Riyadh [Saudi Arabia], October 6 : Startups and small and medium enterprises (SMEs) face significant challenges in prioritising cybersecurity, and addressing these requires a combination of strong incentives and regulatory support, according to Akshay Joshi, Head of the World Economic Forum's Centre for Cybersecurity.
"There needs to be incentives that are brought into the mix for appropriate investments into cybersecurity," Joshi said, emphasising that regulation plays a crucial role.
Cybersecurity is the practice of protecting internet-connected systems, networks, devices, and data from digital attacks, damage, or unauthorised access. It encompasses technologies, processes, and controls to safeguard sensitive information and ensure the Confidentiality, Integrity, and Availability (CIA Triad) of systems, while also recovering from incidents and maintaining business continuity.
He pointed to the WEF's annual Global Cybersecurity Outlook Report, which found that roughly 70 per cent of respondents agree that regulations are "really effective in terms of ensuring a baseline of cybersecurity."
However, Joshi stressed that regulations alone are not enough. "For all of these startups and small and medium enterprises, eventually in an interconnected world, they need to be working with the wider ecosystem as a whole," he said.
Joshi further said that when incentives are aligned across the ecosystem, startups are naturally encouraged to build in security by design, making cybersecurity more of a license to operate.
He highlighted that placing the responsibility solely on startups and SMEs without providing adequate investment support does not set us up appropriately.
Identifying and implementing the right incentives is therefore essential to ensure "ecosystem-wide cybersecurity," he added.
Turning to India's role, Joshi stated it as actually more crucial and extending beyond cybersecurity governance.
He noted the influence and the depth that Indian experiences bring to a range of issues, underlining India's importance in the global cybersecurity and cyber resilience landscape.
"The role that India plays in the world is actually more crucial, and it's not just limited to cyber security governance. As we think about the importance of the country as a whole, the influence and the depth that Indian experiences bring to a range of issues is very, very important," he added.