Expert guidance at Vadodara Industries and SME Summit: SME is the main target for cyber criminals.

Gujarat Industry Development Association (GIDA) and SME Chamber of India organized an effective Vadodara Industries and SME Summit to address the urgent needs and opportunities of the SME sector. Held on January 4, 2025, the summit brought together industrialists, industry leaders and technology experts to discuss important topics such as cybersecurity, digital bill discounting, finance, technology and exports. SmEs are the main target for Vadodara cyber criminals and it is necessary to be vigilant. 68% of small medium enterprises (SMEs) in the country are shut down after a cyber attack. SmEs should integrate security approaches to security design when cyber attacks involve data theft or ransomware attacks, etc. Experts said cyber security should continue to be a priority for every SME.

In order to protect small and medium enterprises (SMEs), it is essential for the state and central governments to focus on educating banks and police personnel in some key sectors. Banks play a crucial role in supporting SMEs by providing financial services. In order to ensure better security for SMEs, the government should aim to train bank employees on financial fraud, understand SME risks, cybersecurity awareness, loan disbursement processes and educate them about SME credit ratings:

Shri Chandrakant Salunkhe, Founder and President – SME Chamber of India and Gujarat Industry Development Association (GIDA) in their inaugural address emphasized the importance of exploring emerging business, export and investment opportunities for better business growth of SME and manufacturing industries. He highlighted the important role of innovation, technology adoption and government support in driving the growth and competitiveness of the SME sector.

Our participation in the Vadodara Industries and SME Summit organized by the SME Chamber of India in Vadodara was a wonderful opportunity to connect with the MSME community and address their immediate needs. The event was a roaring success which highlights the unique challenges and growth opportunities for the sector. At Billmart, we are committed to empowering MSMEs through our innovative, tech-enabled solutions in supply chain finance. By optimizing cash flow, improving efficiency and unlocking new growth potential, we strive to equip businesses with the tools they need to thrive. This event strengthened our belief in the transformative power of combining technology and finance to drive sustainable progress for MSMEs." — Mr. Ashok Mittal, MD & CEO, Billmart

The discussion explored the real-life challenges faced by MSMEs in getting finance, the role of fintech in MSME financing, innovative financial solutions for SMEs, and the importance of digital transformation in financing landscapes. The Vadodara Industries and SME Summit proved to be a dynamic platform to promote dialogue on emerging business trends and technological advancements. Those present had a valuable understanding of how digital transformation, enhanced cybersecurity measures and innovative financial solutions can accelerate growth and liquidity in the SME sector.

Police forces play an important role in protecting businesses against crimes including theft, fraud and cybercrime. Key educational areas for police staff include awareness about SME vulnerabilities, linkages between banks, police and SMEs, cybercrime and digital threat, SME security strategies, legal framework for SMEs and government support and policy framework. A well-educated and collaborative approach involving both banks and police staff is important for the security of SMEs. The government can take the lead by facilitating training programmes and formulating policies that promote a safe environment for the growth of businesses.

The summit was guided by Chandrakant Salunke, Founder President, SME Chamber of India, Gaurav Deshpande, COO, 63 SAT, Nihar Pathare, CEO, 63 SAT, Ashok Mittal, MD, Billmart Fintech Pvt. Ltd., Sandeep Doshi, COO, Billmart Fintech Pvt. Ltd., Prabhakar Damor of NeevNaav, among others.