6. Discussion and conclusion This paper, while not conclusive, encourages a broader appreciation of the subtleties of risk decisions in dynamic, complex and often covertly interconnected context of e-business. It does not close the debate rather it acts as a starting point for further debate.This study makes four contributions to improving our understanding of technology risk within SMEs, using a psychometric approach to examining owner/manager perceptions relating to e-business/on-line risk.Its first contribution is to extend the more technically focussed studies of technology usage within SMEs, such as Levy et al. (2005)and Levy and Powell (2003). This paper emphases the importance of perception of risk in influencing technological investment decisions. It found that SMEs view security-related issues as their greatest threat, flowed by viruses and worms, and credit card fraud.