“…Moreover, the effects that IT security investments have on reducing the incidence of data security breaches over time were analyzed (Angst et al 2017). Methods and models for evaluation have been suggested, for instance, by Bistarelli et al (2012), Bodin et al (2005), Cavusoglu et al (2004), Chou et al (2006), Cremonini & Martini (2005), Jing (2009), Locher (2005), Sheen (2010) and Wang et al (2011). Several metrics have been introduced to measure improvements in the overall organizational performance rooted in information security investments, for example, metrics that quantify the Return On Security Investment (ROSI), e.g., Anderson et al (2008), Gordon & Loeb (2002a), the Internal Rate of Return (IRR), e.g., Buck et al (2008) and Wawrzyniak (2006), Net Present Value (NPV), e.g., Eisenga et al (2012) and Sheen (2010), Annual Loss Expectancy (ALE), e.g., Cremonini & Martini (2005) and Tanaka et al (2005) or Cumulated Abnormal Return (CAR), e.g., Andoh-Baidoo & Osei-Bryson (2007) and Campbell et al (2003).…”