Incentives and Regulations: Keys to Boosting Cybersecurity for Startups

Startups and small and medium enterprises (SMEs) face major hurdles in prioritizing cybersecurity, emphasized Akshay Joshi, Head of the World Economic Forum's Centre for Cybersecurity. To tackle these challenges, a mix of robust incentives and regulatory frameworks must be introduced to encourage appropriate investments in cybersecurity.

Cybersecurity, which involves protecting systems, networks, and data from digital threats, requires a combination of technologies, processes, and controls. The World Economic Forum's Global Cybersecurity Outlook Report reveals that 70% of respondents believe regulations are effective in setting a cybersecurity baseline.

However, Joshi argues that relying on regulations alone is insufficient. He advocates for a cooperative approach in the ecosystem, where aligning incentives drives startups to incorporate security by design. Additionally, he underscores the growing significance of India in the global cybersecurity landscape, highlighting its pivotal influence beyond governance.

(With inputs from agencies.)