The impact of cybersecurity on SMES in Edo State, Nigeria

In an era of escalating cyber threats, the vulnerability of Small and Medium-sized Enterprises (SMEs) to cybersecurity risks is alarming. This research x-rayed the impact of cybersecurity on SMEs in Edo State, Nigeria. The study unveiled the prevailing state of cybersecurity awareness, practices and incidents among SMEs in Edo State. The study used stratified sampling to select one hundred (100) SMEs in Edo State and structured questionnaire was designed and distributed to them. The focal areas were adoption of cybersecurity technologies, risk assessment practices, vulnerabilities faced by these enterprises, the implications of cybersecurity incidents on financial stability, reputation and business continuity. The findings revealed that over a quarter of the sampled SMEs were victims of cybercrimes. SMEs remain unaware of IT security incidents as victimized SMEs avoid spreading the news to prevent further damage to their reputation. Recommendations were made to strengthen cybersecurity resilience within Edo State SMEs, as well as policy considerations in order to empower enterprises to safeguard their operations against evolving cyber risks.