Definition of Internet of Things (IoT) Cyber Risk – Discussion on a Transformation Roadmap for Standardisation of Regulations, Risk Maturity, Strategy Design and Impact Assessment

Abstract

The Internet-of-Things (IoT) enables enterprises to obtain profits from data but triggers data protection questions and new types of cyber risk. Cyber risk regulations for the IoT however do not exist. The IoT risk is not included in the cyber security assessment standards, hence, often not visible to cyber security experts. This is concerning, because companies integrating IoT devices and services need to perform a self-assessment of its IoT cyber security posture. The outcome of such self-assessment needs to define a current and target state, prior to creating a transformation roadmap outlining tasks to achieve the stated target state. In this article, a comparative empirical analysis is performed of multiple cyber risk assessment approaches, to define a high-level potential target state for company integrating IoT devices and/or services. Defining a high-level potential target state represent is followed by a high-level transformation roadmap, describing how company can achieve their target state, based on their current state. The transformation roadmap is used to adapt IoT risk impact assessment with a Goal-Oriented Approach and the Internet of Things Micro Mart model.

Cyber Risk Management for the Internet of Things

“…To define a transformation roadmap for standardisation of IoT risk impact assessment, the methodology follows established approaches [122][123][124][125][126][127][128] and few recently developed design processes 122,[129][130][131][132][133][134][135][136][137] .The following section performs strengths, weaknesses, opportunities and threats (SWOT) analysis. This diversity of approaches identified in the gap analysis, presents conflict in risk assessment, e.g.…”

Green-field Architecture for Sustainable Supply Chain Strategy Formulation

“…Unfortunately collaboration is often focused on enterprise profitability and not supply chain profitability [4], [5], [7], [17], leading to a focus on local optimization [8], [17], [18]. It is only when companies involved in the supply chain recognize the need to utilize the benefits of the supply chain for its own needs, can these companies be considered to have taken a systemic strategic supply chain focus [8][9][10], [17][18][19][20][21][22][23][24][25]. The supply chain 'effectiveness' is only achieved by synchronizing its processes and operations both internally and externally and jointly planning the execution to achieve an optimal supply chain performance for a common goal [17].…”

“…Future research challenge emerging from these findings, is to design a conceptual framework for holistic supply chain formulation that would anticipate the effect of external dimensions to the business and supply chain strategies. Continuation of this research is in preparation and the aim is to publish these updates regularly 1,2,[11][12][13][14][15][16][17][18][19][20]3,[21][22][23][24][25][26][27][4][5][6][7][8][9][10] .…”

Supply Chain Design for the Industrial Internet of Things and the Industry 4.0

“…Large enterprises have the recourses to control the entire supply chain [5]- [8], [41], while SME's frequently have to integrate their supply chain operations [42]- [45]. Integrating multiple SME's in the supply chain requires higher visibility and coordination between participants [21], [25], [27]. Hence, these recommendations are aimed at enabling SME's to visualise the design principles.…”