Integrating Cybersecurity Risk Management and Business Continuity of Family-Owned Businesses in Anambra State, Nigeria: A Conceptual Model.

Abstract

With the growing dependence on digital technologies and integrated systems, the contemporary business environment is becoming more susceptible to cyber threats, especially family-owned businesses which in most cases have loosely organized cybersecurity systems. Family-owned businesses in the Anambra State of Nigeria contribute to economic growth in the country, however, family-owned businesses in the developing economies are the most vulnerable to cyber-attacks and most times they operate informal structures which are not well equipped to survive external cyber threats. Affirming business continuity theory and protection motivation theory, cybersecurity risk management ensures business detects, evaluates, and reduce possible threats while maintain operations during and after disruptions.  Thus, this study is an effort to propose a cyber-resilience integration model to help family-owned businesses incorporate cybersecurity risk management into structures of business continuity and core strategy of organizational survival. With direct synthesis of relevant literature, this study postulates how cybersecurity risk management can be applied to business continuity planning amongst family-owned enterprises. In specific, it delineates risk identification, threat assessment, and incident response planning and recovery strategies contribution to business continuity of family owned enterprises. This paper offers useful information to business owners, policymakers, and researchers because it offered a guide to enhancing the preparedness of cybersecurity and the need to maintain sustainable business operations. This contribution is an important move towards making the family-owned businesses within emerging economies to be more resilient.