In the last year, more than 74% of small and medium-sized businesses have experienced a cyber incident: Cisco study

 Three in four (seventy four in line with cent) SMBs in India suffered a cyber incident in the beyond yr, resulting in 85 according to cent of them losing consumer facts to malicious actors, in addition to a tangible impact on business, said a have a look at carried out with the aid of Cisco, titled Cybersecurity for SMBs: Asia Pacific Businesses Prepare for Digital Defense.

The look at additionally mentioned that greater than half (sixty two according to cent) of SMBs in India that suffered cyber incidents in the beyond 365 days stated that cyber-assaults price their commercial enterprise greater than Rs three.Five crore. Of these, thirteen according to cent said that the price changed into over Rs 7 crore.

The observe is based on an unbiased, double-blind survey of over three,700 enterprise and IT leaders with cybersecurity responsibilities throughout 14 markets throughout the Asia Pacific place.

The survey highlighted that SMBs saw numerous methods in which attackers attempted to infiltrate their structures. In India, malware attacks, which affected ninety two in step with cent of SMBs, crowned the charts, accompanied by phishing (76 in line with cent%). Around 38 according to cent of those that suffered incidents said that the primary cause become no longer having cybersecurity answers. Meanwhile, 36 consistent with cent ranked cybersecurity solutions as now not being ok to detect or prevent the attack because the primary purpose.

Apart from the lack of purchaser statistics, SMBs that suffered a cyber incident also misplaced inner emails (73 consistent with cent), employee facts (seventy one consistent with cent), highbrow property (seventy four in keeping with cent), and economic records (seventy five according to cent). In addition, 73 in step with cent of those stated it disrupted their operations, seventy six according to cent admitted it negatively impacted their popularity, and extra than 1/2 (70 per cent) stated it led to a lack of customer believe.

However, SMBs are rising to the task. The look at highlights that they're taking strategic measures like wearing out simulation sports to enhance their cybersecurity measures.

"As they digitise, SMBs are embracing the fact that any transformation, especially one which lets in them to fulfill clients in which they're and construct consider, have to start with cybersecurity," stated Panish PK, dealing with director - Small Business, Cisco India & SAARC.

However, for the reason that SMBs normally function with constrained sources and smaller groups, simplicity is the key to a hit protection deployments. According to the look at, most SMBs (round ninety seven in step with cent) feel that they have too many technology and battle to integrate them.

Cisco's study determined that even as SMBs in India are extra worried approximately cybersecurity risks and demanding situations, they're also taking a deliberate approach to understand and enhance their cybersecurity posture through strategic initiatives. According to the look at, 89 in line with cent of SMBs in India have completed scenario planning and/or simulations for capacity cybersecurity incidents inside the beyond three hundred and sixty five days. The majority have a cyber reaction (91 in step with cent) and healing plans (ninety two in keeping with cent) in place.

SMBs are also increasingly more privy to where their largest cyber threats come from. The studies highlighted that phishing (50 in line with cent ranked it #1) is seen as the pinnacle chance by SMBs in India.

The good news is that SMBs are ramping up their investments in cybersecurity, with almost half (44 consistent with cent) of Indian SMBs having improved their protection funding because the begin of the Coronavirus (Covid-19) pandemic by extra than five per cent.