Cyber risk assessment in small and medium‐sized enterprises: A multilevel decision‐making approach for small e‐tailors

Abstract

The role played by information and communication technologies in today's businesses cannot be underestimated. While such technological advancements provide numerous advantages and opportunities, they are known to thread organizations with new challenges such as cyberattacks. This is particularly important for small and medium-sized enterprises (SMEs) that are deemed to be the least mature and highly vulnerable to cybersecurity risks. Thus, this research is set to assess the cyber risks in online retailing SMEs (e-tailing SMEs). Therefore, this article employs a sample of 124 small etailers in the United Kingdom and takes advantage of a multi-criteria decision analysis (MCDA) method. Indeed, we identified a total number of 28 identified cyber-oriented risks in five exhaustive themes of "security," "dependency," "employee," "strategic," and "legal" risks. Subsequently, an integrated approach using step-wise weight assessment ratio analysis (SWARA) and best-worst method (BWM) has been employed to develop a pathway of risk assessment. As such, the current study outlines a novel approach toward cybersecurity risk management for e-tailing SMEs and discusses its effectiveness and contributions to the cyber risk management literature.

Effective cybersecurity risk management practices for small and medium-sized enterprises: A comprehensive review

“…The review employs a tried-and-true methodology, beginning with a keyword search and fitness evaluation. Sukumar et al (2023) used a "Multi-Criteria Decision Analysis (MCDA)" approach to evaluate the security hazards in SMEs. Twenty-eight cyber-related threats are included in the report under the following five headings, protection, dependence on others, staff members, strategy and legal (Berry and Berry (2018).…”

“…Their lack of resources and competencies makes them vulnerable to cyber risk. In other words, managing cyber risk that is ready for it becomes an essential skill for the survival and growth of small enterprises (Sukumar et al 2023). SMEs have become the new primary target for cyber crimes.…”

Digital resilience and firm internationalization: a study of Chinese listed companies

“…According to Cozzolino et al, (2018), digitalization and digital transformation have a substantial impact on innovation and innovation processes. Literature points to firms levering digital technologies to innovate and develop ecosystems that are geared for product and process innovation (Appio et al, 2021;Sukumar et al, 2023), these, though informing the relationship between digitalization and efficiency, digitalization and innovation, in the context of internationalization, these need further exploration. Specifically, given that digital resilience influences transformation, it is important that its impact on internationalization and international firm performance is examined.…”

Hey brand, let me take a selfie to get you out of the crisis

“…E-tailing refers to electronic retailing that includes sales of products or services through online channels. The marketplace witnessed the customers' focus on experience-driven e-tailing, as the competition heated up and e-tailing marked a major striking boost (Sukumar et al. , 2023).…”

“…E-tailing refers to electronic retailing that includes sales of products or services through online channels. The marketplace witnessed the customers' focus on experience-driven e-tailing, as the competition heated up and e-tailing marked a major striking boost (Sukumar et al, 2023). E-tailing is an ultimate strategy adopted by renowned organizations during uneven situations and the luxury leisure and tourism industry followed the trend.…”