• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.27
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• pp.129-161
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• 2005

Todays, computers in business world are potent facilitators that most companies could not without them, while they are only tools. They offer extremely efficient means of communication, particularly when connected to Internet. What I stress in this article is the risks accompanied by e-commerce rather than the advantages of Internet or e-commerce. The management of e-commerce companies, therefore, should keep in mind that the benefit of e-commerce through the Internet are accompanied by enhanced and new risks, cyber risks or e-commerce risks. For example, companies are exposed to computer system breakdown and business interruption risks owing to traditional and physical risks such as theft and fire etc, computer programming errors and defect softwares and outsider's attack such as hacking and virus. E-commerce companies are also exposed to tort liabilities owing to defamation, the infringement of intellectual property such as copyright, trademark and patent right, negligent misrepresent and breach of confidential information or privacy infringement. In this article, I would like to suggest e-commerce insurance or cyber liability insurance as a means of risk management rather than some technical devices, because there is not technically perfect defence against cyber risks. But e-commerce insurance has some gaps between risks confronted by companies and coverage needed by them, because it is at most 6 or 7 years since it has been introduced to market. Nevertheless, in my opinion, e-commerce insurance has offered the most perfect defence against cyber risks to e-commerce companies up to now.

• International Commerce and Information Review
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• v.7 no.3
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• pp.27-51
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• 2005

Todays, computers in business world are potent facilitators that most companies could not without them, while they are only tools. They offer extremely efficient means of communication, particularly when connected to Internet. What I stress in this article is the risks accompanied by e-commerce rather than the advantages of Internet or e-commerce. The management of e-commerce companies, therefore, should keep in mind that the benefit of e-commerce through the Internet are accompanied by enhanced and new risks, cyber risks or e-commerce risks. For example, companies are exposed to computer system breakdown and business interruption risks owing to traditional and physical risks such as theft and fire etc, computer programming errors and defect softwares and outsider's attack such as hacking and virus. E-commerce companies are also exposed to tort liabilities owing to defamation, the infringement of intellectual property such as copyright, trademark and patent right, negligent misrepresent and breach of confidential information or privacy infringement. In this article, I would like to suggest e-commerce insurance or cyber liability insurance as a means of risk management rather than some technical devices, because there is not technically perfect defence against cyber risks. But e-commerce insurance has some gaps between risks confronted by companies and coverage needed by them, because it is at most 6 or 7 years since it has been introduced to market. Nevertheless, in my opinion, e-commerce insurance has offered the most perfect defence against cyber risks to e-commerce companies up to now.

• Asia pacific journal of information systems
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• v.22 no.1
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• pp.79-101
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• 2012

This study expands the current body of research by exploring multiple scenarios of insufficient and excessive IT security investments caused by interdependent risks and the interplay between IT security investments and cyber insurance. A key finding is that organizations experiencing interdependent risks with different types of cyber attacks (i.e., targeted and untargeted attacks) use different strategies in making IT security investment decisions and in purchasing cyber insurance policies for their information security risk management than firms that are facing independent risks. The study further provides an economic rationale for employing insurance mechanisms as a risk management solution for information security.

• International Journal of Computer Science & Network Security
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• v.22 no.6
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• pp.390-399
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• 2022

Cyber security and resilience are phrases that describe safeguards of ICTs (information and communication technologies) from cyber-attacks or mitigations of cyber event impacts. The sole purpose of Risk models are detections, analyses, and handling by considering all relevant perceptions of risks. The current research effort has resulted in the development of a new paradigm for safeguarding services offered online which can be utilized by both service providers and users. customers. However, rather of relying on detailed studies, this approach emphasizes task selection and execution that leads to successful risk treatment outcomes. Modelling intelligent CSGs (Cyber Security Games) using MLTs (machine learning techniques) was the focus of this research. By limiting mission risk, CSGs maximize ability of systems to operate unhindered in cyber environments. The suggested framework's main components are the Threat and Risk models. These models are tailored to meet the special characteristics of online services as well as the cyberspace environment. A risk management procedure is included in the framework. Risk scores are computed by combining probabilities of successful attacks with findings of impact models that predict cyber catastrophe consequences. To assess successful attacks, models emulating defense against threats can be used in topologies. CSGs consider widespread interconnectivity of cyber systems which forces defending all multi-step attack paths. In contrast, attackers just need one of the paths to succeed. CSGs are game-theoretic methods for identifying defense measures and reducing risks for systems and probe for maximum cyber risks using game formulations (MiniMax). To detect the impacts, the attacker player creates an attack tree for each state of the game using a modified Extreme Gradient Boosting Decision Tree (that sees numerous compromises ahead). Based on the findings, the proposed model has a high level of security for the web sources used in the experiment.

• Journal of Electrical Engineering and Technology
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• v.12 no.2
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• pp.495-501
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• 2017

The introduction of smart grid, which is an innovative application of digital processing and communications to the power grid, might lead to more and more cyber threats originated from IT systems. In other words, The Energy Management System (EMS) and other communication networks interact with the power system on a real time basis, so it is important to understand the interaction between two layers to protect the power system from potential cyber threats. This paper aims to identify and clarify the cyber security risks and their interaction with the power system in Smart Grid. In this study, the optimal power flow (OPF) and Power Flow Tracing are used to assess the interaction between the EMS and the power system. Through OPF and Power Flow Tracing based analysis, the physical and economic impacts from potential cyber threats are assessed, and thereby the quantitative risks are measured in a monetary unit.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.21 no.5
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• pp.95-108
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• 2011

Smart Grids are intelligent next generating Electric Power System (EPS) that provide environment-friendliness, high-efficiency, and high-trustworthiness by integrating information and communication technology with electric power technology. Smart grids help to supply power more efficiently and safely than past systems by bilaterally exchanging information between the user and power producer. In addition, it alleviates environmental problems by using renewable energy resources. However, smart grids have many cyber security risks because of the bilateral service, the increase of small and medium-sized energy resources, and the installation of multi-sensors or control devices. These cyber risks can cause critical problems within a national grid through even small errors. Therefore, in order to reduce these risks, it is necessary to establish a cyber security strategy and apply it from the developmental stage to the implementation stage. This thesis analyzes and recommends security strategy in order to resolve the security risks. By applying cyber security strategy to a smart grid, it will provide a stepping-stone to creating a safe and dependable smart grid.

• Nuclear Engineering and Technology
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• v.55 no.6
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• pp.2034-2046
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• 2023

Industrial control systems in nuclear facilities are facing increasing cyber threats due to the widespread use of information and communication equipment. To implement cyber security programs effectively through the RG 5.71, it is necessary to quantitatively assess cyber risks. However, this can be challenging due to limited historical data on threats and customized Critical Digital Assets (CDAs) in nuclear facilities. Previous works have focused on identifying data flows, the assets where the data is stored and processed, which means that the methods are heavily biased towards information security concerns. Additionally, in nuclear facilities, cyber threats need to be analyzed from a safety perspective. In this study, we use the system theoretic process analysis to identify system-level threat scenarios that could violate safety constraints. Instead of quantifying the likelihood of exploiting vulnerabilities, we quantify Security Control Measures (SCMs) against the identified threat scenarios. We classify the system and CDAs into four consequence-based classes, as presented in NEI 13-10, to analyze the adversary impact on CDAs. This allows for the ranking of identified threat scenarios according to the quantified SCMs. The proposed framework enables stakeholders to more effectively and accurately rank cyber risks, as well as establish security and response strategies.

• Journal of Information Technology Services
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• v.19 no.1
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• pp.37-53
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• 2020

Today, our society is exposed to cyber threats, such as the leakage of personal information, as various systems are connected and operated organically with the development of information and communication technology. With the impact of these cyber risks, we are experiencing damage from the virtual world to the physical world. As the number of cases of damage caused by cyber attacks has continued to rise, social voices have risen that the government needs to manage cyber risks. Thus, information and telecommunication service providers are now mandatory to have insurance against personal information protection due to amendment of "the Act on Promotion of Information and Communication Network Utilization and Information Protection". However, the insurance management system has not been properly prepared, with information and communication service providers selecting the service operators based on sales volume rather than selecting them based on the type and amount of personal information they store and manage. In order for the personal information protection liability insurance system to be used more effectively in line with the legislative purpose, effective countermeasures such as cooperation with the government and related organizations and provision of benefits for insured companies should be prepared. Thus, the author of this study discuss the current status of personal information protection liability insurance system and the issues raised in the operation of the system. Based on the results of this analysis, the authors propsoe tasks and plans to establish an effective personal information protection liability insurance system.

• Journal of Electrical Engineering and Technology
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• v.10 no.3
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• pp.888-894
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• 2015

This paper presents a unified model based assessment framework to quantify threats and vulnerabilities associated with control systems, especially in the SCADA (Supervisory Control and Data Acquisition) system. In the past, this system was primarily utilized as an isolated facility on a local basis, and then it started to be integrated with wide-area networks as the communication technology would make rapid progress. The introduction of smart grid, which is an innovative application of digital processing and communications to the power grid, might lead to more and more cyber threats originated from IT systems. However, an up-to-date power system often requires the real-time operations, which clearly implies that the cyber security would turn out to be a complicated but also crucial issue for the power system. In short, the purpose of this paper is to streamline a comprehensive approach to prioritizing cyber security risks which are expressed by the combination of threats, vulnerabilities, and values in the SCADA components.

• The Journal of Society for e-Business Studies
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• v.20 no.4
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• pp.241-256
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• 2015

In order to ensure that all firms are cyber-secure, many governments have started to enforce the implementation of various security measures on firms. Prior to the implementation, however, it is vague whether government enforced security measures will be effective for mitigating cyber-security risks. By applying a method for estimating the effectiveness of a mandatory seatbelt law in reducing fatalities from motor vehicle accidents, this study develops an ex ante evaluation method that can approximate the effectiveness of a government enforced security measure in reducing country-wide or industry-wide cyber-security risks. Using data obtained from the Korean Internet and Security Agency, this study then explores how to employ the developed method to assess the effectiveness of a specific security measure in mitigating cyber-security risks, if enforced by the government, and compares the effectiveness of various security measures. The comparison shows that compulsory security training has the highest effectiveness.