The protection of information technology (IT) has become and is predicted to remain a key economic challenge for organizations. While research on IT security investment is fast growing, it lacks a theoretical basis for structuring research, explaining economic-technological phenomena and guide future research. We address this shortcoming by suggesting a new theoretical model emerging from a multi-theoretical perspective adopt-ing the Resource-Based View and the Organizational Learning Theory. The joint appli-cation of these theories allows to conceptualize in one theoretical model the organiza-tional learning effects that occur when the protection of organizational resources through IT security countermeasures develops over time. We use this model of IT security invest-ments to synthesize findings of a large body of literature and to derive research gaps. We also discuss managerial implications of (closing) these gaps by providing practical ex-amples.