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Key Points

Startups and small businesses really struggle with cybersecurity priorities according to WEF's expert. They need both regulatory support and financial incentives to make proper security investments. The official emphasized that regulations alone aren't enough - the whole ecosystem needs to work together. India's experience in this area is becoming increasingly important for global cybersecurity governance.

Key Points: WEF Official Urges Cybersecurity Incentives for Startups SMEs

  • Regulations ensure baseline cybersecurity protection for 70% of businesses
  • Startups need ecosystem collaboration for effective security implementation
  • Incentives encourage security-by-design approaches in product development
  • India's cybersecurity experience brings crucial depth to global governance
  • SMEs require investment support rather than sole responsibility for security
  • Cybersecurity must become a license to operate through aligned incentives
2 min read

Startups and SMEs need incentives and regulations to prioritise cybersecurity: WEF official

WEF cybersecurity head Akshay Joshi calls for regulatory support and incentives to help startups and SMEs prioritize digital security in interconnected ecosystems.

"There needs to be incentives that are brought into the mix for appropriate investments into cybersecurity - Akshay Joshi"

Riyadh, 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.

- ANI

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Reader Comments

R
Rohit P
Finally someone talking sense! Startups are already struggling with funding and operations. Cybersecurity investments need support, not just regulations. Good to see India's role being highlighted too.
A
Arjun K
While I appreciate the focus on incentives, I worry about over-regulation. Indian startups need breathing room to innovate. The balance between support and control is crucial. 🤔
S
Sarah B
Working with Indian tech companies, I've seen how cybersecurity often takes a backseat to growth. This approach of incentives + regulations could really change the game for the ecosystem.
K
Karthik V
Proud to see Indian expertise being recognized globally! Our startups can lead in cybersecurity if given the right support. Jai Hind! 🚀
M
Michael C
The interconnected world point is spot on. One weak link affects everyone. Indian SMEs need to see cybersecurity as essential infrastructure, not optional expense.
N
Nisha Z
As a cybersecurity professional in Pune, I've seen too many startups ignore basic security measures. Tax breaks or subsidies for security investments would be a game-changer for our digital India mission.

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