Cybersecurity solutions for small businesses: an untapped market

2/14/2019 9:21:00 AM

 Cybersecurity solution providers are mostly targeting large corporations, ignoring small and medium sized enterprises (SMEs), which are also facing security problems.


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Cybersecurity solution providers mostly target large corporations

Tran Quang Chien, CEO of CyStack, said the cyber security solution market in Vietnam has great potential to develop. 

In 2018, the global cybersecurity solution market had estimated value of $96 billion, while the Vietnamese market had $500 million.

Khanh Huy Hung, CEO of Vietnam Cyberspace Security Technology (VNCS), said the world could witness a boom in malicious codes exploiting IoT devices on a large scale. The malware using AI and the use of AI to carry out cyberattacks will also be increasing.

Meanwhile, CEO of CyRadar Nguyen Minh Duc, said that APT (advanced persistent threat) attacks are expected to become stronger this year.

“APT attacks have higher sophistication level and are unpredictable. There might be attacks at higher levels and on a larger scale in 2019,” he said.

Duc noted that many cyberattack victims in 2018 were SMEs. Because of their small scale and limited financial capability, many of them did not have a protection system and were vulnerable to attacks.
The problem is that SMEs cannot find solutions that fit their operation scale and financial capability. The best known cybersecurity solution providers such as BKAV and CMC target mostly large clients. 

SMEs encounter difficulties because they don’t have security experts to fix problems in case of breakdowns, while the expenses on security services are high.

“SMEs cannot spend big amounts of money on systematic protection solutions like larger corporations,” Duc said. “Vietnam’s security firms are missing a potential market.”

Having realized the market demand, CyStack decided to focus on developing security solutions for SMEs, a niche market with great potential. The technology firm provides many solutions as different steps to solve cybersecurity problems, including website security, compliance, IoT and office security.

Its CyStack Platform, officially launched in January 2018, has attracted 1,000 corporate clients.

However, Pham Phu Ngoc Trai, president of GIBC, a consultancy firm, said it was a ‘big challenge’ to approach small firms and help them become aware of the importance of security solutions.

SMEs need to solve two major problems, he said. First, heightening the awareness of the importance of security solutions. Second, choosing suitable and effective technological solutions. “If you use a smartphone equipped with a lot of features just to make calls and messages, it will be a big waste of resources,” Duc said.