Factors of Risk Analysis for IoT Systems

Abstract

The increasing rate at which IoT technologies are being developed has enabled smarter and innovative solutions in the sectors of health, energy, transportation, etc. Unfortunately, some inherent characteristics of these technologies are compromised to attack. Naturally, risk analysis emerges, as it is one of many steps to provide a reliable security strategy. However, the methodologies of any risk analysis must first adapt to the dynamics of the IoT system. This article seeks to shed light on whatever factors are part of an IoT system and thus contribute to security risks, IoT device vulnerabilities, susceptibility due to the application domain, attack surfaces, and interdependence as a product of the interconnection between IoT devices. Consequently, the importance of these factors in any risk evaluation is highlighted, especially the interdependence generated by IoT systems, which can cause the generation of an uncontrollable cascade of effects that can occur under certain conditions of any systematic risk event.

The Role of Internet of Things on Electric Vehicle Charging Infrastructure and Consumer Experience

“…Advances in technology witnessed advances in techniques used to breach the safety walls of the systems. Consequently, there is always a risk of a breach in the security of IoT systems [68]. IoT puts EVs at the risk of cyber-attack and data theft because several devices are connected to the internet, with a high amount of data being constantly transmitted.…”

“…The implication of the consumer attitude towards EVs is as important as the evolution of the industry when compared to that of combustible engine vehicles. Consumer perception of EVs is that they preserve the environment and employ the use the smart technologies (such as digital twins) to improve lifestyle, all of which determine the attitude and behavior of the consumers towards the EV industry [68]. The underlying factor is to affirm a customer's choice model and reduce conflict in terms of innovation reception, which can be more efficiently assessed through investigating customer convictions and post-buy outcomes.…”

A Pilot Study to Assess the Effects of News Coverage Articles about Security Incidents on Stock Prices in Korea

“…It is therefore useful for resolving limitations in collecting data about security incidents (Chang et al 2020;Kim et al 2020). Moreover, event studies have also been used to objectively measure damages due to security incidents resulting in alterations in the stock prices of a firm (Chang et al 2020;Ali et al 2021;Hung 2019;Ban et al 2023;Moreno et al 2020;Andrade et al 2022). Thus, it can be used to perform a quantitative analysis of the negative effects of security incidents on the stock prices of a firm, although there is a limitation in its applicability in identifying the definite causes of decreased stock prices.…”