The process of developing a business involves exploring new opportunities, establishing and maintaining relationships with customers, forming strategic partnerships, and coming up with strategies that boost profits. It impacts every department within a company from marketing to human resource. This field is challenging because it requires constant monitoring to prevent cyberattacks that can disrupt systems or even destroy them and compromise data of companies and organizations.
In the last decade cyberattacks have become more sophisticated as hackers target more digital assets. The severity of attacks increased as criminals attempted to make money and monetize. In response, cybersecurity has risen to the top of many companies’ list of priorities. Implementing effective security technologies is essential for corporate success due to the possibility of losing customers or lawsuits, as well as fines from the regulatory system.
The cost of adopting cybersecurity technologies can be prohibitive for SMEs who operate under tight financial constraints. This study aims at identifying the internal and external factors that influence SMEs adopting cybersecurity technology. A systematic literature review was conducted, using Google Scholar and databases like EBSCO and ProQuest, to identify relevant papers. To locate relevant studies, key terms such as cybersecurity and data breaches were searched for.
This study reveals that perceived usefulness and technological characteristics are the most important factors that influence SMEs’ adoption of cybersecurity technologies. Additionally, IT modularity, observability and trialsability are all positively linked with the adoption of cybersecurity technologies in SMEs.
