INDIAN SMBS MORE WORRIED ABOUT CYBER ATTACKS: STUDY

Small and medium-sized businesses (SMBS) in India are exposed, under attack, and more worried about cybersecurity threats than before, a study by Cisco titled Cybersecurity for SMBS: Asia Pacific Businesses Prepare for Digital Defense has said. The report highlights five recommendations for organisations of all sizes to improve their cybersecurity posture, given the ever-changing landscape. They include having frequent discussions with senior leaders and all stakeholders, taking a simplified, integrated approach to cybersecurity, staying prepared through real-world simulations, training employees, and working with the right technology partner. The good news is that SMBS are ramping up their investments in cybersecurity, with almost half of Indian SMBS doing so by over 5 per cent since the pandemic. Three in four SMBS in India suffered a cyber incident in the past year, resulting in 85 per cent losing customer information to malicious actors.

75% of SMBS that experienced an attack said it resulted in loss of customer data. Six in 10 SMBS that suffered an incident said it negatively impacted their revenue

62% of those that sustained cyber-attacks in India said these cost business ~3.5 crore or more; of these 13% say the cost was ~7 crore