Indian SMEs ramp up cybersecurity amid AI adoption and budget increase

Indian SMEs are boosting their cybersecurity preparedness as they increase their budgets and adopt AI technologies, according to a new report by JumpCloud. The report reveals that Indian SMEs are more optimistic and proactive than their global counterparts in addressing the evolving security threats and opportunities in the digital era.

Indian SMEs lead the way in cybersecurity readiness

The report by JumpCloud, a US-based enterprise software company, surveyed over 1,000 IT professionals from SMEs across 12 countries, including India, to understand their cybersecurity challenges and priorities. The report found that Indian SMEs reported the highest overall budget increase (92 percent), with only 8 percent reporting that budgets were either ‘remaining flat’ or decreasing. This is a positive outlook when compared to other countries surveyed, such as the US (76 percent), the UK (74 percent), and Australia (72 percent).

The report also found that Indian SMEs are more prepared for cyberattacks than their global peers, as they have implemented various security measures and best practices. For instance, 88 percent of Indian SMEs have a disaster recovery plan in place, compared to the global average of 79 percent. Similarly, 86 percent of Indian SMEs have a password policy in place, compared to the global average of 77 percent. Moreover, 84 percent of Indian SMEs have adopted multi-factor authentication (MFA), compared to the global average of 73 percent.

The report attributes the high cybersecurity readiness of Indian SMEs to their flexible and forward-thinking approach, as they seek scalable and platform-based solutions for device and identity management. These solutions help them align with their growth aspirations, while also meeting the compliance and security requirements.

Indian SMEs embrace AI technologies and innovation

The report by JumpCloud also reveals that Indian SMEs are embracing AI technologies and innovation, as they see the potential and benefits of AI in enhancing their business processes and outcomes. The report found that only 4 percent of Indian SMEs have no plans to adopt AI, compared to 13 percent of the US SMEs and 23 percent of the UK SMEs. Additionally, 82 percent of Indian SMEs think their organisation should be investing in AI, versus the global average of 76 percent.

The report also found that Indian SMEs are more likely to use AI for various purposes, such as improving customer service, increasing productivity, reducing costs, and enhancing security. For instance, 54 percent of Indian SMEs use AI for customer service, compared to the global average of 44 percent. Similarly, 52 percent of Indian SMEs use AI for productivity, compared to the global average of 43 percent. Moreover, 50 percent of Indian SMEs use AI for security, compared to the global average of 40 percent.

The report suggests that Indian SMEs are showing a strong interest and confidence in AI technologies, as they recognise the transformative power of AI in creating new opportunities and solutions for their businesses.

Indian SMEs face cybersecurity challenges and threats

The report by JumpCloud also highlights the cybersecurity challenges and threats that Indian SMEs face in the digital era, as they deal with the global economic uncertainties and the changing security landscape. The report found that the top three security threats for Indian SMEs are software vulnerability exploits (36 percent), network attacks (35 percent), and MFA (26 percent). These threats pose significant risks to the data, devices, and identities of the SMEs, and require effective and timely responses.

The report also found that Indian SMEs face some barriers and difficulties in implementing cybersecurity measures and best practices. For instance, 42 percent of Indian SMEs cited budget constraints as a challenge, compared to the global average of 38 percent. Similarly, 40 percent of Indian SMEs cited lack of skills and expertise as a challenge, compared to the global average of 36 percent. Moreover, 38 percent of Indian SMEs cited lack of awareness and education as a challenge, compared to the global average of 34 percent.

The report recommends that Indian SMEs should overcome these challenges and difficulties by investing in cybersecurity solutions and training, and by adopting a security-first mindset and culture.

Indian SMEs set an example for the global SME community

The report by JumpCloud concludes that Indian SMEs are setting an example for the global SME community, as they demonstrate a proactive and optimistic approach towards cybersecurity readiness and AI adoption. The report states that Indian SMEs are positioning themselves for future growth and success, by leveraging the latest technologies and innovations, and by strengthening their cybersecurity measures and capabilities.

The report also states that Indian SMEs have a lot to offer and learn from the global SME community, as they share their experiences and insights, and collaborate on common challenges and opportunities. The report suggests that Indian SMEs should continue to explore and experiment with new technologies and solutions, and to seek guidance and support from the experts and peers in the cybersecurity and AI domains.