows organizations to numerically estimate the likelihood of potential cyber threats and calculate their financial or operational impacts. By translating risks into quantifiable terms, cyber risk quantification (CRQ) provides a standardized framework to prioritize risks based on impacts, evaluate mitigation strategies through cost-benefit analysis, and align cybersecurity practices with business objectives. The quantitative, risk-based approach elevates cybersecurity as an integral part of enterprise risk management focused on protecting critical assets. Despite its analytical rigor, the quantification process leverages proven techniques to simplify risk data into clear metrics. This enables more informed decision-making by eliminating ambiguity, reducing subjective bias, and communicating risks transparently across stakeholders using a common language of risk values.

Integrating Enterprise Architecture into Cybersecurity Risk Management in Higher Education

Cybercriminals constantly seek new methods to infiltrate a company's defences, making cybersecurity investments essential. Enterprise architecture (EA) provides a systematic risk detection and mitigation process by emphasising the interdependencies between systems, data, processes, people, and other factors. This paper provides a comprehensive approach, also referred to as a process, based on EA to assist African universities in developing a comprehensive cybersecurity plan. The EA process comprises four pillars: business architecture, data architecture, application architecture, and technology architecture. African universities can develop a comprehensive cybersecurity strategy using an EA approach in cybersecurity to achieve institutional goals and objectives. The potential attack surface comprises isolated EA components and their interconnections.This article comprehensively examines various EA processes such as business, information, application, and technology architecture. These processes are carefully analysed to evaluate the organisational structures and uncover opportunities to enhance security protocols. Additionally, we delve deep into abstract security patterns, seeking to cultivate an environment of trustworthiness within complex systems. Our research findings underscore the significant potential within African higher education institutions. By embracing a model-based approach to risk analysis and mitigation, these institutions can fortify their cybersecurity defences to ensure uninterrupted business operations and enhance overall resilience in the face of evolving security challenges.When we combine EA and information security (ICS), we uncover many vulnerabilities malicious actors might exploit. By embracing a holistic EA-based methodology, institutions can craft and implement robust security protocols to safeguard their components and connections. Leveraging EA, our proposed integrated approach aims to forge a comprehensive cybersecurity risk management strategy tailored to the African higher education sector. This strategy seeks to facilitate the identification of critical elements and their intricate interrelationships, thus formulating an effective defence strategy against potential cyber threats. The synergy promises to elevate cybersecurity practices, ensure uninterrupted business operations, and fortify the continent's resilience.

Impact of Cyber Security Operations on Hardware Requirements for Stable and Workable Industrial Environments

Securing electricity distribution is one of the most important principles of the EU cyber security strategy. For example, European cyber security regulations, such as NIS2 (Network and Information Security Directive), CER (Critical Entities Resilience Directive), and Cyber Resilience Act (CRA) together aim to create a foundation and guidelines for international standards in various industries and the operation of critical infrastructure. Securing critical infrastructure is a common goal for Western operators. The new European Union (EU) directives bring new requirements to critical infrastructure administrators, device manufacturers and operators. Previously, member states have had responsibility for compliance with the directives, but they have been given freedom in the method by which they approach the requirements. Currently, member states' solutions are not always uniform, which has led to increased difficulties in coordination on a multi-national level. This, in turn, may lead to difficulties in coordination when responding to cybersecurity threats and attacks on critical infrastructure. The new regulation focuses on unifying the reporting between member states, reporting requirements of severe critical infrastructure events, and creating cybersecurity risk management procedures. In this study, we will provide a novel solution on how critical infrastructure administrators, device manufacturers, and operators may respond and become compliant with the new EU directives. To reach compliance and to enable the responsibilities that are required by the directive, the critical infrastructure devices and environment must have the capability to enable the responsible parties to identify, protect, detect, respond, and report. This sequence of actions is cyclical in nature since the identification of threats and vulnerabilities requires reports, which in turn requires data and detection. Our study focuses on the hardware requirements this causes on the manufacturing specifications, such as data collection and detection capabilities. The research belongs to the CSG project, and the purpose is to develop a governance model to minimize Operational Technology related risks and create a new standardized operating environment for the seamless utilization of energy solutions and industrial environment. The results of the study will be used in the analysis of requirements definitions in the OT environment.

Bridging the cyber protection gap: An investigation into the efficacy of the German cyber insurance market

AbstractCybersecurity requires an effective risk transfer regime and a well‐functioning insurance market to improve stakeholder resilience. However, rapid cyber threat adaptation, limited data availability, and inadequate risk understanding pose significant challenges for the insurance industry and its customers. This research uses a mixed methods approach to analyze the inclusions, exclusions, and suitability of current cyber policies in the German cyber insurance market. The study analyzes 41 cyber insurance policies, representing about 80% of the German cyber insurance market. This examination is supported by semistructured interviews with 23 cyber insurance experts. The authors find that there are no standardized cyber policy wordings, and insurers use different terms and definitions in their insurance policies. Specifically, the results show a significant lack of clarity around coverages and exclusions. This research contributes to the cybersecurity risk management community and will enable businesses, insurance companies, and policymakers to better understand, measure, and manage cyber risk.

Theoretical and methodological approaches to the management of cyber security risks at critical infrastructure objects: response to cyber incidents and crisis managemen

The research is devoted to analyzing and developing theoretical and methodological recommendations for cybersecurity risk management at critical infrastructure facilities. The paper defines and describes the cyber risk management process, identifies cyber challenges, and considers the cyber risk management system. Recommendations include expanding cooperation, improving monitoring systems, staff training, legal regulation, and participation in international initiatives. These measures are aimed at improving the effectiveness of cyber risk management to ensure national security.

Understanding Healthcare Cybersecurity Risk Management Complexity

Abstract It is important to fully comprehend the critical role of the healthcare and public health sector in safeguarding the economy from various threats, including terrorism, infectious diseases, and natural disasters. The private ownership of many healthcare assets underscores the need for enhanced collaboration and information sharing between the public and private sectors. The COVID-19 pandemic has accelerated the digitalization of this sector, leading to a heightened risk of cyber threats. The increasing reliance on emerging technologies such as blockchain, the metaverse, and virtual reality is further exacerbating the cybersecurity landscape, with the projected cost of cybercrime exceeding $10 trillion in 2023 and an anticipated surge to nearly $24 trillion in the next four years. Human error remains the primary cause of cybersecurity incidents, accounting for 95% of reported cases, with insider threats contributing significantly. Despite increased cyber training and risk mitigation efforts, vulnerabilities continue to be rapidly exploited. This paper provides an in-depth analysis of cybersecurity risks in the healthcare sector, drawing on existing literature and theoretical frameworks to highlight the complex challenges in this evolving landscape.

CYBERSECURITY RISKS MANAGEMENT OF INDUSTRIAL CONTROL SYSTEMS: A REVIEW

Industrial control systems (ICS) form the basis of critical infrastructures, managing complex processes in various sectors of industry, energy, etc. With the increasing frequency and complexity of cyber threats, effective management of ICS cybersecurity risks is critical. This paper is devoted to the analysis of approaches used in the field of cybersecurity risk management of automated process control systems. The study examines the cybersecurity risks of ICS and the role of international standards in managing cybersecurity risks. The results of the analysis carried out in this paper can serve as information for the development of new reliable cybersecurity risk management systems for ICS.

Fortifying Against Ransomware: Navigating Cybersecurity Risk Management with a Focus on Ransomware Insurance Strategies

Fortifying Against Ransomware: Navigating Cybersecurity Risk Management with a Focus on Ransomware Insurance Strategies

REVIEWING THIRD-PARTY RISK MANAGEMENT: BEST PRACTICES IN ACCOUNTING AND CYBERSECURITY FOR SUPERANNUATION ORGANIZATIONS

This paper conducts a comprehensive review of third-party risk management practices tailored to the unique context of superannuation organizations, with a specific focus on accounting and cybersecurity domains. Recognizing the critical role of third-party relationships in the operational landscape of superannuation entities, the review explores best practices aimed at mitigating risks associated with outsourcing accounting functions and fortifying cybersecurity defenses. In the accounting realm, the paper delves into the challenges and opportunities posed by third-party engagements, emphasizing the importance of thorough due diligence, contractual clarity, and continuous monitoring. Drawing insights from industry cases and proven methodologies, the review outlines strategies to enhance transparency, accountability, and compliance when outsourcing accounting services. Simultaneously, the paper addresses the burgeoning cybersecurity risks faced by superannuation organizations in an increasingly digital landscape. It investigates the role of third-party vendors in introducing potential vulnerabilities and advocates for a proactive approach to cybersecurity risk management. The review scrutinizes best practices in vetting, monitoring, and collaborating with third-party vendors to fortify cybersecurity protocols, emphasizing the need for alignment with regulatory standards. Ultimately, the paper provides superannuation organizations with a comprehensive guide to navigating the intricate terrain of third-party risk management. By synthesizing insights from accounting and cybersecurity perspectives, the review equips organizations with actionable strategies to cultivate resilience, safeguard member interests, and contribute to the long-term stability of the financial sector.
 Keywords: Third-Party, Risk Management, Superannuation, Cybersecurity, Accounting

Improving Threat Mitigation Through a Cybersecurity Risk Management Framework: A Computational Design Science Approach

ABSTRACT Cyberattacks have been increasing in volume and intensity, necessitating proactive measures. Cybersecurity risk management frameworks are deployed to provide actionable intelligence to mitigate potential threats by analyzing the available cybersecurity data. Existing frameworks, such as MITRE ATT&CK, provide timely mitigation strategies against attacker capabilities yet do not account for hacker data when developing cyber threat intelligence. Therefore, we developed a novel information technology artifact, ATT&CK-Link, which incorporates a novel transformer and multi-teacher knowledge distillation design, to link hacker threats to this broadly used framework. Here, we illustrated how hospital systems can use this framework to proactively protect their cyberinfrastructure against hacker threats. Our ATT&CK-Link framework has practical implications for cybersecurity professionals, who can implement our framework to generate strategic, operational, and tactical cyber threat intelligence. ATT&CK-Link also contributes to the information systems knowledge base by providing design principles to pursue targeted cybersecurity analytics, risk management, and broader text analytics research through simultaneous multi-modal (e.g., text and code) distillation and classification.

A Systematic Review on Cybersecurity Threats and Challenges in Hospitals

The inception of cybercrime can be traced back to the late 1970s, a period that coincided with the early development of the computer information technology (IT) sector. Due to its system vulnerabilities, healthcare has become particularly vulnerable to digital assaults. Hardware, software, networks, operating systems, medical devices, processes, and users make this sector vulnerable. This report identifies healthcare cybersecurity issues and solutions and opportunities for improvement in response to rising threats. This review’s methodology was organised so that it complies to PRISMA criteria. A thorough search was undertaken in Web of Science, Scopus, Google Scholar, Saudi Digital Library, ACM Digital Library, PMC, and NCBI/PubMed. The search strategy included threats, ransomware, cybercrime, healthcare, and hospitals. The above overview of “cybersecurity” includes technological and organisational measures. Healthcare organisations cybersecurity defence concerns were the focus of the research questions. The search technique targeted relevant literature from bibliographic databases to answer these research concerns. A total of 352 potential entries were obtained from the search in the chosen databases. Of these, 13 were manually picked following preliminary assessment. The study examined these studies, which fit its focus on “cybersecurity, dangers, and challenges,” in detail. Data confidentiality, integrity, and availability are the foundation of information security. The study examined cyberthreats and their cascade effects. The growing usage of varied technologies for sensitive patient data transfer makes it difficult for healthcare organisations to stay up with the newest cybersecurity breaches and threats. A cohesive and integrated strategy involving training programmes, awareness campaigns, and cyberattack information sharing is advocated to protect healthcare organisations from cyberattacks. To protect our infrastructure and provide excellent patient care, all healthcare workers must recognise and accept their role in cybersecurity risk management.

Holistic Cybersecurity Risk Management Framework

Holistic Cybersecurity Risk Management Framework

Holistic Cybersecurity Risk Management Framework

Holistic Cybersecurity Risk Management Framework

CYBERSECURITY RISK ASSESSMENT IN BANKING: METHODOLOGIES AND BEST PRACTICES

Cybersecurity risk assessment in banking is the process of identifying, analyzing, and evaluating the cyber threats and vulnerabilities that may affect the confidentiality, integrity, and availability of the information systems and data of banks and their customers. Cybersecurity risk assessment in banking helps banks to prioritize and implement appropriate controls and measures to mitigate the cyber risks and to comply with the relevant regulations and standards. This study focusses on identifying effective risk assessment strategies, highlighting how they can be adapted and applied in various banking environments, especially in developing economies like Nigeria. As the banking industry continues to evolve in the digital era, the significance of robust cybersecurity measures cannot be overstated. This paper delves into the critical domain of Cybersecurity Risk Assessment in Banking, exploring various methodologies and best practices employed to safeguard financial institutions against evolving cyber threats. The dynamic landscape of cyber risks faced by banks, ranging from sophisticated malware and phishing attacks to insider threats and system vulnerabilities are examined. The paper provides an in-depth analysis of established and emerging methodologies for conducting effective cybersecurity risk assessments in the banking sector. It explores quantitative and qualitative risk assessment approaches, threat modeling, and scenario analysis, shedding light on their respective strengths and limitations. Moreover, the document highlights the importance of aligning risk assessment methodologies with industry regulations and compliance standards to ensure a comprehensive and regulatory-compliant cybersecurity framework. Best practices for cybersecurity risk management in banking are scrutinized, emphasizing the integration of proactive threat intelligence, continuous monitoring, and incident response planning. The role of advanced technologies, including artificial intelligence and machine learning, in enhancing the efficiency of risk assessment processes is also discussed. Furthermore, the paper addresses the human element in cybersecurity, emphasizing the significance of training and awareness programs to mitigate risks associated with human error and social engineering attacks. By synthesizing insights from industry practices, regulatory guidelines, and technological advancements, this paper offers a comprehensive guide for banking professionals, cybersecurity practitioners, and policymakers involved in fortifying the resilience of financial institutions against cyber threats. Ultimately, the research aims to contribute to the ongoing discourse on cybersecurity risk assessment in banking, providing actionable insights to navigate the complex landscape of digital risks and ensuring the continued trust and security of the financial ecosystem.
 Keywords: Cybersecurity; Risk Assessment; Banking; Methodologies; Cyber Threat; Artificial Intelligence; Best Practices

A Methodological Approach towards Cyber Risk Management in Land Administrations Systems

Cybersecurity risk management in land administration systems is crucial for maintaining the integrity of spatial cadastral data, which faces increasing threats owing to the digital transformation of LAS. This research validates the findings of this preliminary step in the form of a cyber risk management methodology that combines BPMN 2.0 with model business processes implemented by a compliance-based approach using EBIOS Risk Manager. A practical case of land parcel subdivision in Indonesia is analysed to serve as a proof of concept for our proposed methodology. Vulnerabilities are identified and are characterised by a concentration of manual tasks and the absence of systematic controls, resulting in significant risks to data integrity. These findings underscore the urgent need for a proactive approach to strengthen the cyber resilience of LAS. This study attempts to develop a fit-for-purpose reference methodology for cyber risk management specifically tailored to LAS to identify and treat vulnerabilities, threats, risks, and impacts.

Integrated Attack Tree in Residual Risk Management Framework

Safety-critical cyber-physical systems (CPSs), such as high-tech cars having cyber capabilities, are highly interconnected. Automotive manufacturers are concerned about cyber attacks on vehicles that can lead to catastrophic consequences. There is a need for a new risk management approach to address and investigate cybersecurity risks. Risk management in the automotive domain is challenging due to technological improvements and advances every year. The current standard for automotive security is ISO/SAE 21434, which discusses a framework that includes threats, associated risks, and risk treatment options such as risk reduction by applying appropriate defences. This paper presents a residual cybersecurity risk management framework aligned with the framework presented in ISO/SAE 21434. A methodology is proposed to develop an integrated attack tree that considers multiple sub-systems within the CPS. Integrating attack trees in this way will help the analyst to take a broad perspective of system security. Our previous approach utilises a flow graph to calculate the residual risk to a system before and after applying defences. This paper is an extension of our initial work. It defines the steps for applying the proposed framework and using adaptive cruise control (ACC) and adaptive light control (ALC) to illustrate the applicability of our work. This work is evaluated by comparing it with the requirements of the risk management framework discussed in the literature. Currently, our methodology satisfies more than 75% of their requirements.

A Global Survey of Standardization and Industry Practices of Automotive Cybersecurity Validation and Verification Testing Processes and Tools

<div>The United Nation Economic Commission for Europe (UNECE) Regulation 155—Cybersecurity and Cybersecurity Management System (UN R155) mandates the development of cybersecurity management systems (CSMS) as part of a vehicle’s lifecycle. An inherent component of the CSMS is cybersecurity risk management and assessment. Validation and verification testing is a key activity for measuring the effectiveness of risk management, and it is mandated by UN R155 for type approval. Due to the focus of R155 and its suggested implementation guideline, ISO/SAE 21434:2021—Road Vehicle Cybersecurity Engineering, mainly centering on the alignment of cybersecurity risk management to the vehicle development lifecycle, there is a gap in knowledge of proscribed activities for validation and verification testing. This research provides guidance on automotive cybersecurity testing and verification by providing an overview of the state-of-the-art in relevant automotive standards, outlining their transposition into national regulation and the currently used processes and tools in the automotive industry. Through engagement with state-of-the-art literature and workshops and surveys with industry groups, our study found that national regulatory authorities are moving to enshrine UN R155 as part of their vehicle regulations, with differences of implementation based on regulatory culture and pre-existing approaches to vehicle regulation. Validation and verification testing is developing aligned to UN R155 and ISO21434:2021; however, the testing approaches currently used within industry utilize elements of traditional enterprise information technology methods for penetration testing and toolsets. Electrical/electronic (E/E) components such as embedded control units (ECUs) are considered the primary testing target; however, connected and autonomous vehicle technologies are increasingly attracting more focus for testing.</div>