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

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.

Field of science

  • /natural sciences/computer and information sciences/software/software development
  • /social sciences/economics and business/economics
  • /natural sciences/computer and information sciences/software
  • /social sciences/economics and business

Call for proposal

H2020-MSCA-RISE-2018
See other projects for this call

Funding Scheme

MSCA-RISE - Marie Skłodowska-Curie Research and Innovation Staff Exchange (RISE)

Coordinator

UNIVERSITY OF PIRAEUS RESEARCH CENTER
Address
Gr. Lampraki 122
185 32 Piraeus
Greece
Activity type
Higher or Secondary Education Establishments
EU contribution
€ 276 000

Participants (7)

UNIVERSITY OF SURREY
United Kingdom
EU contribution
€ 18 400
Address
Stag Hill
GU2 7XH Guildford
Activity type
Higher or Secondary Education Establishments
TECHNOLOGIKO PANEPISTIMIO KYPROU
Cyprus
EU contribution
€ 276 000
Address
Archbishop Kyprianos 31 Savings Cooperative Bank Building 3Rd Floor
3036 Lemesos
Activity type
Higher or Secondary Education Establishments
UBITECH LIMITED
Cyprus
EU contribution
€ 276 000
Address
26 Nikou & Despinas Pattchi
3071 Limassol
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
LSTECH ESPANA SL
Spain
EU contribution
€ 165 600
Address
Calle Pallars 193
08005 Barcelona
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
KROMAR MESITES ASFALEION MONOPROSOPI EPE
Greece
EU contribution
€ 220 800
Address
Agiou Konstantinoy 17
151 24 Maroisi
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
FOGUS INNOVATIONS & SERVICES P.C.
Greece
EU contribution
€ 110 400
Address
Michali Karaoli 51-53
161 21 Kaisairiani
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
UNIVERSITY OF GREENWICH
United Kingdom
EU contribution
€ 257 600
Address
Old Royal Naval College, Park Row, Greenwich
SE10 9LS London
Activity type
Higher or Secondary Education Establishments