Cybersecurity as Economic Security: India’s SMEs Get a Wake-Up Call
As India’s SMEs fuel the nation’s $5-trillion ambition, cyber threats have emerged as an economic security risk, no longer confined to IT departments, but now boardroom priorities. Against this backdrop, SME Communities & FIEO convened ‘Cyber Vigilant SMEs: Stay Secure. Stay Ahead.’ at the Taj Coromandel, Chennai, bringing together policymakers, law enforcement, insurers and SME leaders to address the new risk frontier.
The conference highlighted how cyberattacks on SMEs directly threaten India’s exports, jobs and financial systems. With SMEs accounting for nearly half of India’s exports and employing over 110 million people, the stakes are national.
Prashant Laxmeshwar, Founding Partner of Amanha Idealabs and conceptualiser of the ‘Cyber Vigilant SMEs’ initiative, set the tone: “Cybersecurity is no longer a technology conversation, it is an economic survival imperative. For India to sustain its growth engine, SMEs must be armed not only with digital tools but with digital trust. Our goal is to make cyber vigilance as fundamental as financial literacy.”
Key Highlights & Quotations from the Conference
Mr. Unnikrishnan K, Joint Director General, FIEO, emphasized: “Export competitiveness is not just about price and quality; it is about trust. Global buyers today evaluate supply chain resilience, including cyber hygiene, before signing contracts. SMEs that ignore this reality risk exclusion from global trade.”
Mr. Vignesh, IRS, Additional Commissioner of Customs, stated: “Cross-border trade systems are only as secure as their weakest link. Customs and SMEs must collaborate to ensure that cyber vulnerabilities do not compromise India’s export gateways.”
Dr. Alby John Varghese, IAS, CEO, Tamil Nadu e-Governance Agency, noted: “Secure digital adoption is key for SMEs. Tamil Nadu’s e-Governance push shows that technology and security can go hand in hand, enabling inclusive growth while protecting sensitive data.”
Mr. Sanjay Joshi, Chairman & Managing Director, The Oriental Insurance Company Ltd., underlined: “Cyber insurance is no longer optional; it is a critical part of business continuity planning. SMEs must view it not as a cost, but as a shield for reputation, finances, and trust.”
Dr. Sandeep Mittal, IPS, Additional Director General of Police – Cyber Crime Wing, Tamil Nadu Police, stressed: “Cyber law enforcement is evolving, but prevention is always better than prosecution. Partnerships between SMEs and police are essential to build a cyber-resilient business ecosystem.”
Mr. Gowdhaman Jothilingam, Global CISO, LatentView Analytics, warned: “Threat actors are innovating faster than businesses. Ransomware and supply-chain attacks are targeting SMEs precisely because they are perceived as soft targets. Vigilance cannot wait.”
Dr. Ravi Seshadri, Insurance industry veteran, added: “A single breach can wipe out years of SME effort. Leaders must invest in risk frameworks the same way they invest in growth.”
Mr. C.K. Mohan, President, TANSTIA, reflected on SME realities: “For most SMEs, cyber awareness is low and budgets are tight. We need affordable, practical solutions, not just global templates.”
Dr. N. Subramunyan, Executive Director, SETS, urged: “Indigenous security technologies can protect SMEs effectively. Public-private collaboration is crucial to make them accessible.”
Mr. Megavannan Lakshmipathy, Lead – Information Security, Equitas Bank, concluded: “Banks are strengthening their digital defences, but SMEs must match this with equal vigilance. Fraudsters target weak links, and financial losses can cascade across the ecosystem.”
Following the success of the Chennai edition, Cyber Vigilant SMEs will expand to other major SME hubs across India, creating a national dialogue on cyber resilience. The initiative will also launch SME-focused cyber toolkits and surveys to benchmark and improve awareness.
About SME Communities
SMECommunities.com is a digital-first platform enabling growth, visibility and dialogue for India’s SME ecosystem. From sector insights and policy perspectives to digital adoption, risk management and global trade readiness, SME Communities drives meaningful engagement across industries.
As part of our Cyber Vigilant SMEs campaign, we are bringing cybersecurity awareness to the forefront of SME dialogue—city by city—beginning with Chennai, a city with a dynamic and digitally evolving SME base.
About FIEO
FIEO (Federation Of Indian Export Organisations) is the apex body of India’s export promotion organizations, established by the Ministry of Commerce to promote and facilitate exports of Indian goods and services globally. It serves as a crucial interface between Indian exporters and government agencies, financial institutions and international trade bodies, offering services like market research, trade facilitation, policy advocacy and trade promotion events to help businesses expand their reach.
