Despite the continuous growth of cyberattacks, firms often struggle to strategically manage cybersecurity resources and capabilities to mitigate data breach risks. Existing research largely emphasizes security controls and regulatory frameworks while overlooking the strategic factors of data breaches. Drawing on the Knowledge-Based View (KBV) and Dynamic Capabilities View (DCV), we aim to examine how internal and external cybersecurity knowledge resources, employee centrality, proactive and preventive capabilities influence the likelihood of data breaches. Our findings are expected to provide insights for both literature and practice.