Cybersecurity challenges for Indian MSMEs

Overview

The advancement in digital technologies has transformed businesses and processes across the globe. More importantly, the shift towards adopting digital technologies is prominent in developing countries, such as India. The digital economy contributes about 14 percent to India’s gross domestic product (GDP) and is expected to grow up to 20 percent by 2024. Similarly, digital adoption by the people has been growing at an unprecedented rate in all the country’s regions. More importantly, the move towards digital technologies and tools has been significantly accelerated due to the COVID-19 pandemic. All of these are sustained by an infrastructure called cyberspace, a connected internet ecosystem. As in the offline world, the internet ecosystem also has its vulnerabilities and threats called cyber threats. These vulnerabilities and threats affect individuals and enterprises, causing them losses of billions of dollars globally. To this end, cybersecurity strives to protect systems, including networks, applications, and resources, from cyber threats and cyberattacks.