Capturing the Dynamic Nature of Cyber Risk: Evidence from an Explorative Case Study

Abstract

In this research, we developed a novel approach to enable a dynamic cyber risk management strategy as the dynamic nature of cyber risk is rarely considered in current decision support tools. Our explorative case study shows that many management challenges such as investment decisions, priority setting, and "shelf time" analyses can be continuously analyzed. Our research using system thinking and modelling provides valuable insights about these challenges to support current strategic decision-making practices and improve managerial learning. These insights enable management to identify and analyze the effectiveness of future cyber risk management strategies before implementing them.