Assets focus risk management framework for critical infrastructure cybersecurity risk management

Abstract

Critical infrastructure (CI) is vital for the overall economic growth and its reliable and safe operation is essential for a nation's stability and people's safety. Proper operation of the assets is essential for such a system and any threats that could negatively impact the asset could have a severe disruption. Risk management is an important aspect of the protection of CI. There are several frameworks and methodologies for identifying assets, quantifying and analysing vulnerabilities. However, there is a lack of focus on the interdependencies among the assets and cascading effect of the inherent vulnerabilities on the asset. This study attempts to bridge that gap by presenting a novel asset focus risk management approach for the CI. It presents a systematic methodology for identifying and analysing critical assets, their potential vulnerabilities, threats and risks facing CI. This work taking into account cascading vulnerability impacts on assets leading to threats and causing risk. The authors use a running example from a smart grid system to demonstrate the usability of the approach. The result shows that some assets are prioritised and more vulnerable than other assets for the power grid system and it can severely impact on the overall business continuity.