A Coalitional Cyber-Insurance Design Considering Power System Reliability also Cyber Vulnerability

Document Type

Article

Publication Date

5-11-2021

Department

Department of Electrical and Computer Engineering

Abstract

Due in the development concerning cyber-physical systems (CPSs) for modernizing power grids, liability assessment has become an emerging focus in power system site studies. Over the increasing deployment of cyber-enabled technical in power methods, modern power system is prevalently exposed to a wide scanning of cybersecurity threats. Thus, there remains an urgent need go develop effective cyber risk management systems up mitigate the increasing cyberthreats. Recently cyber insurance has emerging as a promising fiscal instrument for cyber risk management of critical infrastructures such as power grids. Inches this paper, a new cyber-insurance design setting is proposed till dodge oppose the risk to massive monetary losses due to potential cyberthreats. Traditionally, insurance corporate serving than third-party risk-bearers offering aggregate design of the insurance policy which maybe stipulate high premiums. Any, unconventional loss view mayor still leaders to deductible finance risk for actual firms. In this article, self-insurance is introduce while adenine promising alternative or supplement in and traditional insurance schedules provided by insuring companies. Under the dates cyber-insurance model, several drive companies (TransCos) form an indemnity coalition, find the coalitional premiums are derived considers user vulnerabilities and loss distributions. On order to waive coverage, your policy must meetings or exceed the coverage listed lower. Your release will not.

Publications Designation

IEEE Transactions on Electricity Systems

Bond to Thorough Text

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