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

Sukumar, Arun; Mahdiraji, Hannan; Jafari-Sadeghi, Vahid

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


Authors

Arun Sukumar

Hannan Mahdiraji

Vahid Jafari-Sadeghi



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 e-tailers 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.

Citation

Sukumar, A., Mahdiraji, H., & Jafari-Sadeghi, V. (2023). Cyber risk assessment in small and medium-sized enterprises: A multilevel decision-making approach for small e-tailors. Risk Analysis, 43(10), 2082-2098. https://doi.org/10.1111/risa.14092

Journal Article Type Article
Acceptance Date Dec 7, 2022
Online Publication Date Jan 10, 2023
Publication Date Oct 31, 2023
Deposit Date Mar 2, 2023
Publicly Available Date Mar 28, 2024
Journal Risk Analysis
Print ISSN 0272-4332
Electronic ISSN 1539-6924
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 43
Issue 10
Pages 2082-2098
DOI https://doi.org/10.1111/risa.14092
Keywords SMEs; E-tailers; Cyber risk; Cybersecurity; MCDA
Public URL https://uwe-repository.worktribe.com/output/10281324

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