Socioeconomic benefits remain a key element in every business organization. With cybercrime in the clime, businesses always anchor their engagements with suspicion and cynicism in the guard to avoid being defrauded or manipulated by internet fraudsters. Previous studies on cybercrime and cyber-attack control have not been able to fully address the cyber-attacks on  small and medium scale businesses in Nigeria. Deviating from the conventional focus, this study examines the effect of cybercrime in socioeconomic development of small and medium scale businesses in Ogbete market of Enugu State. Both qualitative and quantitative methods of data collection were used in this study. The methods were divided into two: primary and secondary methods. The primary methods used were questionnaire and in-depth interviews. The questionnaire was used to gather quantitative data from 320 statistically determined respondents. The questionnaire consists of closed-ended and few open-ended questions. For the purpose of triangulation, the In-depth Interview (IDI) guide was designed for the qualitative aspect of the study. This was used to complement the quantitative instruments of data collection. The study found that business  organisations in Ogbete market have experienced hacking into their business accounts and online platforms. The study, therefore, recommends that businesses need to create security policies and practices. This includes establishing rules for password creation, access controls, and data sharing. It is also important to develop a data protection plan in case of a data breach. This should include procedures for notifying customers and authorities and containing the damage. Equally, since the employees play a crucial role in protecting businesses from cyber-attacks, educating business employees on best practices for cybersecurity is essential. This includes teaching them how to identify suspicious emails and links, how to create strong passwords, and how to recognize and report cyber threats.

Keywords: Business organizations, Cyber-attacks, Cyber-fraud, Internet, Socioeconomic development.