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It's okay to seek guidance, especially on cybersecurity
As a startup, you're likely focused on getting your business off the ground and making a mark in your industry. Therefore, it's okay if you haven't delved into all the ins and outs of cybersecurity yet, especially given the complexity of this field.
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That's why we've created this guide – to help you understand why your company could be at risk, identify the threats you might be facing, and learn how to effectively protect your startup. Let’s start.
The importance of cybersecurity for startups
We need to make one thing clear right out of the gate – startups are not immune to cyber threats. Nowadays, they face the same cybersecurity challenges as any other business. What complicates matters for many startups is their limited resources—both human and financial—making them prime targets for cybercriminals. In fact, Verizon's Data Breach Investigations Report shows that 46% of cyber breaches hit businesses with fewer than 1,000 employees – right in the startup ballpark.
That's why it's crucial for startups to improve their cybersecurity defenses. Without solid measures in place, they're risking major disruptions from breaches or leaks that could seriously impact their operations and growth prospects.
Critical cyber risks facing startups today
To quote Sun Tzu's Art of War: “If you know the enemy and know yourself, you need not fear the result of a hundred battles.” This means that understanding your adversaries is crucial for effective defense. Below is a list of major cyber threats that startups and businesses worldwide must confront. Take a look and learn the enemy’s tactics:
Phishing: A cybercrime where attackers trick individuals into sharing sensitive information, like passwords or credit card details, by pretending to be trustworthy entities through emails, messages, or websites.
Ransomware: A practice where attackers use malicious software to encrypt a user's files or lock them out of their system, demanding a ransom payment to restore access.
Poor password hygiene: Using weak passwords, reusing them across multiple accounts, or sharing them unsafely with others—all of which can increase the risk of unauthorized access.
DDoS attacks: Flooding servers or networks with an excessive amount of fake traffic aims to overwhelm their resources or bandwidth, resulting in downtime and preventing legitimate users from accessing the targeted service or website.
SEO poisoning and malvertising: Techniques used to manipulate search engine results or online advertisements to redirect users to malicious websites.
Cryptojacking: Using malware to hijack a computer's resources, without the owner's consent or knowledge, to mine cryptocurrencies. This benefits the attackers who collect the mined coins, potentially slowing down the victim's system and increasing their electricity costs.
Targeting developers: Attacking individuals who have privileged access within organizations, such as system administrators or software developers, to compromise their accounts or systems and steal sensitive information or intellectual property.
AI-driven threats: A technique where hackers use artificial intelligence to enhance phishing attacks, discover vulnerabilities more effectively, and create increasingly sophisticated ransomware variants.
Best practices for enhanced startup cybersecurity
However long and overwhelming the list of threats may seem, rest assured that you are not defenseless. By implementing various security measures and following specific practices, you can significantly enhance your protection. These steps will help ensure that your startup can effectively defend itself against emerging threats. Here are some recommendations:
Conduct regular risk assessments
As mentioned earlier, it's essential to understand what you're up against and learn from attackers' tactics. Therefore, your startup must systematically identify, analyze, and evaluate potential risks that could negatively impact operations. This involves searching for system vulnerabilities, analyzing potential employee errors, assessing supply chain disruptions, and evaluating compliance with regulations. Then, you must assess the likelihood and potential impact of each identified risk.
Implement strong password policies and MFA
One weak password can be enough for cybercriminals to infiltrate your startup's network and applications. Therefore, you must take precautions and establish password policies that will prevent employees from using weak passwords for their business accounts. Additionally, consider implementing multi-factor authentication, which requires users to provide more than just a password to authenticate themselves. This can help establish multi-layered protection that greatly reduces the risk of cybercriminals bypassing your security measures.
Use secure cloud storage
Every business holds confidential records that demand absolute protection. Storing them in doc or excel files on desktops not only falls short but also indicates a lack of seriousness about security. The most robust and reliable method to safeguard sensitive information is by securely storing it in the cloud with encryption, ensuring unauthorized access is effectively prevented.
Regularly update your systems
Cybercriminals constantly refine their methods, making them more and more sophisticated. Aware of this predicament, software providers regularly release patches and updates that not only improve the user experience but also include new security measures to protect against evolving cyber threats. Therefore, it's crucial for you and everyone in your startup to regularly update your systems and applications. This ensures that outdated software doesn't create vulnerabilities that attackers can exploit.
Train your employees
Remember, not everyone in your startup may fully understand the gravity of cybersecurity threats. They might unwittingly make mistakes that hackers could exploit to steal your company's digital assets. That's why training is key – it helps everyone see the risks, spot threats, and avoid slip-ups that could jeopardize your company's reputation and finances.
Use firewalls and antivirus software
Protecting your startup's digital infrastructure also involves taking proactive measures such as using firewalls and antivirus software. Firewalls monitor both inbound and outbound network traffic for signs of suspicious activity, acting as a barrier to prevent outsiders from accessing company assets. Meanwhile, antivirus software scans your computers and networks to detect known threats, identify suspicious patterns, and block malicious software from executing.
Develop an incident response plan
Dealing with serious cyber threats on your startup journey is a real possibility. That's why it's crucial to prepare for worst-case scenarios by developing a robust incident response plan. This plan should clearly outline the steps your team will take to swiftly identify, respond to, and recover from security breaches. So, take your time to thoroughly assess the specific risks and vulnerabilities of your business and ensure your plan is comprehensive and proactive.
Cybersecurity startup costs
As you might expect, cybersecurity costs for startups can vary due to factors such as inflation, economic conditions, and evolving threats. Below, we've outlined average prices for various cybersecurity measures to give you a general idea of what to anticipate. However, remember that you don’t need to implement all these measures – focusing on essentials can help you calculate costs more effectively.
What is the average cost of the different security measures?
Cybersecurity audit: $15,000–$25,000
Employee training: $2,000–$15,000
Cybersecurity infrastructure: $5,000–$25,000
Network monitoring services: $3,000–$12,000
Security systems management: $5,000–$10,000
IT support and maintenance: $10,000–$20,000
Backup and disaster recovery: $5,000–$30,000
Regulatory compliance audit: $8,000–$25,000
Data privacy compliance solutions: $5,000–$25,000
Key takeaways
In today's ever-changing landscape of digital threats, cybersecurity should be a top priority for every startup. It's not just about understanding the many types of cyberattacks out there but also finding effective methods to protect a company against them.
One of the most effective ways to safeguard a startup is by using modern cybersecurity tools that uphold best practices for preventing unauthorized access. NordPass, for example, is an advanced yet user-friendly password manager that allows all startup members to securely store and manage their credentials in an encrypted vault.
Additionally, NordPass can be used to quickly generate strong passwords, enforce robust password policies across the company, control and monitor access activity to ensure the right people have access to the right resources and more.
So, if you're looking to tackle multiple cybersecurity challenges in one go, NordPass is the solution you need.