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October 28, 2025
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June 30, 2026
Published
July 22, 2026
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Abstract

Purpose – This study aims to develop a vulnerability management model to enhance security capability in small and medium-sized enterprises (SMEs), particularly in safeguarding accounting data under resource constraints
Design/Methodology/Approach – This study employs a qualitative multi-case research design involving six SMEs in Surakarta, Indonesia. Data were collected through in-depth interviews, direct observations, and document analysis. Using inductive comparative logic and cross-case thematic analysis, the study identifies recurring governance patterns and develops a context-sensitive vulnerability management model grounded in empirical evidence across varying levels of resource constraints.
Findings – The findings reveal that vulnerability management effectiveness in SMEs is shaped by the integration of governance structures, managerial coordination, and organizational learning rather than by technological capability alone. The study identifies three distinct governance configurations across SMEs under varying levels of resource constraints: reactive centralization, vendor-dependent compliance, and institutionalized adaptive governance. The proposed model consists of four interconnected components: identification and detection, evaluation and prioritization, managerial decision integration, and HR awareness and continuous learning. These components operate through a continuous feedback mechanism that strengthens adaptive security governance and organizational resilience.
Research Limitations and Implications – This study is limited to six SME cases in Surakarta, Indonesia, which may restrict broader generalizability across industries and regions. Future research may apply quantitative or mixed-method approaches to validate and extend the proposed model across different organizational and institutional contexts.
Practical implications – The study provides a practical and cost-efficient framework for SMEs to strengthen accounting data security through structured vulnerability management, risk-based prioritization, internal governance coordination, and continuous security awareness practices.
Originality/Value – This study positions vulnerability management as a governance-oriented and learning-based organizational capability shaped by resource conditions, managerial integration, and adaptive organizational practices. The proposed model offers a context-sensitive approach for strengthening sustainable accounting data security governance in SMEs.

Keywords

Vulnerability Management Accounting Information Security SME Governance Resource Constraints Cybersecurity Capability

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Copyright (c) 2026 Anita Wijayanti, Massila Kamalrudin, Kartika Hendra Titisari, Werner R Murhadi

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Author Biographies

Massila Kamalrudin, Universiti Teknikal Malaysia Melaka (UTeM), Melaka, Malaysia

Professor Datuk Ts. Dr. Massila Kamalrudin is a distinguished academic leader and software engineering scholar at Universiti Teknikal Malaysia Melaka (UTeM), Malaysia. She holds the ORCID ID 0000-0003-4804-2042, which attests to her international research identity and publication record.

Since joining UTeM in April 2004, she has held the rank of Professor of Software Engineering, and in March 2022 she was appointed the fifth Vice-Chancellor of the university. Her career spans over two decades of academic and administrative leadership, including roles such as Deputy Dean, research coordinator, and Centre of Advanced Computing Technology manager, underscoring her broad experience in both teaching and institutional strategy.

Professor Kamalrudin’s research expertise lies primarily in software engineering—particularly in requirements engineering, software security readiness, global software development, and human-centric design of socio-technical systems. Her publications demonstrate rigorous methodological work and contribute significantly to both theory and practice. As a leader of a technical university, she is noted for her visionary and transformational approach emphasizing industry-university collaboration, postgraduate curriculum innovation, and aligning institutional strategies with Malaysia’s national aspirations in Industry 4.0 and sustainable development.  She is committed to mentoring the next generation of scholars and practitioners and continues to engage actively in research, governance, and educational reform. Her holistic approach combines academic excellence, strategic insight, and a passion for advancing applied technology education.

 

Kartika Hendra Titisari, Universitas Islam Batik Surakarta, Surakarta, Indonesia

Kartika Hendra Titisari, SE, M.Si, Akt, CA, CSRS, CSRA, is a senior lecturer and researcher at the Faculty of Economics, Universitas Islam Batik Surakarta (UNIBA), Indonesia. She is an active member of the Indonesian Institute of Accountants (IAI) and holds professional certifications in sustainability reporting and corporate responsibility (CSRS, CSRA). Her research interests lie in corporate governance, financial management, entrepreneurship, and sustainable business transformation.

Over the years, she has published and co-authored several academic papers focusing on the relationship between financial structure, corporate performance, and the implementation of sustainable and ethical business models among small and medium enterprises (SMEs) in Indonesia. Her work emphasizes the strategic integration of financial reporting, governance practices, and organizational sustainability in emerging market contexts.

Through her teaching, research, and community engagement, she actively contributes to strengthening financial literacy, corporate accountability, and entrepreneurial resilience in local business communities. Kartika is also committed to advancing the academic development of young scholars in accounting and management education, in alignment with UNIBA’s mission to promote research-based, ethical, and globally competitive education.

Werner R Murhadi, Universitas Surabaya, Surabaya, Indonesia

Dr. Werner R. Murhadi, SE, M.M., CSA, is a lecturer and researcher specializing in Financial Management, Strategic Leadership, and Business Transformation. He is affiliated with higher education institutions in Indonesia and is recognized for his research contributions in corporate governance, strategic decision-making, and organizational resilience.

His academic work primarily examines how financial structures, leadership strategies, and governance mechanisms influence business performance and sustainability, particularly in emerging markets. Through both quantitative and qualitative approaches, he has explored issues related to capital structure optimization, managerial decision effectiveness, and strategic adaptability in small and medium-sized enterprises (SMEs) and service-based industries.

Werner’s research emphasizes bridging theoretical insights and managerial practices, contributing to a deeper understanding of how strategic management and financial governance can support long-term competitiveness and value creation. Beyond research, he is actively engaged in academic mentoring and curriculum development, promoting innovation in management education and encouraging young scholars to integrate ethics, data-driven decision-making, and sustainability principles into business leadership.

His scholarly work aligns with Indonesia’s vision to strengthen entrepreneurial capacity, digital transformation, and transparency in governance in the business sector, reflecting a commitment to impactful and responsible research.

How to Cite
Wijayanti, A., Kamalrudin, M., Titisari, K. H., & Murhadi, W. R. (2026). A vulnerability management model for enhancing security governance capability in SMEs. Jurnal Siasat Bisnis, 30(2), 156–171. https://doi.org/10.20885/jsb.vol30.iss2.art2
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