Integrating a Proactive Technique Into a Holistic Cyber Risk Management Approach

Abstract

Cyber threats are an emerging risk posing a range of challenges to organizations of all sizes. Corporate risk managers need to understand that cyber risk management must not be a silo in the IT department. Cyber threats are the result of intelligent adaptive agents that cannot be managed by traditional risk management techniques only. The article describes the honeypot concept, which is a proactive measure for identifying and gathering information about attackers in order to develop suitable and effective countermeasures. In addition, this article proposes the integration of the honeypot concept into a cyber risk management approach based on the five preparedness mission areas of the Federal Emergency Management Agency (FEMA).

Cyber risk management: History and future research directions

“…In a continuously changing race with attackers always a step ahead of defenders, scholars recently call for a more proactive risk identification approach. For example, Marotta and McShane (2018) review the honeypot concept of actively attracting cyber attackers with decoy systems for the sole the purpose of understanding and identifying new types of attacks before they become widespread.…”

“…A cyber risk management process applies both risk mitigation and risk transfer techniques to reduce residual risk to acceptable levels (Gordon et al, 2003; Marotta & McShane, 2018; Siegel et al, 2002). Siegel et al (2002) and Gordon et al (2003) propose a cyber risk management framework that goes beyond technical risk mitigation to add risk transfer.…”

“…Transitioning to the 21st century, various conceptual models are proposed to help identify cyber risk more efficiently (e.g., Chittester & Haimes, 2004; Hurst et al, 2014; Marotta & McShane, 2018). Chittester and Haimes (2004) propose the use of hierarchical holographic modeling and control objectives for information and related technology to identify potential risks to the supervisory control and data acquisition systems.…”

Security Challenges and Cyber Forensic Ecosystem in IoT Driven BYOD Environment

“…Analysis of root cause post detection was in important aspect in this study. [23] integration of honeypot with cyber risk management process of FEMA mission where five preparedness (Federal emergency management agency) [24] was also studied subsequently. Extended next level research was also conducted in 2019 which was improved version in the study of "A Generic Digital Forensic Readiness Model for BYOD using Honeypot Technology [23]".…”

Time-varying effects of cyberattacks on firm value

“…Although the risks to firms from cyberattacks appear to be substantial, the actual impacts need to be further researched beyond technical journals. More recently, articles providing an overview to motivate RMI researchers to investigate cyber risk management and insurance were published (Biener et al 2015; The Geneva Association 2016; Eling and Loperfido 2017;Eling 2018;Marotta and McShane 2018). In 2018, a special issue on cyber risk management and insurance was published in The Geneva Papers on In the wake of recent cyber-related incidents, RMI academic journals are leading the way to stimulate business and economics research to understand and manage cyber risk.…”