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Cyber Insurance Against Cyberattacks on Electric Vehicle Charging Stations

[Submitted on 8 Jul 2021]

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Abstract: Even with state-of-the-art defense mechanisms, cyberattacks in the electric
power distribution sector are commonplace. Particularly alarming are
load-altering (demand-side) cyberattacks launched through high-wattage assets,
which are not continuously monitored by electric power utilities. Electric
Vehicle Charging Stations (EVCSs) are among such high-wattage assets and,
therefore, cyber insurance can be an effective mechanism to protect EVCSs from
economic losses caused by cyberattacks. This paper presents a data-driven cyber
insurance design model for public EVCSs. Under some mildly restrictive
assumptions, we derive an optimal cyber insurance premium. Then, we robustify
this optimal premium against uncertainty in data and investigate the risk of
insuring the EVCSs using Conditional Value-at-Risk. A case study with data from
EVCSs in Manhattan, New York illustrates our results.

Submission history

From: Samrat Acharya [view email]

[v1]
Thu, 8 Jul 2021 16:29:26 UTC (225 KB)

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