Historically, SMEs have been perceived by cybercriminals as more vulnerable targets, primarily due to their often limited resources in cybersecurity. This perception places them at an elevated risk, underscoring the urgency to comprehend and address their risk perceptions. Economically, SMEs are pivotal, but despite their substantial contribution to the global economy, they often find themselves exposed to a myriad of cybersecurity threats. This research delves into the cybersecurity risk perceptions among SMEs, aiming to bridge the observed gap between the perceived escalating digital threats and its influence on their preparedness levels. Through a comprehensive survey, the study provides insights into SMEs’ engagement with cybersecurity training programs, the effectiveness of these initiatives, and the overarching factors influencing their risk perceptions. It also gages the level of cybersecurity risk awareness and assesses the effectiveness of existing training programs. The insights derived from this research have the potential to inform policy and regulatory frameworks. Such informed perspectives can lead to the creation of policies and regulatory guidelines, specifically tailored to buttress cybersecurity within this critical sector.