Business Excellence, Vol. 15 No. 2, 2021.
Review article
https://doi.org/10.22598/pi-be/2021.15.2.87
MANAGING SECURITY RISKS IN INTERNATIONAL BUSINESS
Nikola Brzica
orcid.org/0000-0001-9475-1793
; Business Security Academy, Zagreb, Croatia
Ivana Brzica
; Doctorate student, Faculty of Economics and Business, Zagreb, Croatia
Abstract
This paper examines the existing theory of risk management in international
business, as well as the effects that the globalization and digital transformation have on
the development of contemporary security risks. Besides the analysis of the key elements
of globalization and digital transformation, this paper points out that the imperative for
success in international business is a systematic approach to security risks, and the new
categorization of risks in international business. While the pandemic has provided an
impetus for the rapid and widespread adoption of digital technologies, it has also created
new opportunities for hostile threat actors leading to an increase in cybercrime and thus
reinforced the demand for robust and responsive security measures. The paper argues
that more now than ever, there is a burning need to address the problem of security risks
properly. Initial efforts to address these risks have sought to include the aforementioned
security risks in existing risk mitigation practices and to address them through existing
business risk processes, but it has become evident that success risk mitigation requires
new and adapted approach. The authors present the review of existing theory of security
analysis and propose the new categorization of risks in international business to include
security risks. Security risks include, but are not limited to threats such as loss of data
and intellectual property, fraud, disruption of business processes, and the possible
endangerment of the physical security of both employees and assets.
Keywords
international business; e-commerce; security risks; risk management
Hrčak ID:
266889
URI
Publication date:
10.12.2021.
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