Cybersecurity: sensitive for small businesses and critical for all

Cyber security is a critical economic and security challenge we face today. According to research, sixty-one per cent of small businesses have reported at least one attack within the last twelve months, and forty-three per cent of overall data breaches involved a small or medium-sized business.

To discuss “Are small businesses adopting cyber security best practices”, Ruchiraa Sharma from Moneycontrol in association with Dell Technologies spoke to Mr Ajit Pillai, Regional Director - APAC Morphisec, Mr Ranjeet Bellary, Associate Partner, Forensic & Integrity Services, EY, Mr Raj Sivaraju, President of APAC, Arete and Mr, Adnane Alaoui, Sales Engineering Director, Small Business- EMEA & APJ, Dell Technologies.

Mr Ajit Pillai, Regional Director - APAC Morphisec, called out the myth that cyber-attacks are intended only for large enterprises. Awareness of data in the system and handling it appropriately is crucial. Many links make the chain of cyber safety and include passwords, updating software regularly, and training staff on how to spot phishing emails. Modern threats require modern technology, and keeping abreast with what's been happening right across can help.

Mr Ranjeet Bellary, Associate Partner, Forensic & Integrity Services, EY, says, “the primary motive of the attackers is to access and use critical data in an organisation. This is why having controls in place to safeguard the data is important. In 2021, more than 70% of cyber attacks targeted small and medium businesses. Lack of sensitivity to data and data governance can prove to be fatal. Just like trying to take care of your health, guarding against cyber threats is a continuous exercise. “Don't look at security purely as compliance, look at it as part of your business day-to-day,” he advises.

Arete is a global cyber risk company. They work with organizations to prepare for and respond to cybercrime. Raj Sivaraju, President of APAC, Arete, says, “we are handling anywhere between 80 to 100 cases every month”. That tells the depth of the situation. Many solution providers are looking at SMB as a priority. Ransomware is the leading cyberattack mechanism for threat actors targeting small and medium organisations. He cautions, “Cyber security affects all of us. There are a lot of solutions available in the market to ensure we are prepared for it, but it starts with us as users.”

Adnane Alaoui, Sales Engineering Director, Small Business- EMEA & APJ, Dell Technologies, pointed out, “The more you get online, the business becomes more open to attacks and risks.  Small businesses have worse consequences than large businesses, it may even cost them to go out of business.” Dell Technologies have hosted several awareness and education initiatives. Cyber threat is a 360-degree problem that can come from anywhere. Security is just as important as the business plan, and setting aside a budget to do at least one annual assessment was suggested.

Cybersecurity is critical for all businesses, it is more critical for small businesses, the roundtable concluded. Small businesses must prioritise and then reprioritize their cybersecurity and data governance practices. There are a lot of solutions available in the market that ensure businesses are protected, but the effort starts with us as users.

Watch the webinar here

Moneycontrol journalists were not involved in the creation of the article.