share risk and more intelligent ways to combine funding between instruments. Innovation should be core to fi nancial institutions, with
and Europe running the danger of becoming more risk-averse at exactly the moment when we need to be more innovative, more experimental, more daring.
low risk investments. Thus people, entrepreneurs and companies with ambitious and creative ideas fi nd
international movement of people creates real risks of cybersecurity. Other new technologies †from biotech
to nanotech †create real and perceived risks and ethical concerns. Without socially acceptable solutions and
and Risks Social Exclusion Future of Young Climate Change Sustainability Changing Demographics Ageing Population Sustainable Cities
The risk is that the EU falls behind the USA and Asia in critical next generation digital infrastructure.
Risk and uncertainty are inherent in innovation. We argue that the current fi nance system is not fi t for the
new partnerships to share risk, better harnessing the knowledge and skills of entrepreneurs and companies
and where needed on a transnational basis. Current risk capital markets are opaque, leading to limited access and
to reduce their risk profi les to investors and accelerate deal fl ow Creating a pan
and fi nancial coverage products to hedge risks or investments. This project is under construction
government takes on the risks associated with new knowledge creation for society (Arrow Nelson). ) This type of focus is still very strong
5. To promote climate change adaptation and risk prevention and management 6. To protect the environment
because they share risks and can undertake larger projects than a company would be willing to embark on alone,
Public administrations provide economic support, under the principle of shared risk, to actions aimed at increasing the market value of technologies identified as marketable.
investment in new companies through financial instruments that reduce the risk to which entrepreneurs and investors are exposed
inherent risks (technological, operational and market) that they face, it is difficult for them to gain
5. To promote climate change adaptation and risk prevention and management 6. To protect the environment
because they share risks and can undertake larger projects than a company would be willing to embark on alone,
Public administrations provide economic support, under the principle of shared risk, to actions aimed at increasing the market value of technologies identified as marketable.
investment in new companies through financial instruments that reduce the risk to which entrepreneurs and investors are exposed
inherent risks (technological, operational and market) that they face, it is difficult for them to gain
and offer more incentives for risk taking Entrepreneurial knowledge involves much more than science and technology.
linear view of innovation, run the risk of autarky, and take a narrow view on the role of policy in
stimulation of entrepreneurship/management of risk and uncertainty; market formation mobilisation of resources; and legitimation.
involved in the RIS process), the design of the RIS3 architecture needs to anticipate the risk of
but it does mean that the costs and risks associated with entrepreneurial search are shared and therefore do not become too prohibitive for
Prioritisation always entails risks for those who have to select those few domains that, as a result
assets, are the best guarantees to avoid both the risk of capture by interest groups and the risk of
Strategies that stop before this step run the risk of remaining unimplemented and/or not credible.
Developing a RIS3 involves a degree of risk-taking, since there is always some uncertainty in the
extension, limiting risk Even more than for conventional projects and actions, pilot projects need to be monitored and
devoted also to the width and strength of the industrial base, uncovering specific risk factors
either in national or international markets, and accessing risk capital All these barriers can be overcome
EU level debt instruments (guarantees/risk sharing: CIP-SMEG, RSFF, LGTT •Risk Sharing Finance Facility (RSFF.
The Risk-Sharing Finance Facility (RSFF) aims to improve access to debt financing for promoters of research and innovation investments by
sharing the underlying risks between the EU and the EIB. Together, the European Commission and the EIB are providing up to EUR 2 billion (up to EUR 1 billion each) to
support loans or guarantees supporting the priorities of the Seventh Framework Programme for RTD (FP7.
and leases to SMES and smaller mid-sized firms, the Risk-Sharing Instrument (RSI), was launched at the end of 2011.
Instrument for TEN-T projects partially covers this revenue risk and consequently improves the financial viability of such TEN-T projects. 117 Policy DG in charge:
in order to reduce their risk and increase their lending activities in favour of the sector. It amounts to EUR 8 million
i e. loans of up to EUR 25,000, in particular to vulnerable groups in risk of social exclusion, for the purpose of setting up small commercial operations;
The European Investment Fund provides financial intermediaries an integrated risk finance product range of SME finance initiatives, complementing the products offered by the EIB with
hardly any mechanisms to allow the pooling of risk and resources across countries and different administrations
decreasing the potential innovation costs and financial risks through ERDF co-funding •The recognition of the procurement phase as strategic in public policy cycles, by
There is a risk of it being hampered by insufficient knowledge, limited support of grass roots, social enterprise and social entrepreneurship activities, poor diffusion and little scale
challenges such as demographic ageing, increased demand for healthcare services, risk of poverty and social exclusion, the need for better and more transparent governance, and a more
risk management and strategic planning with a view to obtaining a better access to the private
and take calculated risks 2. THEORETICAL FRAMEWORK The theoretical literature that deals with the issue of R&d and innovation underlines the critical role
risk of poverty or social excl. (no. of persons EU target 75 3 20 20 20 10 40 20,000, 000
and risks of a lead customer, while improving the quality of its services and productivity
Foreign ownership in the region†s key sectors brings with it both opportunities and risks.
main risk is that foreign firms are likely to be †footlooseâ€, that is they are more likely close plants and
A second risk is owned that foreign firms †crowd out†the local industry. This may happen by
always the risk of creating an additional level of bureaucracy, if these measures are linked not to a
and risk management in agriculture by:(i) better integrating primary producers into the food chain through support for quality schemes, promotion in local markets, horizontal and vertical cooperation
and (ii) assisting farmers with risk management and financing investments in preventive and restoration actions 170.
problems, the risk to deepen the digital gap becomes even bigger thus amplifying differences between Romania and the other European union states
-democracy and the elimination of a risk of a â€oetechnology gapâ€. This includes, not only access in terms of equipment and affordable connection, but also the considerable
 risk  that  the  definition  of  standards  in  technical
 risks  of  nuclear  power  the  use  of  renewable
 risk  to  be  too  low  for  coming  needs
 risk  having  far- †reaching  con- †sequences  for
The objective of this paper is to analyse these risks and assess the starting point of
specialisation, there is also a significant number of risks to consider Table 2: Opportunities and risks regarding main elements of smart specialization
ELEMENTS OPPORTUNITIES RISKS Prioritization Election of priorities through specialisation patterns To prioritize can help creating critical
mass to achieve excellence Prioritizing the demands of the businesses facilitates the alignment of the regional capabilities with the
As mentioned in the research questions section, these opportunities and risks, as well as the real difficulties and problems encountered by policymakers when
the risk aversion of authorities on the choosing process of priorities 8 RIS3 seems to have prioritized sectors with a very clear share in total economy
as well as the risk aversive preferences of regional authorities, guides a wider selection of specialisation choices
because of the financial crisis and risk of system failure due to budget reasons SWOT ANALYSIS SA 015
and risk taking are crucial in the discovery of valuable technological solutions (e g.,, Ahuja and
from the buyers, who are exposed consequently to the risk of â€oehold up†(Shane, 2002. The risk of moral hazard and hold up reduces
potential buyers'propensity to acquire external inventions. From the point of view of a technology specialist, this results in a further
there is a high risk of the results not being statistically signiï cant (e g.,, Wooldridge, 2002. Nevertheless
emerging and potential business creators are lacking entrepreneurship skills such as in risk assessment, strategic thinking, networking, and motivating.
Entrepreneurs take risks by offering new solutions in the market in the face of uncertainty about
to fit †at the risk of failure. The entrepreneur innovates by experimenting â The entrepreneur as a resource shifter.
†combining in new ways, discovering opportunities, taking risks, shifting resources and creating breakthrough innovations â€
Knight, F. 1921), Risk, Uncertainty and Profit, Chicago University Press, Chicago Jensen, M.,B. Johnson, E. Lorenz and B. Lundvall (2007), â€oeforms of Knowledge and Modes of
when information asymmetries and risk are very high, often preventing traditional bank financing and even access to private venture capital funds.
compã titivitã has become an occasion to break out of isolation and share the risk of R&d and innovation
together, whilst cushioning the financial risk for people willing to invest in technology-based start-ups
economic risk Cost of financial SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010 105 2. UNITED STATES
in order to cope with risk management. Each funding operation is covered by the following guarantees against default: 20%â€
80%of their risk as well as the option of buying out the government†s share within five years.
identify criteria for risk sharing support investments in R&d New financial services for R&d investments in technology-based
the high costs and risks involved in the internationalisation process (OECD, 2008b. As a result, public policy has a key role to play,
ensure that the risks and costs of international networking are minimised for participating SMES through, for instance, the provision of loans
which often run the risk of being trapped in a one -way relationship with the parent company.
and risks and costs associated with international networking by setting up legal services or guarantee schemes, or by
at work such as managing people, computing, collaborating, dealing with risk and uncertainty or developing a new product or service (Tether et al.
firms, such as risk assessment and warranting, strategic thinking, self-confidence, the ability to make the best of personal networks, motivating others to achieve a common goal, co-operation for success
â risk assessment and warranting Attitudes. An entrepreneur uses initiative, a positive approach in the face of positive or adverse chan
â take imaginative and informed approaches to problem solving involving calculated risks 3) Responsible citizens â have knowledge and understanding of the nature of work and social and economic
Careful analysis of the growing literature reveals a perceived risk that the term social entrepreneurship could become very inclusive and,
and distribute medicines to populations at risk One World Health also creates interesting opportunities for industry, government and
key decision-making characteristics of innovativeness, proactiveness and risk-taking. †(p. 76 Mair and Marti 2004 â€oethe innovative use of resources to explore
degree of risk in creating and disseminating social value; and 5) is/are unusually resourceful in being
of innovativeness, proactiveness and risk management behaviour. This behaviour is constrained by the desire to achieve the social mission
business management and human resources and some specific skills related to risk assessment and warranting, strategic thinking and the ability to make the most out of
potentially innovative proposals, even considering the risks of alienation and manipulation When questioning how social innovation is produced,
people are insured for social risks mainly by the state and they have a certain security and
massive purchasing power, dependency on the public purse also carries risks for the sustainability of the socially innovative sectors.
on the risks and costs of making small, uncollateralized loans (Karani 2007. This is particularly true since stringent credit regulations have been put in place following the
Talk of finance takes us inevitably to the issue of risk and hence regulation and regulatory frameworks.
Potts 2009) and thus risk e g. Gibbons and Littler 1979; Bhatta 2003. Dodgson et al. 2005), for example, have
innovation risks. Risk management can be facilitated though innovation-friendly legal frameworks, shared ownership and alternative ways to finance start-ups
Regulatory frameworks, the availability of different organizational forms and attitudes to risk and reward will all shape the opportunities for social innovation to take place
dominated by approaches to risk management that privilege the tried and tested over the innovative. Historically the third sector innovated in welfare,
and their willingness to take risks will influence opportunities for innovation Innovation: The European Journal of Social science Research 447
education, reduce the risk of people falling into poverty and cut carbon emissions to 80
reduce the risk of people falling into poverty and cut carbon emissions to 80%of 1990 levels (http://ec. europa. eu
†Revisiting the Issue of Risks in Innovation in the Public sector. †The Innovation Journal:
//www. innovation. cc/scholarly-style/bhatta-risks. pdf Borzaga, C, . and R. Bodini. 2012. â€oewhat to make of Social Innovation?
and the associated loss of revenue to the Port, may put this necessary investment at risk
the risk of stifling the growth these tech businesses can create, they said Mike Sikorski is CEO of Huggity, a
to the risk of digital issues falling through the cracks, while politicians such as Kroes argue it should be hardwired into all
Of course there are risks, and there will be challenging questions for us to answer as we enter this new reality, a time when
laws (32.3%),the risk of corporate security holes (31%)and the high price of Could Computing services (27.8
ï the risks involved in change. When a person certain risks associated with the expected change in personal, group or organization,
even if its promoters trusts and the end result, he will show some restraint or opposition to engage in change
The ability to take risks, tolerance for ambiguity inherent in innovation, resistance to stress are reduced.
Very few people are prepared to give up ideas for your loved obvious risks. Difficult to give
usually brings high capital costs and risks. Enhanced cooperation between different actors will help to
yet, there are risks and limitations associated with citizen engagement, and further research is needed to understand the impact of
First, the term risks becoming a buzzword, leading to a loss of credibility and support, as well as unjustified concentration
risks and challenges. For instance, the value of engagement tends to be contingent on the form and practice of that activity, the context in which it
risks associated with a low quality version of it spreading Receptive contexts Lastly, we emphasise the significance of receptive
financial risks that acquiring external growth capital brings, social innovators tend to favour it. However
resourcing social innovation may share risks allocate costs, and distribute benefits more effectively Read more
economic risk; a minimum amount of paid work The social dimension consists of three as well:
First, the term risks becoming a buzzword or a passing fad, as many organisations adopt the
marked by a high degree of risk and uncertainty due inter alia to the specific context wherein they appear†social innovations
•High degree of risk and uncertainty •Disruptive •Can†t presume good from outset
risk taking behavior. Yet another internal variable is investments in R&d (Birchall et al. 1996; Oerlemans et al
innovation due to much higher level of risk and unpredict -ability, which is offset by the product†s possibility to open
education to harness and maximise the potential benefits while minimising risks of globalisation and innovation.
the risks, challenges, and usability aspects of this network of networks As collected by the FISE (Future Internet Socioeconomics) working group within
The framework also ignores factors such as risks (deployment is harder if the associ -ated risk is higher), regulatory requirements and the role of hype and â€oegroup thinkâ€
•These factors reduce the deployment risk, especially as it should also be easier to
CCTA Risk Analysis and Management Method) 7 have similar objectives to our methodology. The former,
and quantifying security risks in organi -zations. The situations analyzed by the aforementioned methodologies are often asso
and expectations, openness to risk and innovation. Furthermore, it should be studied whether and how these attributes,
-pact assessment (3a) could be performed by mathematical models for assessing risk or utility, as well as providing benchmarks like the price of anarchy ratio.
other hand, risk assessment techniques seem more relevant for the second tussle since high congestion can have an impact on ISP€ s plans to offer other real-time services
Risk assessment techniques could be used in this case, as well as models for estimating social welfare loss. A side-effect of this
less informed party, then setting-for example-a low price would increase his risk of being selected by the least profitable customers.
the societal risks and values surrounding a platform that could potentially distribute previously secret documents.
an ASP€ s revenues (the â€oeconsumerâ€) due to its higher investment risks and opera -tional costs.
-vision of assurance through formal evidence and the consideration of risk and cost arguments in the Secure Development Life cycle (SDLC.
faces new security risks, from the breach of separation between tenants to the compli -ance challenge in case of distribution over different regulatory domains.
discuss these risks and provide an outlook to their mitigation, embedded in a system -atic security risk management process.
In cloud computing, but also in most other Future Internet scenarios like the Internet of Services, the need for data exchange
how security and trust risks emerging from the increased level of sharing and collabo -ration in the future Internet can be mitigated,
vulnerabilities and risks as the number of trust domains in an application gets multiplied, the size of attack surfaces grows
as both risks and assumptions are hard to anticipate. Moreover, both risks and assumptions may evolve;
thus they must be monitored and reassessed continuously 1. 2 The Need for Engineering Secure Software Services
Thus, embedding risk/cost analysis in the SDLC is currently one of the key research directions in order to link security concerns with business needs and
integrating the former results in (5) a risk-aware and cost-aware software devel -opment life-cycle (SDLC),
programme on Risk and Cost aware SDLC will interact with each of the initial three activities, drive the requirements of these activities and leverage upon
-ployments inherit security risks from the classical Internet and, at the same time create new and more complex security challenges.
and risks usually arisen by uncertainty, leveraging a risk and cost-aware. There are large catalogues and surveys on security patterns available 26,13, but the FI
applications yet to come and the new scenarios enabled by FI need to extend and
5 Embedding Security Assurance and Risk management during SDLC Engineering secure Future Internet services demands for at least two traversal
issues, security assurance and risk and cost management during SDLC 5. 1 Security Assurance The main objective is to enable assurance in the development of software based
Metrics can be used directly for computing risks (e g.,, probability of threat occurrence) or indirectly (e g.,
5. 2 Risk and Cost Aware SDLC There is the need of the creation of a methodology that delivers a risk and cost
aware SDLC for secure FI services. Such a life cycle model aims to ensure the stakeholders†return of investment when implementing security measures during
incremental phases, the risk and cost analysis will undergo new iterations for each phase. As such the results of the initial risk
one needs to develop methods and techniques for the reï nement of risk analysis documentation.
Such reï nement can be obtained both by reï ning the risk mod -els, e g. by detailing the description of relevant threats and vulnerabilities, and
analysis of risks and costs. In a compositional setting, also risks become compo -sitional and should be analysed
and understood as such. This requires, however methods for aggregating the global risk level through risk composition which
will be investigated Evolution: The setting of dynamic and evolving systems furthermore implies that risk models and sets of chosen mitigations are dynamic
and evolving. Thus in order to maintain risk and cost awareness, there is a need to continuously reassess risks and identify cost-eï cient means for risk mitigation as a response
to service or component substitution, evolving environments, evolving security requirements, etc. both during system development and operation.
the modular approach to risk and cost analysis one needs methods to manage the dynamics of risks.
In particular, the process for risk and cost analysis is highly iterative by supporting updates of global analysis results through the
analysis of only the relevant parts of the system as a response to local changes
During security requirements engineering risk analysis fa -cilitates the identiï cation of relevant requirements. Furthermore, methods for
risk and cost analysis oï €er support for the prioritization and selection among requirements through e g. the evaluation of trade-oï € between alternatives or the
impact of priority changes on the overall level of risks and cost. In the identiï ca
-tion of security mechanisms intended to fulï l the security requirements, risk and cost analysis can be utilized in selecting the most cost eï cient mechanisms.
The risk and cost models resulting from the previous development phase can at this point be reï ned
management of risks and costs in the design decisions. Moreover, applying cost metrics to design models
metrics for the optimization of the balance between risk and cost. The assurance techniques can therefore be utilized in providing input to risk
-sis, and in supporting the identiï cation of means for risk mitigation based on security metrics
SAP have been identiï ed. All discovered risks and ï aws in the SAML protocol have been addressed in NW-NGSSO implementation
introduce existing concepts to mitigate these risks and survey related research in these areas 1 Cloud computing and the Future Internet
risks. We will explain the state-of-the-art in addressing these requirements and give an overview of related ongoing international,
Using technology always constitutes a certain risk. If the IT of any given business failed, the consequences for most of today†s enterprises would be severe.
risks. While the cost and ï exibility beneï ts of using clouds are easy to quan
-tify, potential disadvantages and risks are harder to qualitatively assess or even quantitatively measure. An important aspect for this equation is perceived the
not allow enterprises to make such risk management decisions and thus will only allow hosting of uncritical workloads on the cloud
must enable enterprises to integrate cloud infrastructures into their overall risk management. We will use these requirements in our subsequent arguments
3 New Security and Privacy Risks and Emerging Security Controls Cloud computing being a novel technology introduces new security risks 7 that
need to be mitigated. As a consequence, cautious monitoring and management of security risks 13 is essential (see Figure 1 for a sketch following 12
We now survey selected security and privacy risks where importance has been increased by the cloud and identify potential security controls for mitigating
those risks 1. Survey of Risks 2. Design of Controls 3. Implement of Controls 4. Monitoring
of Effectiveness Fig. 1. Simpliï ed Process for Managing Security Risks 12 Trustworthy Clouds Underpinning the Future Internet 213
3. 1 Isolation Breach between Multiple Customers Cloud environments aim at eï ciencies of scale by increased sharing resources
between multiple customers. As a consequence, data leakage and service disrup -tions gain importance and may propagate through such shared resources.
In order to mitigate this risk in a cloud computing environment, multi-tenant isolation ensures customer isolation. A principle to structure isolation manage
This risk is hard to mitigate since security controls need to strike a balance between the power needed to administrate and
A practical approach to minimize this risk is to adhere to a least-privilege approach for designing cloud management systems.
While the proposed mechanisms to mitigate the identiï ed risks are important security incidents are largely invisible to a customer:
3. 5 What about Privacy Risks To enable trusted cloud computing, privacy protection is an essential require
well as the data subject might face risks of data loss, corruption or wiretap -ping due to the transfer to an external cloud provider.
schemes to mitigate the risk of insider fraud. The goal is to minimize the set
We surveyed security risks that gain importance in this setting and surveyed potential solutions Today, demand for cloud security has increased
and to limit the risks imposed by misbehaving cloud providers and their employees Acknowledgments. We thank Ninja Marnau and Eva Schlehahn from the
and very helpful input to our chapter on privacy risks. We thank the reviewer for helpful comments that enabled us to improve this chapter
Toward risk assessment as a service in cloud environ -ments. In: Proceedings of the 2nd USENIX conference on Hot topics in cloud com
Privacy and data security risks in cloud computing. Electronic commerce & Law Report 15,186 (2010 23. Van dijk, M.,Juels, A.:
In addition, the risk, for personal data to travel across boundaries and business domains, is that the usage conditions agreed
these new capabilities may entail privacy risks. From the user perspective, the risk is that of losing control of his personal information once they are released in
the risk of violating the agreed privacy policy The concept of sticky policy may be used to address some of the privacy
risks currently present in network environments request for immediate attention. This could be achieved by building trustworthy network environments to assure security
including assessment of impact and risks In this paper, we intend to further elaborate on these challenges.
and reduce the risk of poverty Other hot societal issues are sustainable development, reducing greenhouse gases
estimation and risk prevention systems (e g. sen -sitivity to pollution, extreme summer heating •Remote working and e-commerce services for businesses, entertainment and com
Embedding Security Assurance and Risk management during SDLC Security Assurance Risk and Cost Aware SDLC Conclusion
Towards Formal Validation of Trust and Security in the Internet of Services Introduction Specification Languages
New Security and Privacy Risks and Emerging Security Controls Isolation Breach between Multiple Customers Insider Attacks by Cloud Administrators
What about Privacy Risks Open Research Challenges Outlook †The Path Ahead Data Usage Control in the future Internet Cloud
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