Omowunmi Osholeye, a corporate banker and researcher on digital finance and cybersecurity, has asserted that the growth and survival of SMEs in today’s digital economy depend on integrating strong cybersecurity measures into their operations.
Disclosing this recently in a press briefing, she underscored the growing cyber threats facing SMEs.
Osholeye, who in 2021 published ‘The Growth of Digital Currencies and the Impact of Cyber Risk,’ explained that cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs) are not speculative bubbles but represent “a significant shift reshaping the future of finance.”
According to her, the COVID-19 pandemic accelerated this shift as lockdowns forced businesses, trade, and payments online, making digital wallets and cashless services part of daily life.
She noted that for SMEs, this rapid transition opened new markets through faster transactions, but at the same time exposed them to cyberattacks.
“Technology alone cannot safeguard businesses. Most SMEs lack the funding and technical support needed to protect themselves, which makes them easy targets for cybercriminals,” Osholeye said.
Her warning comes as cybercrime continues to surge globally, rising in tandem with the adoption of digital financial systems. Phishing emails, ransomware, and impersonation scams have become dominant threats.
The Cybersecurity Breaches Survey confirms this trend, reporting phishing as the most frequent cybercrime targeting businesses.
Small firms, Osholeye added, are particularly vulnerable to impersonation attempts, with cybercriminals replicating staff emails or fabricating supplier invoices to steal funds.
“Digital currency adoption without cybersecurity measures is a dangerous trap,” she cautioned. “A business cannot scale if its cash flow is at risk from cyberattacks; similarly, a loan becomes worthless if ransomware drains a company’s accounts.”
Osholeye also argued in the statement that digital finance can significantly contribute to economic growth in emerging markets, but only if cybersecurity safeguards are built into financial systems from the ground up.
“Without these protections, the growth potential of digital currencies will be severely compromised,” she stated.
She pointed to practical steps SMEs can adopt, drawing attention to the UK National Cyber Security Centre’s Small Business Guide, which recommends simple but effective measures such as securing passwords, implementing two-factor authentication, and regularly backing up data.
Looking ahead, Osholeye highlighted that digital currencies, blockchain, AI-driven fintech platforms, and CBDCs will continue to shape the future of global finance. However, each technological advance also increases the exposure of SMEs to cybercrime.
She concluded by urging SMEs to take proactive steps to secure their digital infrastructure. Osholeye is a seasoned corporate banker and researcher whose work bridges development economics and digital security, with a focus on how emerging technologies shape financial growth and risk management.
