Launching a startup business involves attention to several key areas. From market research and financing to recruitment and legal considerations, every aspect requires careful planning and implementation to ensure a successful endeavor.
In addition to accessing the expertise of various professionals such as a financial advisor or a lawyer for startups, entrepreneurs in the digital age also need to inform themselves of potential cybersecurity risks to their businesses and the measures they can take to protect their interests.
Unlike larger institutions, startups often lack the resources to safeguard themselves against cyberattacks, making them prime targets. With 46% of all cyber breaches impacting small businesses with fewer than 1,000 employees, the importance of shoring up their defenses is paramount.
In this article, we will discuss some key concerns startups should be aware of in the area of cybersecurity, enabling them to keep their information, their clients safe, and their businesses safe.
Ransomware Attacks
Ransomware presents one of the top cybersecurity threats for businesses today. With 1.7 million ransomware attacks taking place last year, this meant an attack almost every 20 seconds. These attacks involve the encrypting of information systems or data using malicious code. To make these systems or data operable again, users must pay a ransom fee in exchange for decryption. The disruption to business operations and potential reputational damage can bring a business to its knees, especially one that is in its infancy.
With the average ransom in 2023 standing at $1.54 million, startups need to take this threat seriously and implement measures to protect themselves including regular backing up of data and installing ransomware software.
Phishing Attacks
Phishing attacks continue to target businesses around the globe, regardless of their size, by targeting the people who work for them. This form of cyber threat exploits human vulnerabilities in attempts to steal sensitive information such as names, passwords, credit card details and other personal data.
These attacks typically take place via email and are designed to trick individuals into pressuring, deceiving, or manipulating people into revealing information or installing malware. According to recent figures, almost 1.2% of emails sent are malicious, which amounts to approximately 3.4 billion phishing emails each day. Startups should train their staff to recognize phishing attempts and implement procedures to verify the authenticity of emails or messages they receive.
Password Hacking
According to a Verizon Data Breach Investigations Report (DBIR), poor password practices have continued to be one of the leading causes of data breaches dating back to 2009. In today’s digital environment, password security is required to be stronger than before. Staff that use weak or guessable passwords can put their business at risk of a data breach from hackers and malicious actors.
To mitigate these threats, startups need to be vigilant in their password policies and ensure all employees are using robust passwords that are regularly updated. Password generators and multi-factor authorization (MFA) can be utilized to ensure cyber criminals remain unable to access unauthorized accounts and information.
By investing in employee training, implementing best practices, and utilizing relevant software, startups can equip themselves against the diverse cybersecurity threats that exist today.
