ORCID

Abstract

Cybersecurity is a critical aspect for the energy industry to defend against cyber attacks. However, justifying the costs of cybersecurity measures is essential. A cost-benefit analysis (CBA) is commonly used to support decision-making for risk mitigation, helping to identify strategies that optimally balance mitigation costs and risk reduction. In this survey, we analyse existing approaches and provide a taxonomic overview of methods for cyber risk mitigation cost-benefit analysis, focusing on key aspects that determine their applicability to energy systems. The survey includes both general and contextual works, employing various methodologies for CBA, whether analytical or criteria-based. We conclude with an analysis of future directions based on recent developments in these methods. As an emerging area, this taxonomy could serve as a foundation that can be expanded with more data from other publications in the field, offering an opportunity to advance knowledge in energy systems.

Publication Date

2024-12-09

Publication Title

Proceedings of the 2024 IEEE International Conference on Cyber Security and Resilience, CSR 2024

ISBN

9798350375367

Deposit Date

2024-10-07

Funding

This research was funded by a Supergen ORE PhD Studentship at the University of Plymouth and FRGS Grant (FRGS/1/2015/ICT04/MMU/03/6).

Keywords

cost benefit analysis, cyber, energy, mitigation, risk, survey, taxonomy

First Page

771

Last Page

776

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