Not only securing data, MSMEs must find efficient ways to collect, store, use it cost effectively

Technology for MSMEs: In the last few years, there has been an exponential increase in the amount of data businesses store and use as they grow. Newer technologies have made it possible for businesses to process a significant volume of data to make decisions about almost everything that relates to their businesses. As the amount of data within a business grows, so does the challenges of safeguarding and managing it. It is evident that better data management resulted in improved decision making of 34 per cent of organizations.

For smaller organizations, effective data management isn’t limited to information security but to data lifecycle management, employee education and other efforts too. According to a survey report by cybersecurity firm Kaspersky, 48 per cent SMBs this year have seen instances of a data breach in their businesses (up from 46 per cent in 2018). Knowing data is the most powerful resource for small organizations, it can be at enormous risks when left unprotected or vulnerable. Not to mention the significant and lasting decrease in customer trust.