Cybercrime Risks and Solutions for Small and Medium-Sized Businesses (SMBs)

Abstract

The increasing prevalence of cybercrime poses significant challenges to small businesses, which often lack the resources and expertise to effectively manage their cybersecurity risk. This chapter investigates the potential of cybersecurity communities of practice (CoPs) as a viable solution to support small businesses in addressing these challenges and mitigating the risks associated with cybercrime. By participating in CoPs, small businesses can pool resources, share knowledge, and develop innovative strategies to tackle cybersecurity challenges. The collaborative nature of these communities enables small businesses to leverage collective knowledge and experiences, obtain unique insights from experts across diverse disciplines, and receive invaluable feedback from peers. In conclusion, the chapter argues that cybersecurity CoPs can play a vital role in enhancing the cybersecurity practices of small businesses, reducing cybercrime costs, and ultimately strengthening their overall cybersecurity risk management.