ABSTRACT
The breakout of the COVID-19 pandemic has intensified the appearance of many additional technical knowledge risks in organizations. Cyber risks in particular are becoming a great challenge for organizations. At the same time, academic research on cyber risks, their costs, consequences and ability of overcoming them is still scarce and fragmented. In order to fill this gap, the paper is aimed to identify different types of cyber risks that organizations face and to examine the organizations' ability to handle those risks. The paper presents research results from a sample of 60 organizations, addressing questions such as: (i) What are the costs of cyber risks the organization has faced? (ii) What is the company ability to address these risks?, and (iii) What is the organization doing to minimize the impact of such risks? Data was collected by means of a questionnaire. This research study has allowed to identify the state of the art concerning cyber risks, which can bear severe consequences for organizations. The findings clearly show that not all organizations suffer from the same level of cyber risks but it is much related to their field of operations. Consequently, also the ability to manage these cyber risks is quite diversified among the examined companies. Research results are limited to a sample of 60 organizations and thus the findings should be taken with caution. The study provides useful insights for managers and owners of organizations in need of dealing with the cyber threats/attacks and other technical knowledge risks threatening their organizations. The paper is enriched with a number of sample solutions that they may apply to mitigate those risks.The paper lays the ground for a better understanding of technical knowledge risks, primarily cyber risks, to which organizations are increasingly exposed today. As such, the paper offers food for thought for researchers dealing with the topic of technical knowledge risks and organizational risk management in general. © 2022, Academic Conferences and Publishing International Limited. All rights reserved.
ABSTRACT
Purpose: Knowledge risks are increasingly becoming a great challenge to a variety of organizations. At the same time, academic research on such types of risks, their consequences, and potential ways of overcoming them is still scarce and fragmented. To fill this gap, the paper aims to find out do companies manage their knowledge risks, what are the possible knowledge risks they face and have they observed an increase of knowledge risks during the COVID-19 pandemic. The paper is aimed to present insights on different types of knowledge risks that organizations face, and the ways organizations handle them. The paper also proposes some potential countermeasures organizations might use to mitigate the consequences of knowledge risks. Methodology: The study presents the results of a quantitative survey performed among 60 professionals dealing with management and knowledge risks in organizations. In the study, the authors also have examined what tools and methods are used to manage these risks. The study also explores the level of readiness organizations have to address potential knowledge risks. Findings: The theoretical study has allowed us to identify a variety of knowledge risks, which can bear severe consequences for organizations, such as knowledge loss, knowledge leaking, knowledge hiding, or risks related to cybercrime. All these risks may potentially reduce the productivity in organizations, thus leading to the degradation of organizational performance. Research limitations: Research results are limited to the convenience sample that was selected for the study and thus may not give a comprehensive overview of the state of the art. Practical implications: The study provides useful insights for managers and owners of organizations in need of dealing with the knowledge risks in their organizations. The paper is enriched with a number of sample solutions that they may apply for the sake of their organization. Originality/value: The paper lays the ground for a better understanding of the knowledge risks that organizations need to face nowadays. As such, the paper offers food for thought for researchers dealing with the topic of knowledge risks, knowledge management, and organizational risk management in general. © The Authors, 2021. All Rights Reserved.