IMPACT OF CYBERCRIME ON SELECTED SMALL AND MEDIUM ENTERPRISES (SMEs) IN THE FEDERAL CAPITAL TERTIARY (FCT)

Abstract

The internet brings so many opportunities for economic, social, and other activities. On the other hand, internet activities have created cybercrimes which have been a major challenge to the business environment, especially the small and medium enterprises. Therefore, this study examined the impact of cybercrimes on small and medium enterprise's activities in the Federal Capital Tertiary (FCT). The study used structured questionnaires, a population of two thousand, eight hundred and twenty-five (2825) Small and Medium Enterprises (SMEs) in Federal Capital Tertiary, and a sample size of three hundred and fifty (350). The study used the mean of descriptive analysis and Statistical Package for Social Science (SPSS) for the estimation of the mean values of the cybercrime indicators (Hacking and Spamming cybercrimes (HSC), Cyber Theft and Identity Theft Cybercrimes (CTITC), Financial Fraud and Laundering Cybercrimes (FFLC) and Website Cloning Cybercrimes (WECC)). However, the mean ratings of the various responses were calculated and were used to answer the research questions. The mean of 1, 2, 3, and 4 is 2.50 for this study; a mean rating of 2.51 or above was regarded as significant while a mean rating less than 2.50 was regarded as insignificant in explaining the changes in the variables under study. Also, the study findings revealed that hacking and spamming cybercrimes (HSC), cyber theft and identity theft cybercrimes (CTITC), financial fraud and laundering cybercrimes (FFLC) and website cloning cybercrimes (WECC) have a negative impact on Small and Medium Enterprises (SMEs) activities in Federal Capital Tertiary (FCT). Therefore, the study recommended that the government and all concerned agencies should design measures in controlling and preventing hacking, spamming, financial fraud, and laundering cybercrimes since these are the major cybercrimes affecting SME activities. And also, there need for increased literacy for SMEs to mitigate against hacking, spamming, financial fraud, laundering, and website cloning