Business Development and Cyber Technologies

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The process of developing a business involves looking for new opportunities, building and maintaining relationships with customers, creating strategic partnerships, and coming up with strategies to increase profits. It affects virtually every department in a firm from marketing to human resources. This is a challenging field due to the constant need to guard against cyberattacks that could disrupt systems or even cause them to fail and compromise data of companies and organizations.

In the last decade cyberattacks have become more sophisticated as hackers seek to target more digital assets. In particular, the scale of attacks grew as bad actors focused on monetization and profits. As a result, cybersecurity has been pushed to the top of the list of priorities for many businesses. Implementing effective security measures is crucial for the success of your business because of the risk of losing customers, lawsuits, and regulatory fines.

However, the expense of implementing cybersecurity technology can be prohibitive for SMEs which are operating within tight financial restrictions. This study is aimed at identifying the external and internal factors affecting SMEs in their adoption of cybersecurity technologies. A systematic literature review was conducted, using Google Scholar and databases like EBSCO and ProQuest to find relevant articles. To find relevant studies, key phrases such as cybersecurity and data breaches were searched for.

This study suggests that technological attributes and perceived utility are the most important factors that determine the adoption of cybersecurity technology in SMEs. Further, IT modularity and observability are positively associated with the adoption of cybersecurity technology within SMEs.

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