The process of developing a business involves finding new opportunities, maintaining and developing relationships with customers as well as forming strategic partnerships and creating strategies to improve profits. It affects every department in a firm, from marketing to human resources. The field is particularly challenging because it requires vigilance to protect against cyberattacks, which can disrupt or even destroy systems and also compromise the data of companies and organizations.

In the last 10 years, cyberattacks have become more sophisticated as hackers target more digital assets. Particularly, the scope of attacks grew because bad actors were focused on monetization and profit. As a result, cybersecurity has vaulted up the list of priorities for many businesses. Implementing effective security technologies is vital to the success of any business due to 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 tight financial restrictions. This study aims at identifying the internal and external factors that influence 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 papers. Key words like cybersecurity data breaches, threat modeling risk assessment, TOE framework, and organizational performance were used to locate studies.

This study indicates that the perceived utility and technological characteristics are the primary factors that influence SMEs’ adoption of cybersecurity technologies. Additionally, IT modularity and observability are strongly associated with cybersecurity technology adoption in SMEs.

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