SMBs Least Prepared For Cyber Breaches: ESET Survey

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SMBs in India were least prepared for cyber breaches in the region, despite high cyber security awareness among employees states a study by cyber-security company ESET.

The report highlights that Indian SMBs experienced the highest rate of cyber security breaches (73 percent) within the past three years, the highest in the region compared to Hong Kong (61 percent), Singapore (54 percent), Thailand (53percent) and Japan (29 percent).

Despite this, the survey showed that 77percent of SMBs in India had cyber security awareness programs in place to educate employees, the highest among the Asia Pacific (APAC) nations surveyed, including Thailand (71 percent), Singapore (66 percent), Hong Kong (56 percent) and Japan (24 percent). Indian SMBs were also most likely to have standard procedures in place for network security, with 81percent of SMBs already having this in place.

This could suggest that while SMBs had cyber security measures in place, they may not be effective enough to protect the businesses from cyber attacks. Given that 83 percent of Indian SMBs indicated that their companies should be investing more in cyber security, the highest rate in the region, SMBs should allocate their funds wisely to secure the most critical areas, noted the study.

“With cyber criminals and cyber threats becoming increasingly sophisticated, SMBs need to look into stronger cyber security tools and measures to protect their digital assets,” said Parvinder Walia, Sales, and Marketing Director for Asia Pacific and Japan, ESET. “Cybersecurity measures such as two-factor authentication can add an extra layer of security and provide businesses with a boost in protection, even if the first line of defense has been compromised.”

The latest findings from ESET mirror the data on the overall perceptions and activities around cyber security for the region. Businesses in the region appear to be stepping up efforts in the fight against cyber crime given that a majority of businesses, regardless of size or market region, reported utilizing cyber security solutions such as antivirus software and firewalls.   

The survey polled 1,500 respondents with 300 respondents from small and medium businesses in each of the following markets: Singapore, Hong Kong, India, Thailand and Japan.