Cybersecurity Risk Management in Small and Medium-Sized Businesses

Valentin Tsoy; Artem Kikot; Elena Kochetkova; Roman Vodolazhenko

doi:10.12737/2587-9111-2026-14-2-67-79

UDC

338.2 33

CSCSTI

06.81

Russian Classification of Professions by Education

10.02.01

Russian Trade and Bibliographic Classification

7837

Russian Library and Bibliographic Classification

6529

BISAC

BUS033070

CYBERSECURITY RISK MANAGEMENT IN SMALL AND MEDIUM-SIZED BUSINESSES Cybersecurity Risk Management in Small and Medium-Sized Businesses

АА Аа

Published in Scientific Research and Development. Economics · Pages 67–73 · Rubric: Management

DOI: https://doi.org/10.12737/2587-9111-2026-14-2-67-79

Received: 10.02.2026 Accepted: 27.03.2026 Published: 17.04.2026

Authors

Valentin Tsoy

Artem Kikot

Elena Kochetkova

Roman Vodolazhenko

Valentin Tsoy

Academic degree: candidate of economic sciences

Synergy University

Artem Kikot

Synergy University

Elena Kochetkova

Synergy University

Roman Vodolazhenko

Synergy University

ABSTRACT

The article solves the scientific problem of analyzing approaches to solving the problem of cybersecurity risk management in small and medium-sized businesses (SMEs). The presence of a significant problem field of research, despite the presence of a significant number of cybersecurity incidents, raises the issue of expanding research practices and finding areas for further work on developing solutions to respond to the onset of risky events. The purpose of the article is to model the cybersecurity risk management process in order to achieve strategic goals and ensure the achievement of key performance indicators for small and medium-sized businesses (SMEs). The designated goal is decomposed into the following tasks: research of approaches to cybersecurity risk management, analysis of empirical and practical data on cyber risks, identification of relevant measures for managing cyber risks for SMEs, development of recommendations for improving the effectiveness of risk management for SMEs and directions for studying various aspects of analyzing their effectiveness and investing in such risk management systems. The author's contribution consists in the fact that with the help of an empirical analysis of cyber risk management in SMEs based on research materials, as well as an analysis of trends characterized by scientists and researchers in the field of cyber risks, conclusions were drawn about the list of relevant areas for the formation of cyber risk management systems. The article will be of interest to anyone who is engaged in cyber risk management in small and medium-sized organizations in practice.

KEYWORDS

cyber risks, SMEs, small enterprises, risk management, cybersecurity risks

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Editor-in-Chief

Leonid Basovskiy

basovskiy@mail.ru

Executive Editor

Dar'ya Sklyankina

501@infra-m.ru

executive Secretary

Irina V. Savina

isavina13@rambler.ru

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GOST

Tsoy V. V., Kikot A. V., Kochetkova E. A., Vodolazhenko R. A. Cybersecurity Risk Management in Small and Medium-Sized Businesses // Scientific Research and Development. Economics. 2026. no. 2. pp. 67-73. DOI: https://doi.org/10.12737/2587-9111-2026-14-2-67-79. (Date of access 16.09.2026).

MLA

Valentin Tsoy, Kikot A. V., Kochetkova E. A., Vodolazhenko R. A.. "Cybersecurity Risk Management in Small and Medium-Sized Businesses." Scientific Research and Development. Economics 14.2 (2026): 67-73. DOI: https://doi.org/10.12737/2587-9111-2026-14-2-67-79.

APA

Tsoy V. V., Kikot A. V., Kochetkova E. A., Vodolazhenko R. A. (2026). Cybersecurity Risk Management in Small and Medium-Sized Businesses. Scientific Research and Development. Economics, 14(2), 67-73. https://doi.org/10.12737/2587-9111-2026-14-2-67-79

Chicago

Valentin Tsoy, Kikot A. V., Kochetkova E. A., Vodolazhenko R. A.. "Cybersecurity Risk Management in Small and Medium-Sized Businesses." Scientific Research and Development. Economics 14, no. 2 (2026): 67-73. https://doi.org/10.12737/2587-9111-2026-14-2-67-79.

WIKI

{{cite journal | author = Tsoy V. V., Kikot A. V., Kochetkova E. A., Vodolazhenko R. A. | title = Cybersecurity Risk Management in Small and Medium-Sized Businesses | journal = Scientific Research and Development. Economics | year = 2026 | volume = 14 | issue = 2 | pages = 67-73 | doi = 10.12737/2587-9111-2026-14-2-67-79 }}

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CYBERSECURITY RISK MANAGEMENT IN SMALL AND MEDIUM-SIZED BUSINESSES Cybersecurity Risk Management in Small and Medium-Sized Businesses

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