Integrating Catastrophe Models into Cyber security Risk Management: Assessing theImpact of Cyber Attacks on Business Continuity
DOI:
https://doi.org/10.69996/ijari.2024004Keywords:
Catastrophe Models, Cybersecurity Risk Management, Business ContinuityAbstract
The effect of cyberattacks on company continuity can be better understood by looking at how catastrophe models can be incorporated into cybersecurity risk management strategies. Organizations throughout the globe are facing formidable challenges due to the proliferation and sophistication of cybersecurity threats. Traditional risk management approaches often overlook the potential catastrophic consequences of cyberattacks on business operations. By incorporating catastrophe modeling techniques, organizations can better understand and quantify the potential impact of cyber incidents on their business continuity. The findings highlight the importance of integrating catastrophe models into cybersecurity risk management frameworks to enhance organizations' resilience to cyber threats. The study underscores the need for proactive measures to mitigate cyber risks and ensure the continuity of business operations in the face of cyberattacks.
References
[1] A. Ahmad, K. C. Desouza, S. B. Maynard, H. Naseer and R. L. Baskerville, “How integration of cyber security management and incident response enables organizational learning,” Journal of the Association for Information Science and Technology, 71(8), 2020, 939-953.
[2] T. Al Hamed and M. Alenezi, “Business continuity management & disaster recovery capabilities in saudi arabia ICT businesses,” International Journal of Hybrid Information Technology, 9(11), 2016, 99- 126.
[3] A. AL-Hawamleh, “Cyber resilience framework: Strengthening defenses and enhancing continuity in business security,” International Journal of Computing and Digital Systems, 15(1), 2024, 1315- 1331.
[4] Z. Amin, “A practical road map for assessing cyber risk,” Journal of Risk Research, 22(1), 2019, 32-43.
[5] S. S. Baggott and J. R. Santos, “A risk analysis framework for cyber security and critical infrastructure protection of the US electric power grid,” Risk analysis, 40(9), 2016, 1744-1761.
[6] N. A. Chandra, A. A. P. Ratna and K. Ramli, “Development and simulation of cyberdisaster situation awareness models,” Sustainability, 14(3), 2022, 1133.
[7] L. Cobb, “Stochastic catastrophe models and multimodal distributions,” Behavioral Science, 23(4), 1978, 360-374.
[8] M. Eling, M. Elvedi and G. Falco, “The economic impact of extreme cyber risk scenarios,” North American Actuarial Journal, 27(3), 2023, 429-443.
[9] R. Fisher, M. Norman and M. Klett, “Enhancing infrastructure resilience through business continuity planning,” Journal of business continuity & emergency planning, 11(2), 2017, 163-173.
[10] V. Gazzola, S. Menoni, P. Ghignatti, A. Marini, R. Mauri and G. Oldani, “Analysis of Territorial Risks and Protection Factors for the Business Continuity of Data Centers,” Sustainability, 15(7), 2023, 6005.
[11] K. T. Kosmowski, E. Piesik, J. Piesik and M. Śliwiński, “Integrated functional safety and cybersecurity evaluation in a framework for business continuity management,” Energies, 15(10), 2022, 3610.
[12] T. Ho and A. Saunders, “A catastrophe model of bank failure,” The Journal of Finance, 35(5), 1980, 1189-1207.
[13] D. M. Kesa, “Ensuring resilience: Integrating IT disaster recovery planning and business continuity for sustainable information technology operations,” World Journal of Advanced Research and Reviews, 18(3), 2023, 970-992.
[14] T. Kosub, “Components and challenges of integrated cyber risk management,” Zeitschrift für die gesamte Versicherungswissenschaft, 104, 2015, 615-634.
[15] H. I. Kure and S. Islam, “Assets focus risk management framework for critical infrastructure cybersecurity risk management,” IET Cyber ‐Physical Systems: Theory & Applications, 4(4), 2019, 332 340.
[16] H. I. Kure, S. Islam and M. A. Razzaque, “An integrated cyber security risk management approachn for a cyber-physical system,” Applied Sciences, 8(6), 2018, 898.
[17] D. N. R. Moşteanu, “Management of disaster and business continuity in a digital world,” International Journal of Management, 11(4), 2020.
[18] J. D. Moteff, “Risk management and critical infrastructure protection: Assessing, integrating, and managing threats, vulnerabilities and consequences,” Congressional Research Service, The Library of Congress, 2007.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 International Journal of Advance Research and Innovation(IJARI, 2347-3258)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Fringe Global Scientific Press publishes all the papers under a Creative Commons Attribution-Non-Commercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/) license. Authors have the liberty to replicate and distribute their work. Authors have the ability to use either the whole or a portion of their piece in compilations or other publications that include their own work. Please see the licensing terms for more information on reusing the work.
