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The process of business development involves finding new opportunities, maintaining and developing relationships with customers by forming strategic partnerships and establishing strategies to increase profits. It affects every department within a company from marketing to human resource. This field is particularly difficult because it requires constant monitoring of cyberattacks that can cause disruption or even destroy systems or the information of businesses and organisations.

In the last decade cyberattacks have become more sophisticated as hackers attack more digital assets. Particularly, the number of attacks grew as criminals focused on monetization and profit. This is why cybersecurity has been pushed to the top of the priority list of numerous companies. Implementing efficient security tools is vital to the success of any business due to the possibility of losing customers as well as lawsuits and fines from regulatory authorities.

The cost of adopting cybersecurity technologies can be prohibitive to SMEs that are operating under tight financial restrictions. This study aims to identify the internal and external factors that impact SMEs using cybersecurity technology. A systematic literature review was conducted, using Google Scholar and databases like EBSCO and ProQuest, to identify relevant articles. Key words like cybersecurity data breaches, threat modeling, risk assessment, TOE framework and organizational performance were used to find studies.

This study suggests that technological and perceived usefulness characteristics are the two most important elements in SMEs adopting cybersecurity technologies. Additionally, IT modularity and observability are strongly correlated with the adoption of cybersecurity technology in SMEs.