A Strategic Review of Cybersecurity Threats and Mitigation Strategies in Small and Medium-Sized Enterprises which Focus on Ransomware and Data Breach Risks

The current study focuses on the impact of cyberattacks, specifically ransomware, and data breaches on small and medium enterprises (SMEs) owing to their increasing prevalence, as well as cyberattacks in general. Defining the role of SMEs in the global economy as extremely critical, and taking into account the fact that they are financially unstable and lack the technical know-how required to tackle contemporary cyberattacks, the study looks into the lack of cyber awareness as a principal obstacle along with the over-reliance on third parties, and the lack of adequate protective systems. Framing the study around qualitative secondary data and thematic analysis, the study aims to identify patterns in the vulnerabilities of an SMEs - cycle, and assess the mitigation of the patterns through a range of methods including employee training, obtaining cyber insurance, and the adoption of technologies. The findings indicate the pressing necessity to allocate additional funds, to utilize and implement technological systems, to improve the systems of growth, and to implement the adaptive systems as means for cyber resilience. The study aims to cyber risks.