92% MSME entrepreneurs unaware of cyber security: Study

More than 92% of micro, small and medium entrepreneurs are unaware of cyber security despite around 40% of them having directly or indirectly been victims of cyberattacks, according to a study by Inspira – a management and consulting research farm.

Only 7.7% of such entrepreneurs can identify cyber threats, as shown in the findings released on Wednesday at a cybersecurity awareness campaign inauguration programme. The campaign is aimed at strengthening cyber security management practices by micro, small and medium enterprises (MSMEs).

Of the entrepreneurs, 82% think that cyber security is not relevant for them at all, according to the findings. As a result, they often fall prey to various cyber threats and incur significant business losses.

As many as 500 entrepreneurs took part in the survey, which was conducted between June and September 2022 in Dhaka, Chattogram, Gazipur, Narayanganj, Cox's Bazar, Bogura and Jashore districts. Half of them were surveyed from non-urban areas.

Md Mafizur Rahman, managing director of SME Foundation; Dewan Muhammad Humayun Kabir, project director of a2i; Md Najmul Islam, additional deputy commissioner of the Counter Terrorism and Transnational Crime unit at Dhaka Metropolitan Police; and Aklima Haque, USAID's South Asia Regional Digital Initiative project lead, among others, spoke at the ceremony.

Zeeshan Kingshuk Huq, a consultant at Aspire to Innovate (a2i), moderated the programme held in Dhaka.

The study also found that only 21.43% of cybercrime victims made complaints to the law enforcement agencies, whereas the majority of the victims did not even know how to file a complaint.

The study also reveals that 47% of the respondents use digital tools and internet platforms for their business operations. This indicates that despite Bangladesh's 28% mobile internet penetration rate, almost half of the surveyed MSMEs are already conducting their business online.

The study also notes that 57% of the victims of the top three social media-based cybercrimes – social media account hacking, spread of disinformation and online product scam – are female.

To ensure cyber security, the study recommended launching an awareness campaign to address the gaps in knowledge and awareness on the part of the MSMEs.

The campaign should have a common platform of public and private stakeholders that provides a content repository containing all of the learning resources prepared for MSME owners, suggests the study.