Application of Balance Scorecard as a Strategic Management and Performance Measurement Tool for Cyberfraud Mitigation

The process of cyberfraud mitigation necessitates performance measurement of the mitigation strategies vis-à-vis the organisation’s goal of cyberfraud mitigation. Thus, the purpose of this study is to demonstrate the application of balance scorecard as a strategic management and performance measurement tool for cyberfraud mitigation. First, the performance measures of the four BSC perspectives were identified and and weights were allocated to the perspectives based on their relative importance. Secondly, each score card was designed to include the performance measure, weight, the target, stretch and actual performance as well as the score and the code for each performance measured. Thereafter, the actual results which represents the real performance of the measure were simulated because of inability to obtain direct measurement. The simulated results were compared with the target and the stretch results, thus, the score of the performance measure were be calculated by interpolation modeling and a code will be allocated based on the calculated scores. This study therefore provides a practical guideline on how to allocate weights, and compute the score for the four perspectives of BSC.