Effective cybersecurity risk management practices for small and medium-sized enterprises: A comprehensive review

Abstract

Small-to-medium-sized enterprises (SMEs) make up a significant portion of the economies of many nations. However, research shows that many companies fall short when establishing cyber security, making them vulnerable to assaults. In addition, while accounting for a sizable share of firms, studies on cyber security focus on SMEs. This study reviews the latest evaluation on the cyber security of SMEs, emphasizing how well this experiment aligns with the well-known National Institute of Standards and Technology (NIST) and Cyber Security Framework (CSF). The report begins by underlining the crucial necessity of cybersecurity in the digital era and the particular issues that SMEs confront. It emphasizes the financial and reputational dangers associated with cyber events, emphasizing the importance of solid cybersecurity procedures. The review investigates several cybersecurity risk management approaches, strategies and frameworks, providing insights into their relevance and efficacy in the context of SMEs. We discovered that study in SME cyber security is sophisticated and specialized attention on the NIST and CSF recognize as well as defend tasks, with minimal effort spent on the other current activities. SMEs should be equipped to detect, react to, and recover from cybercrime. SMEs might not have appropriate information on responding to such occurrences if research in these areas is pathetic. In future studies in SMEs, there needs to be an excellent equilibrium in cyber security. Scholars ought to use firm, proven mathematical methods to improve and test their work, yet governments and academia are urged to invest in providing researchers with incentives to broaden their research horizons.