A Preliminary Study of Multi-viewpoint Risk Assessment of IoT

Abstract

With current global businesses extensively depending on data, Internet of Things (IoT) sensors have become the primary source of the real-time data that enable the digital transformation. According to Bains Insight, the market for the IoT will grow to more than $520 billion by 2021. The technology has been significantly adopted with an array of use cases, but due to the ever-expanding threat landscape, many customers show that security remains the primary barrier when it comes to acceptance of IoT. The current security risk management methodologies focus mostly on the cyber view. This paper identifies 29 risk factors that are extracted using the risk breakdown structure method by expanding the traditional view to include other views such as physical and psychological ones, which are critical to business operations. These, in turn, will help clarify the IoT security and the relation of non-cyber risk for proper implementation of IoT systems.