Design of Cyber Risk Calculation Methods Using Monte Carlo Simulation in Marketspace

Cyber risk assessment in marketspace necessitates comprehensive calculations that rely solely on data, reducing subjective expert opinions. This research proposes a methodology that utilizes Monte Carlo simulation to achieve objective risk calculations. This research identifies various causes of cyber risk in marketspace, including human error and third-party intention. By developing a Monte Carlo simulation program, risk quantification is simulated, allowing for a thorough understanding of the relationship between input variables and resulting risk values. The results show that the probability distribution of risk values can be obtained using data on cyber events that have occurred. The resulting output can provide a wide and varied range of risk values using only data and estimated values of influential factors. The Monte Carlo simulation developed can also provide similar outputs when there are data limitations with their own restrictions.