Last year, two thirds of small businesses experienced a form of cyber attack and for many this resulted in them shutting down within six months. Even if they are able to overcome the harm caused by an attack, it can be very costly for businesses to cover the expense of productivity losses during downtime, fix or replace compromised assets and repair any damage to their reputation.
The growing use of artificial intelligence has increased the number of phishing attempts and other threats and, without strong defenses in place from day one, startups are often more vulnerable to attack. In order to build a strong foundation on which to grow a successful business, it’s important to include proposals, protocols and budgeting for cybersecurity in initial business plans.
By investing early in building strong defenses, startups can protect their sensitive data, products and clients from any significant risk as soon as they are up and running.
Establishing a Robust Cyberdefense From the Beginning
Even though small startups are frequently targeted by cyber criminals, only 14% have sufficient security protocols to defend themselves against attacks. This may be due to limited resources or fewer employees, however, with a smaller team it can actually be easier to establish good practice when it comes to security.
Phishing continues to pose a dangerous threat to startups as increasingly convincing messages trick users into revealing sensitive information. This includes passwords which on their own are vulnerable to hacking. By establishing more complex security measures early on, the risk of phishing and other attacks can be minimized.
Extra steps such as Multi-Factor Authentication, encryption and biometric options. Security threats can also be addressed at the endpoint level of laptops and mobile devices. By using Endpoint Detection and Response (EDR) software, endpoint activities are continuously monitored and analyzed in real time in order to detect potential threats.
Putting Early Limits on Access to Sensitive Data
As well as preventing phishing and other cyberattacks it’s important for a new startup to demonstrate that it can prioritize privacy for its potential clients, especially while it's in its infancy and looking to build a solid customer base. By ensuring data privacy from day one, new businesses can reassure clients that their data is secure and stored appropriately.
Limiting the number of people who have access to sensitive data can help to avoid it falling into the wrong hands but all employees should be trained in data compliance and cyber security protocols.
As well as protecting information, this helps to create a positive culture of respecting privacy right from the outset and even in a very small team. In addition, by only collecting and storing essential data, liability is minimised should a breach of security occur.
Integrating Cybersecurity Into Initial Business Plans
Once cybersecurity and defense protocols are decided they should be included in a start up’s initial business plan. In this way they become an integral part of the way the company is run rather than simply being added on as a poorly considered afterthought.
Even before setting up a new startup, carrying out a cybersecurity risk assessment can help to minimize exposure to threats and optimize the chances of a business surviving attacks and becoming successful. As well as identifying potential vulnerabilities and evaluating the likelihood of cyberattacks, carrying out an assessment early gives new startups the opportunity to implement adequate security protocols for responding to threats into their initial business plan.
A well-defined plan not only protects the start up from damaging attacks but can also help to secure greater investment by showing stakeholders that cybersecurity is a priority and that the company will be well protected from risk.
Including a clear policy and adequate budget for cybersecurity in early business plans can help to ensure vulnerable new startups are well protected against phishing and other online scams and hacks.
The effects of successful phishing can be devastating for a newly launched startup but by adding extra security steps to protect physical and virtual endpoints, setting up boundaries to limit disclosure of private data and carrying out a thorough cybersecurity risk assessment from the outset, the exposure to threat is greatly minimized.