Cybersecurity is an aspect of every startup that requires special attention. The explanation is simple: cyber attacks have become more common in recent years, and businesses cannot afford to lose money, especially when their operations are still in infancy.
According to network security experts, small businesses are now the subject of 43% of internet attacks, making them a preferred target of high-tech criminals. However, only 14% of small firms equip themselves against cyber threats.
Cyber Security Startup Risk Factors To Look Out For
The costs of security breaches are rising, with digital events now costing organizations of all sizes an average of $200,000 each incident. Approximately 60% of businesses fail within six months of being harmed.
Many startup founders don't take cyber security very seriously. Still, they take away billions of dollars annually from founders through phishing attacks, malware, and other cyber threats. However, there are a few other risk factors that founders are not usually aware of.
Malicious Software
Malicious software or malware gives hackers access to sensitive data like bank or credit card details and passwords. It may also take over a user's computer and spy on them. Data disruption, reputation damage, and compromised computer functions are just some consequences for organizations that fall prey to malware.
Ransomware Attacks
Ransomware is a type of malware that encrypts your data or computer until you pay a ransom. It prevents you from using or accessing your data by locking or encrypting it. Moreover, it can even cause your devices to cease operating.
Phishing
Criminals frequently utilize email, social media, phone calls, or text messaging to defraud your business. These malicious actors might impersonate a person or organization you know or believe you should trust.
Accidents
Unfortunately, some of the most severe challenges startups confront are beyond their control. Accidents like electrical fires or harsh weather might happen, crippling your business.
Lack of Ownership
Disagreements over goals and visions and potential employee lawsuits against managers represent additional hazards. When employees and teams don't take ownership of their systems, chances are they grow lax in their cyber habits - leaving their credentials, network, and tech vulnerable.
How To Enhance Cybersecurity Even On A Tight Budget
Due to high costs, small business or startup owners are typically hesitant to invest in startup cybersecurity. However, there are some cost-effective initiatives that every startup can implement to minimize security risks.
Keep Strong Passwords
Make it a requirement for your employees to update their passwords regularly. Employees should change all default passwords. Passwords should also be stored on a password management system.
Employees should avoid common passwords; instead, use long and complex letters and numbers of uppercase and lowercase. A simple password makes you vulnerable to many hackers looking for businesses like you that have weak passwords so that they can quickly enter your computer and make changes to your personal and confidential files.
Keep Your Internet-Enabled Devices In A Safe Place
A single laptop or thumb drive stolen or misplaced might result in a catastrophic data breach. Any gadgets that hold sensitive information should be kept in lockable cabinets when not in use. Not keeping your computers can increase the risk of your information getting stolen by hackers.
Train Your Employees To Detect Security Threats
Regularly teach employees about prevalent dangers like phishing and ransomware. Instruct staff to scrutinize emails thoroughly before clicking any links. If in doubt, call IT to help before opening any suspicious email.
Develop A Cyber-Response Strategy
Every minute matters when a cybersecurity event happens, such as ransomware or a data breach. Establish an incident response strategy and train all of your staff accordingly. At the very least, your plan should identify the person in charge of the response, encourage employees to disconnect affected devices immediately, and offer emergency contact information, such as your managed IT service provider.
5 Best Practices For Cybersecurity In Your Startup
Cybercrime and cyberattacks are getting increasingly widespread. Security breaches not only affect large corporations, but assaults on small businesses are rising as well. Attacks on smaller businesses occur because hackers realize their cybersecurity is not up to the mark and can be easily attacked.
Here are some cybersecurity best practices:
Know Your Data
Think about your company and the places where hackers are most likely to strike. Would they be interested in your workers' personal information, customer databases, or intellectual property? Locate it and keep it safe.
Backup Everything
Hackers thrive on the opportunity to disrupt a company's activities. An offline backup can assist your organization in getting back on its feet while cybersecurity experts deal with the damage and implications of a cyberattack.
Install Antivirus On Every Computer
Even the best-trained personnel make mistakes from time to time. Antivirus and anti-malware software give computers an extra layer of protection, especially against phishing attempts that steal data and login credentials.
Keep Your Software Updated
Antivirus and anti-malware software is only as good as the latest updates. If security teams do not update their software, hackers will exploit the system's weaknesses. According to research, outdated software is responsible for more than 80% of attacks.
Secure The WiFi
The safety of your workers is also your safety, and it is your responsibility. It may seem obvious for a firm to maintain a secure, encrypted, and concealed WiFi network. Still, employees must also encrypt their networks with increased work from home. Hacking a distant network of a remote work employee is a simple way to hack a company’s server.
Wrapping Up
According to a survey, a network outage costs around $5,600 per minute. If a cyber attack disables your computer network, the ramifications might soon become out of hand. Cybersecurity in a startup plays a significant role and entrepreneurs should not avoid it. Every cybersecurity startup must allocate a specific budget to their security, which will surely benefit their business in the coming years.
To learn more about what CyberBase can do for your small business or startup security strategy, contact us.
