Risk Assessment Model for IoT Security Governance

Abstract

The fast growth of the Internet of Things (IoT) has caused a huge rise in the number of connected devices, which creates major security issues because these devices are diverse and widely accessible. Standard risk assessment methods, which are mainly built for traditional IT systems, struggle to account for the changing and spread-out features of IoT environments.To address these problems, this paper introduces a new formula for analyzing IoT risks that takes into account five important parameters: device criticality, vulnerability, probability of occurrence, impact, and adaptability. Unlike conventional models, this approach contextualizes risk by considering not only technical factors but also the ability of devices to adapt and respond to threats in real time.Additionally, the article presents a comprehensive review of existing risk assessment methodologies and highlights the necessity for more flexible, adaptive framework to enhance cybersecurity governance in IoT environments. The proposed model aims to improve the precision and relevance of risk evaluation in complex, evolving IoT systems.