The country’s small and midsize businesses (SMBs), fully aware of security issues, are expected to spend $291 million on security-related investments for the current financial year, according to a report released by AMI-Partners.

Out of the total earmarked SMB security expenditure, a whopping 73 per cent will be used for antivirus and other security software, in a bid to enhance data safety from cyber threats and to formulate security related investments.

Abhilash DB, an AMI-Partners analyst, said: "Security for small businesses is confined mainly to the deployment of an antivirus solution and the majority of them lack proper processes and policies for security management."

SMBs are also emphasizing on managed security services (MSS), the spending on which is expected to further grow 21% in the current financial year. However, much would be depend on how much SMBs trust external agencies for their
internal security.

SMBs are also adopting Unified Threat Management (UTM) systems for securing their IT infrastructure. In fact, there is a rise in SMBs dependence over Web-based enterprise for sharing information and critical data on corporate network. That is the reason why demand for antispyware, antispam and intrusion prevention systems has recorded a significant growth in recent times.