Quantifying Financial Cyber Risks in Financial Institutions: Monte Carlo Simulations, Time-Series Forecasting, and Cost-Benefit Optimization
This study assesses the financial impact of cyberattacks on financial institutions by applying Monte Carlo simulations, ARIMA-based forecasting, and Value at Risk (VaR) and Conditional VaR (CVaR) models to quantify direct and indirect losses, including regulatory fines, operational disruptions, and reputational damage. A cost-benefit analysis determines the optimal level of cybersecurity investment, and correlation analysis evaluates the systemic risks posed by cyberattacks across the financial ecosystem. The research finds that institutions face an average loss of $427.28 million over 10 years, with potential losses rising to $705.01 million in worst-case scenarios. VaR suggests a maximum expected loss of $268.23 million, while CVaR points to potential extreme losses of $437.36 million. Time-series forecasting projects continued growth in cyber losses, reaching $114.68 million annually by 2028. The study also reveals diminishing returns on cybersecurity investments beyond $1 billion, though positive ROI persists. Predictive models for cyber insurance estimate premiums ranging from $10.60 million to $176.52 million, helping institutions optimize risk mitigation strategies. These findings underscore the critical need for financial institutions to integrate cybersecurity into broader risk management frameworks, balancing investment with financial returns to enhance resilience against evolving threats.
Published by: Silvia Tsovwen Asakpa
Author: Silvia Tsovwen Asakpa
Paper ID: V10I5-1190
Paper Status: published
Published: September 21, 2024
A Study on Chromosomal Aberrations and Sister Chromatid Exchanges in Lead Industry Workers
Lead is a widely used heavy metal with known toxicological effects, including severe health problems such as neurological damage, cardiovascular issues, and kidney damage. This study aimed to evaluate the genotoxic effects of lead exposure in lead factory workers. Methodology: 173 lead factory workers and 179 control subjects were included in the study. Blood samples were analysed for lead levels using Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Cytogenetic damage was assessed by examining chromosomal aberrations (CA) and sister chromatid exchanges (SCE) in peripheral blood lymphocytes. Results: Blood lead levels in lead factory workers significantly increased compared to controls. Chromosomal aberration analysis, which included gaps, breaks, dicentrics, and polyploidy, showed no significant differences between the two groups. Sister chromatid exchange frequencies were higher in lead factory workers (SCE/cell: 3.47) than in controls (SCE/cell: 3.17), although this difference was not statistically significant. Conclusion: The study showed no cytogenetic damage in lead factory workers although there was an increase in the BLLs in the workers.
Published by: Spandhana Racharla, Shehnaz Sultana, P P Reddy
Author: Spandhana Racharla
Paper ID: V10I5-1201
Paper Status: published
Published: September 21, 2024
Exploration of India’s COVID-19 Policies in Addressing the Ramifications of the Pandemic and their Implications on Public Health and The Economy
The COVID-19 pandemic became a global emergency, seriously affecting healthcare systems and economic systems all over the world. This study aims to present a comprehensive review of the policies implemented by the Indian government and central bank to address their economic impact. India, being the largest populated country, encountered extreme challenges while limiting the spread of SARS-CoV-2. This catastrophe significantly hampered the state of the economy and therefore required monetary, fiscal, educational, and technological interventions to shape economic recovery. Articles, journals, online newspapers, published documents, websites, and figures have been used to gain knowledge about the policies that were administered during the COVID-19 time. Furthermore, frameworks and models such as the AD-AS framework and the Lucas Asset Pricing System have been used to ease the process of understanding.
Published by: Vinaya Dua
Author: Vinaya Dua
Paper ID: V10I5-1184
Paper Status: published
Published: September 21, 2024
A Systematic Review of Renewable Power Supply Systems
The present paper dwells on the development and significance of power supply systems progress, relative mainly to their renewable systems of energy sources incorporation. Old electricity distribution systems which have relied on fossil fuel sources of energy supply for many years have numerous drawbacks.Even with winding and extensive development of the 21st-century global economies, outdated forms of electricity supply and the commercial systems they incorporate have their share of disadvantages as they are insensitive to changes in power circuits: Such geometric and technological changes have stalled every so often and the locational logic of control systems and regulatory organs has often rendered uncoordinated the interconnection of grids and electric infrastructure Therefore high voltage DC transmission systems came to the rescue. This paper addressed solar, wind and hydropower systems among others as captured within the development of new technologies in energy. Even with this remarkable growth in the deployment of renewable energy resources among countries, changing these resources into their grid systems is still a challenge due to intermittency or non-alignment between demand-side response obligations and supply-side response. However, new solutions to such challenges in smart grid technologies include demand responses, storage capacity for electricity, and improved management of electricity distribution. The present paper dwells on the development and significance of power supply systems progress, relative mainly to their renewable systems of energy sources incorporation. Old electricity distribution systems which have relied on fossil fuel sources of energy supply for many years have numerous drawbacks.Even with winding and extensive development of the 21st-century global economies, outdated forms of electricity supply and the commercial systems they incorporate have their share of disadvantages as they are insensitive to changes in power circuits: Such geometric and technological changes have stalled every so often and the locational logic of control systems and regulatory organs has often rendered uncoordinated the interconnection of grids and electric infrastructure Therefore high voltage DC transmission systems came to the rescue. This paper addressed solar, wind and hydropower systems among others as captured within the development of new
Published by: Aaryan Gupta
Author: Aaryan Gupta
Paper ID: V10I5-1166
Paper Status: published
Published: September 20, 2024
Decentralized Predictive Models for Making Procurement Decisions in Manufacturing Networks
This paper presents a decentralized procurement decision-making framework designed to optimize procurement strategies within distributed manufacturing networks. Traditional centralized procurement models often suffer from inefficiencies, opaque decision-making, and challenges related to multi-level risks, particularly in the context of globalized supply chains. To address these issues, this project proposes a decentralized architecture utilizing predictive modeling and machine learning techniques, supported by decentralized ledger technologies (DLT) such as blockchain. The framework integrates large language models (LLMs) to forecast supply chain risks, demand fluctuations, and pricing trends. Furthermore, smart contracts are employed to automate the procurement process, ensuring transparency, security, and compliance. The system incorporates real-time feedback mechanisms to enhance decision-making accuracy, reduce lead times, and mitigate procurement risks. Testing in collaboration with multiple manufacturing firms revealed improvements in procurement efficiency, supply chain resilience, and risk management. The paper concludes by highlighting the potential of decentralized procurement frameworks to revolutionize supply chain management across various industrial contexts.
Published by: Patience Sarfo, Jiderechukwu Becky Ogbodo, Kingsley Anyaso
Author: Patience Sarfo
Paper ID: V10I5-1189
Paper Status: published
Published: September 19, 2024
The Integration of Blockchain Technology in Cybersecurity: Innovations by Software Engineers to Enhance Data Integrity and Security
This paper analyses the emerging technology of the blockchain in the security of systems and the new developments made by software engineers to strengthen the pro-security measures. This research is based on a case of Ethereum and Bitcoin block transactions between 2015 and 2024; it evaluates the performance of these innovations in addressing crucial cybersecurity issues. The analysis identifies a notable increase in blockchain transactions, with the average number of transactions rising significantly from 6,808 in 2015 to 1,265,172 in 2021. Although there was a slight decline to an average of 1,119,292 in 2022 and 1,049,591 in 2023, the overall upward trend reflects growing adoption and utilization of blockchain technology. Some of the key insights identified show that these improvements like new consensus algorithms and scalability solutions have hugely improved the ability of the blockchain networks to handle moderate to high volumes of transactions without compromising the security of the networks. Technique adopted in this study is the descriptive and inferential statistics that reveals trends and patterns in the transaction data to analyse the effects of incorporating Blockchain technology in the modification and protection of data, access to the unauthorized person and strengthening the system. The study reveals a significant potential in the use of blockchain technology for deepening cyber security in its decentralized methodology and cryptosystem. For the future work, computational solutions should be advanced and should incorporate strategies that help increase scalability and enhance the roles of all the stakeholders involved in the process. Also, future research should uncover the organizational benefits and the use patterns of blockchain technology and investigate its interactions with other advanced technologies. From this study we appreciate the importance of blockchain in enhancing the cybersecurity and the need to advance and invest more in research and partnership to harness its benefits.
Published by: Taiwo Oyewole
Author: Taiwo Oyewole
Paper ID: V10I5-1183
Paper Status: published
Published: September 19, 2024
