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Cyber-Attacks Cost More Than 3.5 Crore To Two Out Of Every Three Indian SMBs Last Year: Cisco

36% of SMBs believe their cybersecurity measures are insufficient to identify or prevent an attack.

A new study by Cisco titled “Cybersecurity for SMBs: Asia Pacific Enterprises Prepare for Digital Defense” reveals that India’s small and medium-sized businesses (SMBs) are more vulnerable, under assault, and concerned about cybersecurity threats than ever before. 

“SMBs are recognising that any change, particularly one that enables them to meet customers where they are and develop trust, must begin with cybersecurity. However, because they frequently operate on a shoestring budget and with smaller teams, simplicity is critical for successful security deployments. Cisco is committed to assisting India’s small and medium-sized enterprises in streamlining and strengthening their threat response processes and ensuring the irrefutable safety of their employees, assets, and customers,” said Panish P K, Managing Director – Small Business, Cisco India & SAARC. 

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According to the report, three out of every four small and medium-sized businesses (SMBs) in India had a cyber event last year, resulting in 85% losing client information to bad actors and a noticeable impact on the company.

Over half (62%) of SMBs in India that have experienced cyber incidents in the last 12 months report that cyber-attacks have cost their organisations more than INR 3.5 crore. 13% of these claim to have cost more than INR 7 crore.

The study is based on an impartial, double-blind survey of over 3,700 business and IT leaders responsible for cybersecurity in 14 Asia Pacific markets.

Conquering fear through preparation

According to the report, SMBs encountered multiple avenues for attackers to access their networks. Malware assaults topped the list in India, affecting 92% of SMBs, followed by phishing (76%). In addition, 38% of those who had issues stated that the primary cause was a lack of cybersecurity solutions. Meanwhile, 36% cited the inadequacy of cybersecurity technologies to identify or prevent the attack as the primary reason.

However, SMBs are rising to the occasion. The survey notes that they are taking strategic initiatives to strengthen their cybersecurity posture, such as conducting simulation exercises.

Learn more about the global Cisco 2021 Security Outcomes Study for SMBs here

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Dr. Nivash Jeevanandam
Nivash holds a doctorate in information technology and has been a research associate at a university and a development engineer in the IT industry. Data science and machine learning excite him.

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