Risk orientation in testing is an important means to balance quality, time-tomarket, and cost of software. Especially for small and medium enterprises (SME) under high competitive and economic pressure, risk orientation can help to focus testing activities on critical areas of a software product. Although several risk-based approaches to testing are available, the topic has so far not been investigated in the context of SME, where risks are often associated with business critical issues. This article fills the gap and explores the state of risk orientation in the testing processes of SME. Furthermore, it compares the state of risk-based testing in SME to the situation in large enterprises. The article is based on a multiple case study conducted with five SME. A previous study on risk-based testing in large enterprises is used as reference for investigating the differences between risk orientation in SME and large enterprises. The findings of our study show that a strong business focus, the use of informal risk concepts, as well as the application of risk knowledge to reduce testing cost and time are key differences of risk-based testing in SME compared to large enterprises.