InCites Consulting active partner in cybersecurity related EU Horizon 2020 Project FORESIGHT
InCites Consulting successfully led the work for cyber-threat forecasting and estimation of the economic impact of cyber-attacks in aviation, energy, and naval domains, in FORESIGHT EU Research & Innovation Project
InCites Consulting share of work, along with the other Project partners, was presented at the final event of the Project, which took place on Friday, March 24 in Athens, Greece
As the world around us becomes increasingly digital, cybersecurity attacks intensify and have become a critical risk that society needs to successfully address and resolve. The average cost of a data breach for a business has been estimated to $4.24 million USD, while the global cost of cybercrime is expected to reach $10.5 trillion USD annually by 2025, up from just $3 trillion USD in 2015. As a result, cybersecurity has fast become one of the top priorities for governments, enterprises and individuals alike. Fields like smart energy networks, aviation and maritime transport are the most sensitive to such cyberattacks, and the most critical ones that need to be shielded and extremely well protected from cybersecurity threats.
As a result, cybersecurity skills are in high demand and there is a shortage of 3.4 million unfilled cybersecurity jobs globally. This is exactly where the FORESIGHT Project comes into play, aiming to develop advanced simulation training tools for cybersecurity experts in the aforementioned fields.
In the context of the FORESIGHT Project, InCites Consulting successfully led Work Package 5 which was about cyber-security risks and econometrics. Under this WP5, InCites Consulting has developed two modules:
A module for cyber-threat forecasting, which estimates the number of new threats expected, while it also provides analytic information about different types of past threats;
A module which estimates the economic impact of cyber-attacks for different organizations in case of falling victims of a cyber-attack.
Both modules are integrated into the FORESIGHT training platform and will help trainers to better design their scenarios, while trainees will gain insight on the new threats and the cost associated with the different types of cyber-attacks.
“In a digitally all-connected world, cybersecurity is vital, especially when it comes to fields like energy, aviation or naval, where human lives can be at stake. InCites Consulting, faithful to its commitment to selectively engage in key European Research Projects to gain early hands-on experience of new technologies & industry trends, is proud to have contributed to yet another key European Research Project.”, stated Dr. Ioannis Neokosmidis, InCites Consulting CEO.
FORESIGHT’s Project Coordinator, George Kokkinis, Research Associate at KEMEA, the Hellenic Centre for Security Studies added: “With FORESIGHT, we aim to help close the gap in cybersecurity skills by developing Innovative training curricula linked to professional certification programs, using new technologies and supported by advanced learning platforms. We are very pleased that this Project is now coming to an end, as the final event took place today. On behalf of the Project, I would like to thank InCites Consulting for their contribution, as they elaborated a great variety of cyber-threat scenarios and helped estimate the economic cost of the attacks for the affected organizations.”
Along with InCites Consulting, the FORESIGHT consortium comprises of 23 organisations from 9 European countries - 8 EU members and the UK -, and it has just held its conclusive final event on Friday, March 24, in Athens, Greece.
MORE INFORMATION ABOUT FORESIGHT PROJECT
FORESIGHT Project is focused on enhancing the preparedness of cybersecurity professionals by delivering an ecosystem of networked realistic training and simulation platforms that collaboratively bring unique cybersecurity aspects from the aviation, smart grid, and naval domains. It specifically aims to create complex cross-domain/hybrid scenarios jointly with the IoT domain, based on identified and forecasted trends of cyber-attacks and vulnerabilities extracted from cyber-threat intelligence gathered from the dark web.
The Project also focuses on developing advanced risk analysis and econometric models for estimating the impact of cyber-risks, selecting appropriate security measures, and minimizing the cost and time to recover from cyber-attacks. Under the FORESIGHT Project, innovative training curricula were developed, that are linked to professional certification programs and supported by learning platforms. Such tools are used to guide cybersecurity professionals to implement and combine security measures using new technologies and established learning methodologies. In addition, the Project puts considerable emphasis on Research and Development, as the key to increasing training dynamics and awareness methods for exceeding the rate of evolution of cyber-attackers, and cultivating a strong security culture in the fields of aviation, smart grid and naval.
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ABOUT INCITES CONSULTING
InCites Consulting supports ICT business leaders and policy makers make informed decisions on winning business strategies, the best technology choices, and the most impactful policies for an all-connected digital world.
Our portfolio consists of specialist, tailor-made ICT business and technology advisory, such as socio-economic and techno-economic analysis of new technologies, business modelling, demand forecasting of new services, and regulatory economics.
InCites is also actively engaged in selected EU Research & Innovation projects in the areas of 5G, IoT and 6G to gain early hands-on experience of new technologies and industry trends to the benefit of our customers.