EXPLORING DIGITAL TRANSFORMATION: CYBERSECURITY CONCERNS AND REMEDIES FOR MSMES IN THE DIGITAL REVOLUTION
The rapid digital transformation of businesses, particularly in developing countries like India, has become a hallmark of the modern era, driven in part by the economic promise it holds. The growth of the digital economy, contributing significantly to India's GDP, reflects this change in thinking, with projections indicating further expansion. However, as digital adoption escalates, so does the prevalence of cyber threats and vulnerabilities within the connected ecosystem of cyberspace. This article highlights the imperative role of cybersecurity in safeguarding digital systems from cyberattacks and threats. Notably, cybercrime rates have surged, with India ranking among the most affected countries globally. The need for cybersecurity is increasingly evident, especially for Micro, Small, and Medium-sized Enterprises (MSMEs) that often lack robust protection measures and awareness. This paper explores the escalating cyber threats and their impact on MSMEs, providing insights into mitigation strategies and best practices. As businesses, including MSMEs, pivot to remote operations, the demand for cybersecurity has surged. Empirical data, such as Cisco's study revealed a significant rise in cyber threats during remote work, underpins the urgency of this issue. In conclusion, this paper delves into the cybersecurity challenges facing MSMEs in the digital transformation era, offering practical guidance to enhance their resilience against cyber threats in an evolving digital landscape
Cybersecurity, Digital transformation, MSMEs, Mitigation strategies, Cyber threats