Owning a startup without utilizing technology is almost impossible in today’s day and age. Many technological advances made business-management more convenient. However, with great advantages comes great responsibility. Every computing system is vulnerable to an abundance of cybersecurity exploits. When managing a company, one’s liable for all sensitive data their company collects.
Here’s some food for thought. Just in January of 2018, more than 1.76 billion records were leaked, according to IT Governance. Such events can have a great impact on user privacy and the company’s reputation. No one wants to do business with a startup that can’t keep their security in check. Continue reading to learn more about other vital startup cybersecurity aspects.
Why Is Cyber Security so Important?
As we have briefly touched on before, cyber attacks are becoming an everyday occurrence. A startup is vulnerable if it doesn’t have a proper cybersecurity infrastructure. Many problems can stem from this, including:
Plummeting Customer Base
These are all aspects that can make or break a startup. Startups are especially vulnerable to financial losses. It takes a lot of money and time to establish a company. And it takes twice as much to keep it running. Since startups are in their first stages of operations, their assets can be particularly unsteady.
Furthermore, a single malware attack can cost an insane amount of money. According to Accenture’s study, the average cost of a malware attack on a company is a staggering $2.4 million.
What Are the Biggest Threats?
Due to global interconnectivity, malicious hackers are becoming even more creative with their approaches. Antivirus software is no longer enough to keep a company protected. A startup must invest in their cybersecurity infrastructure to prevent such awful exploits. Here are the most common types of cyber attacks:
Ransomware is a type of malware that encrypts and locks the victim’s files, allowing hackers to seek ransom money. According to Cybersecurity Ventures, ransomware damages will reach $11.5 billion in 2019. They also noted that every 40 seconds, a business falls victim to this type of an attack.
Data Breaches occur when cybercriminals want to gain access
to a startup’s database and steal their data. Such databases often contain
sensitive and private information about the company and its customers. That
information has enormous value on the black market.
DDoS stands for “Distributed Denial of Service.” That occurs when hackers shock a startup’s website with loads of traffic. That shuts down the servers and forbids users from accessing the website. Even the shortest DDoS attack can cost startups thousands of dollars.
3 Cybersecurity Measures Every Startup Must Invest In
Small businesses are the most susceptible to cyber attacks. Symantec’s report states that 43% of total cyber attacks target small businesses, while 60% of those companies go out of business within six months of a cyber attack. That alone should be more than enough to convince owners to start investing more in their cybersecurity infrastructure, which can start with internal secure code training. Here are three of the most effective measures every startup should take:
1- Endpoint Protection
In the world of many advanced hacking methods, regular antivirus programs just aren’t enough. Antivirus software only detects infections once they’re in the system. Some exploits are so advanced that one can’t easily remove them afterward. By investing in a proper network protection approach, owners won’t have to worry about any vulnerabilities.
Many reputable cybersecurity companies on the market offer these services. Make sure to include intrusion detection and behavior-blocking elements.
2- A Reliable VPN Service
Purchasing business VPN plans is another important measure startups should consider. With VPNs, sharing data is encrypted, making things nearly impossible for cybercriminals. Another advantage lies in the fact that VPNs ensure everyone’s anonymity on the internet.
Lastly, virtual private networks will allow owners to access important files remotely while still keeping them safe and secure.
3- Cloud-Based SOC-as-a-Service
Cloud-based SOC-as-a-Service is one of the most cost-effective cybersecurity measures for any startup. They offer vigorous 24/7 system security and maintenance. Experts will monitor startups’ activities in real-time and perform important updates. This is a well-rounded cybersecurity plan.
The Bottom Line:
Every responsible startup owner must take great care of their company. Great care means giving their absolute best to keep customers and employees safe. With so many modern threats on the horizon, they must invest in proper prevention measures and not regret a single dollar. That investment will pay off in the long run, and it will help with maintaining customer and employee trust. No one likes feeling unsafe.
About Author: Grace Bynes
Grace is a Business Analyst by profession with more than 7 years of experience of working with digital businesses mainly eCommerce and SaaS startups. Grace also loves to travel and explore the world!