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H2020Staff exchange2019–2023

SECONDO · a Security ECONomics service platform for smart security investments and cyber insurance pricing in the beyonD 2020 netwOrking era

Horizon 2020 — Marie Skłodowska-Curie Actions

Duration
2019-01-01 → 2023-12-31
EU contribution
€1,600,800
Participants
8
Scheme
MSCA-RISE

Lines connect the coordinator with its partners.

Results in brief

a Security ECONomics service platform for smart security investments and cyber insurance pricing in the beyonD 2020 netwOrking era

During the RP2 the secondees developed the following modules: a) BDCPM that is responsible to collect data from various sources and analyse them; b) ECM: that is responsible to calculate the cost of each possible cyberattack; c) GTM: that tis responsible to perform cybersecurity investments considering a limited budget; d) CRMM: that is responsible to monitor the SME’s cybersecurity status; e) the blockchain infrastructure together with smart contracts to handle all cyberinsurance operations; f) a cyber insurance premium calcualtion formula. At the end, the secondees integrated the aforementioned modules together with the modules delivered in the RP1 delivering the SECONDO platform as a whole. Also, they proved that each module can achieve its inner goals. Moreover, they assessed the SECONDO platform as a whole against a use-case scenario dedicated for an SME. The results were disseminated to potential stakeholders receiving feedback. Then, the active secondees analyzed the feedback and proceeded to platform refinements.

Data: CORDIS, © European Union

Project objective

SECONDO addresses the question “How can decisions about cyber security investments and cyber insurance pricing be optimised?” SECONDO will support professionals who seek cyber security investments, developed to support human decision making, and a complete well-founded security strategy. This is a timely research problem, as the rapid growth of cyber-attacks is expected to continue its upwards trajectory. Such growth presents a prominent threat to normal business operations and the EU society itself. On the other hand, an interesting, well-known, finding is that an organisation's computer systems may be less secure than a competitor's, despite having spent more money in securing them. Budget setting, cyber security investment choices and cyber insurance, in the face of uncertainties, are highly challenging tasks with massive business implications. SECONDO aims to make impact on the operation of EU businesses who often: (i) have a limited cyber security budget; and (ii) ignore the importance of cyber insurance. Cyber insurance can play a critical role to the mitigation of cyber risk. This can be done by imposing a cost on firms' cyber risk through a premium that they have to pay and the potential for paying a smaller premium should they reduce their current cyber security risk. SECONDO has a cross-disciplinary nature, combining mathematical and engineering insights to empower innovative software. Apart from the novel research results, the project will offer a software platform to narrow the gap between theoretical understanding and practice. To achieve this, the four industrial project partners will i) lead the part of the project where industrial needs will be entered as input to the requirements collection phase, and, ii) provide their innovative software for risk assessment. The three academic partners will work together to i) design and thoroughly describe the proposed methodologies, but also ii) contribute to their software development.

Original text from CORDIS.

Participants

  • UNIVERSITY OF PIRAEUS RESEARCH CENTER · PIRAEUSCoordinatorGreece
  • FOGUS INNOVATIONS & SERVICES P.C. · KAISAIRIANIGreece
  • KROMAR MESITES ASFALEION MONOPROSOPI EPE · MAROISIGreece
  • LSTECH ESPANA SL · BarcelonaSpain
  • TECHNOLOGIKO PANEPISTIMIO KYPROU · LemesosCyprus
  • UBITECH LIMITED · LimassolCyprus
  • UNIVERSITY OF GREENWICH · LondonUnited Kingdom
  • UNIVERSITY OF SURREY · GuildfordUnited Kingdom

Links

Data: CORDIS, © European Union