The business development process involves exploring new opportunities, building and maintaining relationships with customers, forming strategic partnerships, as well as implementing strategies to increase profits. It affects every department of a business from marketing to human resources. This field is difficult because it requires constant vigilance to guard against cyberattacks that could disrupt systems or even cause them to fail and compromise data of businesses and organizations.
In the past decade cyberattacks have become more sophisticated as hackers attack more digital assets. Particularly, the scope of attacks increased due to bad actors focusing on monetization and profit. In the end, cybersecurity has vaulted up the list of priorities for many businesses. Implementing effective security technology is vital to the success of any business because of the risk of losing customers as well as lawsuits and fines from regulatory authorities.
However, the expense of adopting cybersecurity technology could be prohibitive for SMEs operating under budgetary constraints. This study aims to determine the internal and external factors affecting SMEs adopting cybersecurity technologies. A systematic review of the literature was conducted using Google Scholar and databases like EBSCO and ProQuest to identify relevant papers. To identify relevant studies, key terms such as cybersecurity or data breaches were searched for.
This study suggests that the perceived value and technological characteristics are the primary elements in SMEs adopting cybersecurity technologies. Furthermore, IT modularity, observability, and trialability are all positively connected with the use of cybersecurity technologies in SMEs.