Securing Your Start-Up Against the Ever-Growing Pool of Cybersecurity Threats

Cybersecurity incidents are on the rise all over the world. Cyberattacks are increasing in both pace and severity. And while data breaches targeting large organizations dominate the news, small businesses are the biggest victims of cyberattacks. In fact, 43% of cyberattacks are now aimed at Small and Medium-Sized Businesses making SMBs the new frontier for cybercriminals.

Start-ups, in particular, are a lucrative target of hackers. Most start-up owners are busy meeting investors, building amazing teams, and finding product-market fit. They don’t have the time to implement antimalware and antivirus systems, set up intrusion detection systems, or train their employees to be wary of social engineering attacks. Also, there’s a common misconception that these businesses are too small to target, which can’t be further from the truth.

Common Threats

Often, start-ups have less time and resources to put into cybersecurity, less awareness of threats, and less stringent technological defenses. The general lack of preparedness increases the likelihood of being hit with a potentially devastating cyberattack. As an entrepreneur, you need to understand that there is a wide range of cyberthreats that can be targeted at your start-up. These include:

⮚      Data leakage. Data leakage occurs when sensitive data — such as user credentials, payment card information, contact information, etc. — is accidentally exposed physically, on the Internet, or any other form including lost hard drives or laptops. Most start-ups use automated systems that are particularly vulnerable to data leakage.

⮚      Malware attacks. Malware is a varied term for malicious code that cybercriminals use to gain access to networks, steal data, or destroy data on computers. This malicious code encompasses a variety of cyber threats such as trojans and viruses. Ransomware, a type of malware, is one of the biggest threats in business. Malware attacks are particularly damaging to start-ups as they can cripple entire systems.

⮚      Phishing attacks. Phishing attacks use fake emails and websites purporting to be from reputable sources to steal company data. Cybercriminals often use this social engineering tactic to access and steal sensitive information. Social engineering attacks account for 90% of all breaches that businesses face — often targeting start-ups and small businesses.

Some start-ups have access to huge amounts of customer data and large sums of money. This makes them lucrative targets for cybercriminals. As a start-up, you need to understand that it’s only a matter of time before hackers come knocking. By understanding cyberthreats that you may be facing, you can make it more difficult for cybercriminals to compromise your start-up in the first place.

Mitigation Measures

The frequency and severity of the threats targeting start-ups and small businesses, in general, is on the rise. Forbes predicts a 300% increase in ransomware attacks in 2020, most of which will be directed at small businesses. As an entrepreneur, you need to make sure that your start-up is prepared. Here are some proactive steps you can take to defend your start-up against cyberattacks.

Assess System Risks and Vulnerabilities

Assessing system risks and vulnerabilities will help you identify, quantify, and prioritize the risks and vulnerabilities in your system. You will be able to isolate recognized threats and threat actors as well as the likelihood that these risks will lead to loss or exposure. Assessing system risks and vulnerabilities is essential to IT security.

Train Your Employees

Phishing and spear-phishing attacks are directed at the employees’ general lack of awareness of these cyberthreats. Your employees are, therefore, one of the biggest cyberthreats for your start-up. You need to train your employees on cybersecurity best practices such as using strong unique passwords and how to recognize spoofed or malicious emails.

IT Services

As stated earlier in the article, entrepreneurs barely have the resources to set up robust security systems or the time to focus on cybersecurity especially in the early days of their start-ups. Hiring an IT services provider is a convenient and reliable way to protect your start-up’s data while giving you a chance to focus on growing your business.

Create a Backup

A good backup strategy is essential for cybersecurity. Backing up your data can help your start-up recover from a ransomware attack. You can wipe your drives clean when you realize there’s a cyberattack in progress and restore all the data from your back up once the threat has been dealt with.

Use Antivirus/Antimalware Software

Use an antivirus/antimalware solution to protect your system from viruses, trojans, spyware, worms, and other malicious software. You can also add an extra layer of security to your office network by getting a VPN router that can secure all the devices linked to the router. A VPN can help you defend against malware, DDoS attacks, and other online threats.

Update Your System

Cybersecurity threats are constantly evolving. Software updates are essential to your company’s digital safety and cybersecurity. Using old, outdated security systems puts your start-up at greater risk of a cyberattack by a newer, more advanced threat. Make sure that your security programs are updated regularly by running the latest versions and security patches.

Limit Data Access

Every start-up needs to limit the number of people with access to company data. Look at who has access to your data and restrict access from employees and third-parties unless it's required by their role in the company. Restricting access to critical company data will help you narrow the pool of employees who might accidentally click on an infected file or link.

Create an Incident Reporting System

Every business should strive to ensure that all cybersecurity incidents are reported and well documented. Creating an efficient incident reporting mechanism within your start-up will help you ensure that no cybersecurity incidents go unreported. An efficient incident reporting mechanism subsequently helps security teams put proactive measures in place and ward off cybersecurity attacks.

Cyberattacks directed at small businesses, in general, are increasing in both pace and severity. Small businesses are more vulnerable to cyberattacks because they don’t have the resources to set up a robust cybersecurity infrastructure. Effectively defending against these threats requires the highest possible level of preparedness. Start-ups need to take proactive measures to mitigate cybersecurity risks to avoid loss of data, financial losses, reputational damage, and other catastrophic consequences.

Guest post by Julie Hughes @TurnOnVPN