Factors Influencing Cybersecurity Risk Among Minority-Owned Small Businesses

Abstract

Small businesses are increasingly becoming targets of cyberattacks. Minority-owned small businesses may face additional challenges when it comes to cybersecurity, due to factors such as limited resources and lack of awareness. Therefore, it is important to understand the specific factors that influence cybersecurity risk among minority-owned small businesses in order to develop effective strategies to protect them from cyber threats. This study aimed to identify the factors influencing cybersecurity risk among minority-owned small businesses. The variables examined were lack of resources, lack of awareness, use of outdated technology, limited training, and targeted attacks. A multiple regression analysis was conducted with a sample size of 252 minority-owned small businesses. The results showed that all of the variables were statistically significant in predicting cybersecurity risk. Lack of resources, lack of awareness, and use of outdated technology were found to be significant predictors of cybersecurity risk. Limited training and targeted attacks were also significant predictors. These findings suggest that minority-owned small businesses are vulnerable to cybersecurity risks due to a combination of factors, including limited resources, lack of awareness, outdated technology, and inadequate training. Therefore, it is important for small business owners to prioritize cybersecurity and invest in the necessary resources and training to protect their businesses from cyber threats.