Financial analysis and management of cyber risk

Efstratios Livanis, Michalis Doumpos and Constantin Zopounidis

Chapter 16 in Handbook of Research on Artificial Intelligence, Innovation and Entrepreneurship, 2023, pp 255-271 from Edward Elgar Publishing

Abstract: Nowadays, due to the globalization of entrepreneurship and the rapid improvements in the information and communications technology, Chief Executive Officers and Chief Financial Officers face new challenges. Almost, every business that uses intranet or/and internet is facing cyber risks. Cyber attacks and data breaches are on the rise. Moreover, due to the international health crisis (covid-19) and the increase in telework and digitization of work everyone is exposed to cyber risk. However, there are market participants who assume that cybersecurity is mainly an information technology issue rather than a cross-organizational risk management issue. In addition, a large number of scientific articles, are approaching the issue of cyber risk from technological side. This assumption can lead to inappropriate management of cyber risk and the devaluation of its financial dimensions. The main purpose of this chapter is to highlight and analyze the financial aspects of cyber risk and emphasize the key role of Chief Executive Officers and Chief Financial Officers for the efficient handling of these risks.

Keywords: Business and Management; Innovations and Technology (search for similar items in EconPapers)
Date: 2023
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