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This paper proposes a cyber-physical cooperative mitigation framework to enhance power systems resilience under extreme events, e.g., earthquakes and hurricanes. Extreme events can simultaneously damage the physical-layer electric power…

As corporates and governments become more digital, they become vulnerable to various forms of cyber attack. Cyber insurance products have been used as risk management tools, yet their pricing does not reflect actual risk, including that of…

Complex, interconnected cyber-physical systems (CPS) are increasingly prevalent in domains such as power systems. Cyber-resilient architectures have been proposed to recover compromised cyber components of CPS. Recent works have studied…

The U.S. power grid underpins national security, public safety, and economic stability, but faces growing cyber risks from vulnerabilities in industrial control systems, remote access, and poor cyber hygiene. Despite its critical…

Critical infrastructure systems must be both robust and resilient in order to ensure the functioning of society. To improve the performance of such systems, we often use risk and vulnerability analysis to find and address system weaknesses.…

In concept, a smart charging management system (SCMS) optimizes the charging of plug-in vehicles (PEVs) and provides various grid services including voltage control, frequency regulation, peak shaving, renewable energy integration support,…

In this chapter, we consider the problem of designing protection strategies to contain spreading processes in complex cyber-physical networks. We illustrate our ideas using a family of bio-motivated spreading models originally proposed in…

The rising use of information and communication technology in smart grids likewise increases the risk of failures that endanger the security of power supply, e.g., due to errors in the communication configuration, faulty control algorithms,…

Model-sharing offers significant business value by enabling firms with well-established Machine Learning (ML) models to monetize and share their models with others who lack the resources to develop ML models from scratch. However, concerns…

We use the theory of coherent measures to look at the problem of surplus sharing in an insurance business. The surplus share of an insured is calculated by the surplus premium in the contract. The theory of coherent risk measures and the…

The paper proposes a computationally efficient electricity market simulation tool (MST) suitable for future grid scenario analysis. The market model is based on a unit commitment (UC) problem and takes into account the uptake of emerging…

Cyberattacks on enterprise networks exploit complex dependencies among infrastructure, services, and applications, which challenge traditional analysis methods that focus on attack paths or network topology in isolation. In this study, we…

We introduce a collective model for life insurance where the heterogeneity of each insured, including the health state, is modeled by a diffusion process. This model is influenced by concepts in statistical mechanics. Using the proposed…

We propose an enhancement to wholesale electricity markets whereby the exposure of consumers to increasingly large and volatile consumer payments arising as a byproduct of volatile real-time net loads -- i.e., loads minus renewable outputs…

The interconnectivity of cyber and physical systems and Internet of things has created ubiquitous concerns of cyber threats for enterprise system managers. It is common that the asset owners and enterprise network operators need to work…

Increased penetration of wind energy will make electricity market prices more volatile. As a result, market participants will bear increased financial risks, which impact investment decisions and in turn, makes it harder to achieve…

The interconnectedness of financial institutions affects instability and credit crises. To quantify systemic risk we introduce here the PD model, a dynamic model that combines credit risk techniques with a contagion mechanism on the network…

It is of growing concern to ensure the resilience in electricity infrastructure systems to extreme weather events with the help of appropriate hardening measures and new operational procedures. An effective mitigation strategy requires a…

The power grid is a critical infrastructure that allows for the efficient and robust generation, transmission, delivery and consumption of electricity. In the recent years, the physical components have been equipped with computing and…

This paper introduces BAKUP, a smart contract insurance design for decentralized finance users to mitigate risks arising from platform vulnerabilities. While providing automated claim payout, BAKUP utilizes a modular structure to harmonize…