Investigating The Factors and Impact of Cybercrime on Small-To MediumSized Business (SMBs): Analysing risks, factors, and solutions

This study examines how cybercrime affects small and medium-sized businesses (SMBs) and recommends ways to make them more secure. The increasing prevalence of cyber threats and the vulnerability of SMBs in the current digital landscape highlight the importance of addressing cybersecurity challenges. The study aims to provide a comprehensive understanding of cybercrime against SMBs and develop a practical framework to mitigate these threats. The research employs quantitative research design with a survey-based approach. A sample of SMB owners, managers, and IT personnel was selected using purposive and stratified random sampling techniques. Data was collected through a structured questionnaire, and descriptive and inferential statistical techniques were used for data analysis. The research methodology ensures the validity and reliability of the findings. According to the research findings, phishing attacks are the most frequent cyber-threat to SMBs, followed by insider threats. Cybercriminals target servers as their main target, taking advantage of vulnerabilities like outdated software, weak passwords, and a lack of multi-factor authentication. Although preventive measures like multi-factor authentication and routine software upgrades are commonly used, SMBs still face difficulties due to a lack of funding, cybersecurity experience, and resources. These challenges call for recommended solutions which are carefully implemented based on the identified challenges. The study emphasises the importance of considering emerging threats, human factors, cybersecurity regulations, economic impacts, collaboration and information sharing, socio-cultural factors, supply chain risk, evaluation of cybersecurity frameworks, long-term impact of cyber incidents, and the role of automation and artificial intelligence in SMB cybersecurity. In conclusion, this study provides valuable insights into the factors and impacts of cybercrime on SMBs and proposes a practical framework to enhance their cybersecurity. The research contributes to ongoing efforts to protect SMBs from cyber threats and creates awareness among policymakers, industry practitioners, and researchers about the specific challenges faced by SMBs in the digital landscape. Implementing the proposed framework can help SMBs strengthen their cybersecurity resilience and mitigate insider threats. Future research in the identified areas can further enhance the understanding and support SMBs in navigating the evolving cyber threat landscape