Business Development and Cyber Technologies

The business development process involves exploring new opportunities, developing and maintaining relationships with customers, forming strategic partnerships, as well as implementing strategies that boost profits. It affects every department within a company from human resources to marketing. This field is especially challenging because it requires vigilance against cyberattacks, which can disrupt or even destroy systems and compromise the data of companies and organisations.

The past decade has seen a steady increase in the sophistication of cyberattacks with hackers focusing on more digital assets. Particularly, the scope of attacks increased because bad actors were focused on monetization and making money. In the end, cybersecurity has vaulted up the priority list of numerous companies. The threat of losing customers’ loyalty, lawsuits and fines from regulatory authorities has made the introduction of effective security innovating customer engagement through digital channels technologies essential to corporate success.

However, the expense of adopting cybersecurity technology could be prohibitive for SMEs which are operating within tight financial constraints. This study seeks to determine the external and internal factors that affect SMEs using cybersecurity technology. A systematic literature review was conducted using Google Scholar and databases like EBSCO and ProQuest, to identify relevant studies. To identify relevant studies, key phrases such as cybersecurity and data breaches were searched for.

This study suggests that the characteristics of technology and perceived value are the primary factors that determine a cybersecurity technology’s adoption in SMEs. Furthermore, IT modularity, observability and trialability are all positively associated with the use of cybersecurity technologies in SMEs.

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