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With the growing digital transformation of the worldwide economy, cyber risk has become a major issue. As 1 % of the world's GDP (around $1,000 billion) is allegedly lost to cybercrime every year, IT systems continue to get increasingly…
Cyber insurance is a key component in risk management, intended to transfer risks and support business recovery in the event of a cyber incident. As cyber insurance is still a new concept in practice and research, there are many unanswered…
Recent transformative and disruptive advancements in the insurance industry have embraced various InsurTech innovations. In particular, with the rapid progress in data science and computational capabilities, InsurTech is able to integrate a…
A new model for a cluster of hybrid sensors network with multi sub-clusters is proposed. The model is in particular relevant to the early warning system in a large scale monitoring system in, for example, a nuclear power plant. It mainly…
Existing coordinated cyber-attack detection methods have low detection accuracy and efficiency and poor generalization ability due to difficulties dealing with unbalanced attack data samples, high data dimensionality, and noisy data sets.…
We present a general approach to the pricing of products in finance and insurance in the multi-period setting. It is a combination of the utility indifference pricing and optimal intertemporal risk allocation. We give a characterization of…
We propose a novel framework for modelling attack scenarios in cyber-physical control systems: we represent a cyber-physical system as a constrained switching system, where a single model embeds the dynamics of the physical process, the…
Heterogeneous wireless networks (HWNs) composed of densely deployed base stations of different types with various radio access technologies have become a prevailing trend to accommodate ever-increasing traffic demand in enormous volume.…
Smart grids are critical cyber-physical systems that are vital to our energy future. Smart grids' fault resilience is dependent on the use of advanced protection systems that can reliably adapt to changing conditions within the grid. The…
This paper studies optimal insurance design under asymmetric information in a Stackelberg framework, where a monopolistic insurer faces uncertainty about both the insured's risk attitude, captured by a risk-aversion parameter, and the…
Adaptive model predictive control (MPC) robustly ensures safety while reducing uncertainty during operation. In this paper, a distributed version is proposed to deal with network systems featuring multiple agents and limited communication.…
Redundancy mechanisms such as triple modular redundancy protect safety-critical components by replication and thus improve systems fault tolerance. However, the gained fault tolerance comes along with costs to be invested, e.g., increasing…
Securing the power system from catastrophic natural disasters is a rising problem in power system operation and planning. This paper particularly considers earthquake and aims to evaluate and improve the resilience of power distribution…
With the rise of emerging risks, model uncertainty poses a fundamental challenge in the insurance industry, making robust pricing a first-order question. This paper investigates how insurers' robustness preferences shape competitive…
As the practicality of Artificial Intelligence (AI) and Machine Learning (ML) based techniques grow, there is an ever increasing threat of adversarial attacks. There is a need to red team this ecosystem to identify system vulnerabilities,…
As Information and Communication Technology (ICT) equipment continues to be integrated into power systems, issues related to cybersecurity are increasingly emerging. Particularly noteworthy is the transition to digital substations, which is…
The interaction between extreme weather events and interdependent critical infrastructure systems involves complex spatiotemporal dynamics. Multi-type emergency decisions within energy-transportation infrastructures significantly influence…
This paper presents a high-fidelity evaluation framework for machine learning (ML)-based classification of cyber-attacks and physical faults using electromagnetic transient simulations with digital substation emulation at 4.8 kHz. Twelve ML…
Smart grid is an alternative solution of the conventional power grid which harnesses the power of the information technology to save the energy and meet today's environment requirements. Due to the inherent vulnerabilities in the…
In times of Industry 4.0 and cyber-physical systems (CPS) providing security is one of the biggest challenges. A cyber attack launched at a CPS poses a huge threat, since a security incident may affect both the cyber and the physical world.…