Integrating cybersecurity risk management into strategic management: a comprehensive literature review

Abstract

Purpose- This literature review aims to delve into the nexus between cybersecurity risk management and strategic management, comprehensively exploring how organizations weave risk management strategies into their broader strategies to safeguard digital assets and infrastructure against the backdrop of ever-evolving cyber threats. Methodology- The review employs a qualitative methodology, synthesizing insights from a diverse selection of scholarly works encompassing cybersecurity, risk management, and strategic management. These insights are analyzed to unveil patterns and trends that highlight the integration of cybersecurity risk management within strategic organizational frameworks. Findings- The review uncovers a critical interdependence between cybersecurity risk management and strategic management, showcasing how organizations formulate proactive measures to mitigate cyber risks while aligning them with overarching strategic goals. It also underscores the role of organizational culture, leadership commitment, and technological advancements in shaping effective cybersecurity risk management strategies. Conclusion- The synthesis of scholarly findings accentuates the pivotal role of cybersecurity risk management in modern organizations. The review underscores the importance of fostering a strategic mindset towards cybersecurity, with a proactive approach that integrates risk management efforts within the broader organizational strategy. This not only shields digital assets but also promotes resilience, enabling organizations to thrive despite an increasingly dynamic and hostile digital landscape. Keywords: Strategic management, cyber security, cyber risks, risk management, organizational strategy. JEL Codes: M00, M10, M15