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Corporate cybersecurity risk and data breaches: A systematic review of empirical research

Author

Listed:
  • Chelsea Liu

    (Adelaide Business School, The University of Adelaide, Adelaide, SA, Australia)

  • Muhammad Ali Babar

    (School of Computer Science, The University of Adelaide, Adelaide, SA, Australia)

Abstract

Cybersecurity constitutes a major concern for corporations. Given the disciplinary barriers that fragment existing research on cybersecurity, we conduct a systemic review of 203 empirical studies on the determinants and consequences of corporate cybersecurity risk across 12 disciplines. By consolidating multidisciplinary research, we develop a novel framework mapping the inter-relationships between the drivers of cybersecurity risk, impacts of cyberattacks, and potential feedback mechanisms enabling firms to learn from breaches to improve cybersecurity outcomes. We provide a taxonomy of both cybersecurity risk factors and impacts of cybersecurity breaches. Our study provides valuable insights to executives, investors, and regulators by enhancing risk awareness and enabling industry practitioners and policymakers to harness the power of academic research to strengthen corporate cybersecurity resilience. JEL Classification: G30, G32, D81, D62, J24 .

Suggested Citation

  • Chelsea Liu & Muhammad Ali Babar, 2026. "Corporate cybersecurity risk and data breaches: A systematic review of empirical research," Australian Journal of Management, Australian School of Business, vol. 51(1), pages 62-92, February.
    • Handle: RePEc:sae:ausman:v:51:y:2026:i:1:p:62-92
    DOI: 10.1177/03128962241293658
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    References listed on IDEAS

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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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