Digital transformation in SMEs: Identifying cybersecurity risks and developing effective mitigation strategies

Abstract

This study delves into the cybersecurity landscape for small and medium-sized enterprises (SMEs), focusing on identifying prevalent cybersecurity risks, evaluating existing mitigation strategies, and exploring the role of innovation and technology in bolstering cyber resilience. Employing a systematic literature review and content analysis, the research scrutinizes academic journals, industry reports, and government publications from 2015 to 2024, to gather insights into the cybersecurity challenges and strategies pertinent to SMEs. Key findings reveal that SMEs are particularly vulnerable to a range of cyber threats, including phishing, malware, data breaches, and ransomware, primarily due to resource constraints, lack of awareness, and inadequate cybersecurity measures. Effective mitigation strategies highlighted include the adoption of comprehensive cybersecurity policies, regular employee training, and the implementation of advanced technological solutions. The study predicts an increasing reliance on artificial intelligence and machine learning for threat detection, alongside a growing trend of collaboration between SMEs and cybersecurity firms. The research underscores the necessity for supportive policies and frameworks that encourage SMEs to strengthen their cybersecurity posture, recommending financial incentives and the development of SME-specific cybersecurity standards. Building a cyber-secure culture within SMEs, characterized by organizational commitment and regular awareness programs, is identified as crucial for enhancing cyber resilience. Finally, the study emphasizes the importance of cybersecurity for SMEs, offering strategic recommendations for navigating digital threats and suggesting avenues for future research, including the exploration of behavioral aspects of cybersecurity and the impact of emerging technologies.