Identifying, analyzing, and evaluating cybersecurity risks are essential to assess the vulnerabilities of modern manufacturing infrastructures and to devise effective decision-making strategies to secure critical manufacturing against potential cyberattacks. In response, this work proposes a graph-theoretic approach for risk modeling and assessment to address the lack of quantitative cybersecurity risk assessment frameworks for smart manufacturing systems. In doing so, first, threat attributes are represented using an attack graphical model derived from manufacturing cyberattack taxonomies. Attack taxonomies offer consistent structures to categorize threat attributes, and the graphical approach helps model their interdependence. Second, the graphs are analyzed to explore how threat events can propagate through the manufacturing value chain and identify the manufacturing assets that threat actors can access and compromise during a threat event. Third, the proposed method identifies the attack path that maximizes the likelihood of success and minimizes the attack detection probability, and then computes the associated cybersecurity risk. Finally, the proposed risk modeling and assessment framework is demonstrated via an interconnected smart manufacturing system illustrative example. Using the proposed approach, practitioners can identify critical connections and manufacturing assets requiring prioritized security controls and develop and deploy appropriate defense measures accordingly.

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