The global network threat is becoming more and more serious, and network security vulnerability management has become one of the critical areas in the national information security emergency system construction. To guide the third-party sharing platforms regarding network security vulnerability management, this work constructs a signal game model comprising third-party vulnerability sharing platforms and software vendors for vulnerability collaborative disclosures. In addition, we analyze the game strategy selection and its influencing factors. The results show that there are two perfect Bayesian equilibria, including separation equilibrium and mixed equilibrium, due to the incomplete lines of information disclosure. The equilibrium state is mainly based on the compression time of the protection period and the existence ratio of the software vendors who develop the patches in the market. This work puts forward some suggestions in terms of the protection period, reputation loss, and relevant laws and regulations.

In the domain of information security outsourcing, the multi-stage game-theoretic decision-making process, intertwined with moral hazard and dynamic strategy adjustments, significantly impacts the long-term collaboration between the principal (outsourcing enterprise) and the contractor (Managed Security Service Provider—MSSP). This paper conducts a comprehensive analysis of these aspects within information security outsourcing partnerships. A multi-stage game model incorporating moral hazard is constructed to meticulously examine the strategic behaviors and expected revenue fluctuations of both parties across different cooperation stages. Through in-depth model derivation, the impacts of service fees, cooperation-stage progression, and long-term cooperation on expected revenues are explored, and crucial managerial recommendations are proposed. Enterprises need to flexibly adjust cooperation strategies, fully consider the influence of service fees on long-term benefits, and attach importance to long-term cooperation. Specifically, dynamic strategy adjustments can effectively address the changing risks in the outsourcing process. An appropriate increase in service fees can enhance information security defense effectiveness, while excessive fees may have the opposite effect. Long-term cooperation is beneficial for both the principal and the MSSP, promoting the stability and sustainability of the partnership. As the cooperation advances, the principal’s expected revenues increase gradually, necessitating strategic adjustments based on stage-specific income changes. Simulation analyses validate the key conclusions, demonstrating the model’s effectiveness and robustness in practical applications. This research provides a solid theoretical basis and practical guidance for enterprises in information security outsourcing decision-making, enabling them to better manage moral hazard and optimize the long-term value of outsourcing collaborations.

Increasing environmental degradation has forced policymakers to include sustainability in the economic growth agenda. Green finance has attracted the attention of policymakers and the industry, but the impact of green finance on social and environmental sustainability has not been confirmed. This study using the panel data of 30 Chinese provinces to investigate the relationship between green finance and environmental degradation. The fuzzy set qualitative comparative analysis (fsQCA) method is utilized for analyzing the mixed effect of green finance on the patch release behavior of CO₂ emissions. These factors include vulnerability severity level, attention degree, quantity impact and attack path. The results show that exogenous demand factors including attention and attack type have auxiliary effects when endogenous demand factors including severity and popularity exist as the core antecedent conditions among green finance and environmental degradation. Finally, the policymakers should encourage financial technology to actively participate in environmental protection initiatives that promote green consumption while minimizing the systemic risks caused by financial technology.