“…And so, according to The Institute of Risk Management (2018), cyber risk is defined as “any risk of financial loss, disruption or damage to the reputation of an organization from some sort of failure of its information technology systems” (The Institute of Risk Management, 2018). Thus, managing cyber risk comprises many forms such as the utilization of cybersecurity protection for vulnerability mitigation (Bokan & Santos, 2021; Ranganayaki et al., 2021), understanding cyber risk losses on a network (see, e.g., Acemoglu et al., 2016; Santos et al., 2007), cyber‐insurance for minimizing the consequential financial risk (Federal Financial Institutions Examination Council, 2018; X. Zhang et al., 2023), and the use of risk management frameworks for risk identification and assessment (Meszaros & Buchalcevova, 2017; Millar, 2016; Paté‐Cornell et al., 2018; Rios Insua et al., 2021).…”