Cybersecurity for Startups: 12 Ways to Secure Your Startup From Cyberattack

Cybersecurity is a critical issue for all businesses, but it is especially important for startups. Because they are often easy targets for cybercriminals.

 Supporting the fact that mostly small businesses get frequently cyberattacked,

“60% of small businesses go out of business within 6 months of a cyberattack.” – Cybercrime Magazine.

Also adding to that fact, “Ransomware attacks increased by 150% in 2020.” (Malwarebytes’ State of Malware Report, 2020).

Why you need to take your Startup Cybersecurity Serious

Do I really have to go through the stress of cybersecurity as a startup:

Trust is essential to any business, not to speak more of a starting business; a single crack in trust could cause a business crash.

First, startups are often the easiest targets for cybercriminals because they may have different resources or expertise to protect themselves than larger companies.

Second, data breaches can be wrecking for startups. A single data breach can cost a startup millions of dollars in lost revenue, damage its reputation, and even lead to its closure.

And finally, with the increasing amount of data collected and stored digitally, startups need to be aware of their legal obligations and risks. Failure to do so could result in significant fines or even criminal penalties.

By ensuring adequate cybersecurity, startups can help protect themselves from these risks.

Possible Cyberattacks That Startups Face:

Phishing: This is a frequent attack that involves malicious websites, sending emails or text messages with a link or attachment that appear to be from a legitimate source but are designed to steal information or trick users into installing malware, so do not click or open that attachment!

Ransomware: This type of malware encrypts a victim’s data, system, or device and then demands a ransom to decrypt it, obtaining access to compromised systems and making it a significant risk for startups with customer data.

Supply Chain Attacks: This attack is a significant threat to application security. 

By gaining access to the online applications using the victim’s Cloud or SaaS vendors.

API Threats: Said to be the most dominant type of attack leading to a data breach. API gives easy access to data, providing smooth application performance and making it an easy target for attackers to steal data.

Cloud-Based Attacks: Due to the increased use of Cloud storage, attacks in the various forms below are rampant.

Trojan Horse Virus: Trojans are opposing programs that feign to do one activity while executing another. Trojans might be in attachments, downloads, or fraudulent videos/programs. 

Spyware: Spyware is like a Trojan horse, but as its name indicates, it spies on your activities while being installed on your computer or network and then sends the information to third-party attackers/hackers. 

SQL Injections:  This attack recognizes and exploits vulnerabilities in a website’s database by inputting malicious code, allowing the attacker to access security tools such as password verification, authentication, authorization, and other important data information.

Denial of service (DoS) attacks: These attacks flood a target server or network with unauthorized traffic, causing it to crash and become inaccessible to authorized users.

Cross-Site Scripting (XSS): XSS is an attack that compromises user interactions by targeting the security vulnerability with a susceptible application. An attacker can bypass the original policy developed to make the website distinguishable, allowing the attacker to imitate the target user and perform every activity to which a user is entitled.

Cross-Site Request Forgery (CSRF / XSRF): During this attack, web application users are misled through social engineering through links in emails or chat.

 Botnet: This is a network of different from thousands to millions of malware-infected computers and networked devices under the command of a single or group of hackers. Such a network can also be referred to as a zombie army.

How to Secure Your Startup from Cyberattack

Here are some tips for securing your startup from cyberattacks:

Your security program should provide a roadmap for effective security management practices and controls, fundamental steps that startups should follow to secure their network.  

1. Train your employees and instill a security policy, which will be documented to enable occasional review. Ensure your employees know the importance of cybersecurity, how to identify and avoid common threats, and what to do when there is one.

2. Monitor the startup’s social media page and other online web applications. Be cautious of any strange activities on the page; as soon as any are discovered, change the page’s password and put out a disclaimer.

3. Implement a cybersecurity plan and install an SSL Certificate(Secure Sockets Layer). Develop a comprehensive cybersecurity plan that outlines your security measures. SSL secures sensitive data and smoothens internet performance.

4. Use different strong passwords and two-factor authentication. Make sure your employees are using strong passwords and changing them when needed. This process should also be requested by the users for their protection.

5. Proper encryption also helps to prevent ransomware

6. Back up your data regularly and stay updated with hacking trends and malware to avoid them. Back up your data regularly to a secure location to recover it in a cyberattack.

7. Keep your software up to date and set Up a secured Cloud Storage. Installing software updates as soon as they become available. Most hacking incidents are due to outdated systems; updating software is necessary to protect customers’ data. Local backup data is needed to secure cloud storage.

8. Limit access to sensitive data. Only give required employees access to the data they need to do their jobs.

9. Secure your Wi-Fi network. Use a strong password for your Wi-Fi network and make sure it is not hidden.

10. Conduct risk assessment with a qualified IT security professional and develop a comprehensive cybersecurity plan.

11. Deployed antivirus software and implemented firewalls and intrusion detection systems. Using free antivirus, firewall, and anti-spam can only be sufficient at the elemental level of the business; at a more important stage, an upgrade is needed to prevent accidentally installing harmful software and fighting against it.

12. Broadband and information technology are powerful factors in small businesses reaching new markets and increasing productivity and efficiency. However, businesses need a cybersecurity strategy to protect their business, customers, and data from growing cybersecurity threats.

Read also: Top 15 Business Inventory Software to use for your business

Conclusion

Regardless of how careful you might be, even successful companies experience hacks and attacks now and then, which is why you need a plan of action to prevail over the attack. They are data privacy and protection laws designed to protect individuals’ personal information and regulate how it is collected, stored, and used. The two most well-known laws in this area are the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

Frequently Asked Questions (FAQs)

Which companies need cyber security?

  All online businesses must be protected against cyberattacks, be they are e-commerce, healthcare, manufacturing, or many other sectors.

 What are the categories of cybersecurity?

• Cloud Security 
• Network security 
• Application security 
• Cloud Security 
• Internet of Things (IoT) security 
• Key Infrastructure Security 

What is the best firewall for small businesses?

Hardware firewalls like Sonic Wall and Cisco ASA are more beneficial.

Software firewalls such as Norton and Zscaler can also be used.