Strategic Cyber-Risk Implications of Cloud Technology Adoption in PDF
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Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2017 Strategic Cyber-Risk Implications of Cloud Technology Adoption in the U.S. Financial Services Sector Olatunji Mujib Arowolo Walden University Follow this and additional works at:http://scholarworks.waldenu.edu/dissertations Part of theBusiness Administration, Management, and Operations Commons,Databases and Information Systems Commons, and theManagement Sciences and Quantitative Methods Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please [email protected]. Walden University College of Management and Technology This is to certify that the doctoral dissertation by Olatunji Mujib Arowolo has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. Nikunja Swain, Committee Chairperson, Management Faculty Dr. Aridaman Jain, Committee Member, Management Faculty Dr. Branford McAllister, University Reviewer, Management Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2017 Abstract Strategic Cyber-Risk Implications of Cloud Technology Adoption in the U.S. Financial Services Sector by Olatunji Mujib Arowolo, CISA, CISM, CGIET, PCIP MS, University of Dallas, Irving, TX, 2007 BS, DeVry University, Irving, TX, 2003 BEng, University of Ado -Ekiti, Nigeria, 1999 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Applied Management & Decision Sciences Walden University November 2017 Abstract According to research, the risks of adopting new technology and the technological and organizational factors that influence adopting it are not clear. Thus, many financial institutions have hesitated to adopt cloud-computing. The purpose of this quantitative, cross-sectional study was to evaluate the cyber-risk implications of cloud-computing adoption in the U.S. financial services sector. The study examined 6 technological and organizational factors: organization size, relative advantage, compliance, security, compatibility, and complexity within the context of cyber-risk. Using a combination of diffusion of innovation theory and technology–organization–environment framework as the foundation, a predictive cybersecurity model was developed to determine the factors that influence the intent to adopt cloud-computing in this sector. A random sample of 118 IT and business leaders from the U.S. financial services sector was used. Multiple regression analysis indicated that there were significant relationships between the intent to adopt cloud-computing by the leaders of financial organizations and only 2 of the 6 independent variables: compliance risk and compatibility risk. The predictive cybersecurity model proposed in this study could help close the gaps in understanding the factors that influence decisions to adopt cloud-computing. Once the rate of cloud- computing adoption increases, this study could yield social change in operational efficiency and cost improvement for both U.S. financial organizations and their consumers. Strategic Cyber-Risk Implications of Cloud Technology Adoption in the U.S. Financial Services Sector by Olatunji Mujib Arowolo, CISA, CISM, CGIET, PCIP MS, University of Dallas, Irving, TX, 2007 BS, DeVry University, Irving, TX, 2003 BEng, University of Ado-Ekiti, Nigeria, 1999 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Applied Management & Decision Sciences Walden University November 2017 Dedication I dedicate this paper to my close and extremely supportive parents, who have played a major role in the development of my personality, ambition, and interests. I dedicated this dissertation to the memories of my deceased father, who remained the most self-motivated and ambitious person I know. He instilled in me perseverance, setting an example by his hard work and dedicated persona. Acknowledgments I would like to take this opportune moment to extend my heartfelt gratitude and love to my family - To Folasade Arowolo, my wife, thank you for your support and encouragement. To my children, Olamide Toreek Arowolo, Lolade Taofeek Arowolo, and my daughter, Bisola Azizat Arowolo. Thank you for sacrificing much of your play time for your dad’s achievement. My appreciation goes to my dissertation chair, Dr. Nikunja Swain, for his guidance and valuable insights starting from the Knowledge Area Modules (KAM) demonstration to completing this project. Special thanks go to Dr. Aridaman Jain, my research methodologist, for his input, constructive feedback and willingness to engage and mentor at all times. I also want to say a big thanks to Dr. Branford McAllister, the university reviewer, and all my other professors who have been part of this journey, and to my friends, coworkers and course mates for their encouragement. Table of Contents List of Tables .......................................................................................................................v List of Figures .................................................................................................................... vi Chapter 1: Introduction to the Study ....................................................................................1 Background of the Study ...............................................................................................3 Problem Statement .........................................................................................................8 Purpose of the Study ......................................................................................................9 Research Question and Hypotheses .............................................................................10 Theoretical Foundation ................................................................................................13 Nature of the Study ......................................................................................................14 Definitions....................................................................................................................16 Assumptions .................................................................................................................20 Scope and Delimitations ..............................................................................................20 Limitations ...................................................................................................................22 Significance of the Study .............................................................................................24 Significance to Theory .......................................................................................... 24 Significance to Practice......................................................................................... 24 Significance to Social Change .............................................................................. 25 Summary and Transition ..............................................................................................26 Chapter 2: Literature Review .............................................................................................28 Literature Search Strategy............................................................................................28 Theoretical Foundation ................................................................................................29 Diffusion of Innovation (DOI) Theory ................................................................290 i Characteristics of Innovation Diffusion ...............................................................296 technology–organization–environment Theory .....................................................43 Recent Use of the DOI Theory and TOE Framework in Cloud-computing Adoption Research ...........................................................................................44 Literature Review.........................................................................................................46 Cloud-computing .................................................................................................. 46 Cloud-computing Deployment Models................................................................. 48 Benefits of Cloud-computing Services ................................................................. 50 Use of Cloud-computing in the Financial Services Sector ................................... 52 Current Challenges with Using Cloud Platforms in the Financial Services Sector ........................................................................................................ 57 Critical Analysis of Inherent Risks of Cloud-computing to Financial Services ..................................................................................................... 58 Quantitative Research Relative to Cloud-computing Studies ............................... 63 Summary and Conclusions ..........................................................................................65 Chapter 3: Research Method ..............................................................................................68 Research Design and Rationale ...................................................................................68 Methodology ................................................................................................................72 Target Population for the Study ............................................................................ 72 Sampling and Sampling Procedures ..................................................................... 73 Procedures for Recruitment, Participation, and Data Collection .......................... 78 Pilot Study ............................................................................................................. 87 Instrumentation and Operationalization of Constructs ......................................... 88 ii Data Analysis Plan .................................................................................................89 Threats to Validity .......................................................................................................91 External Validity ................................................................................................... 92 Internal Validity .................................................................................................... 93 Ethical Procedures ...................................................................................................... 94 Summary ......................................................................................................................96 Chapter 4: Results ..............................................................................................................98 Pilot Study ....................................................................................................................98 Data Collection ............................................................................................................99 Research Questions and Hypotheses .........................................................................102 Participant Demographics ..........................................................................................104 Testing of Hypotheses 1-6 .........................................................................................105 Data Cleaning...................................................................................................... 107 Survey Instrument Reliability Analysis .............................................................. 108 Test of Normality ................................................................................................ 108 Multicollinearity ................................................................................................. 111 Results of Hypotheses 1-6 .................................................................................. 112 Exploratory Analysis .......................................................................................... 114 Summary ....................................................................................................................117 Chapter 5: Discussion, Conclusions, and Recommendations ..........................................120 Introduction ................................................................................................................120 Interpretation of Findings ..........................................................................................121 iii
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