How MSME sector could be benefited with cybersecurity by KYC compliance and capacity building
The Micro, Small, and Medium Enterprises (MSME) sector accounts for about 40 per cent of India’s total exports and contributes one-third of its GDP.
The world is being digitised and hence the industries and sectors too. To fully benefit from digital finance solutions, the MSME sector needs to understand how important it is to comply with regulatory requirements like say, the need for full KYC which will help them in conducting their online business without worrying about potential legal repercussions.
They must learn more about cyber security, the significance of adhering to compliance practices, its ramifications, advantages, and integration for the same if they want to grow their businesses in this digitally transformed world.