Cyberattacks are nothing latest, but until recently the general consensus in the startup and small business world was that only large, public corporations with plenty of money, clout and helpful data needed to fret about them.
This considering is changing. Although a cyber attack may cause serious damage to a large company, it’s going to probably be in a position to get well and move on. For a small, growing company, the results can be absolutely devastating.
Given the limitless list of high-profile attacks that have made headlines in recent months, and the Biden administration’s urgent must strengthen our national defense, it has develop into clear that cybersecurity can now not be ignored or taken flippantly, no matter the size or stage of your organization’s activity.
Research also confirms this. Accenture’s incident response evaluation for the first half of 2021 showed a triple-digit increase in breaches, and in response to the Small Business Administration in a recent survey, 88% of small business owners said their company was at risk of a cyberattack.
From an industry skilled’s perspective, awareness is a great first step, but it is often not followed by motion. From a founder’s perspective, I understand why it is simple to dismiss this issue when you are busy launching a latest enterprise, but I am unable to emphasize enough how essential this issue is.
Another essential thing to recollect is that it isn’t just the threat of a cyberattack that may put your brand and bottom line at risk. Businesses and the federal government are now pushing their requirements down their supply chains to expand their very own protections. We see it with our own eyes in our clients. Not being prepared to reveal a high level of security can have a direct impact on your ability to retain existing customers and attract latest customers.
What makes startups attractive targets for cyberattacks?
Before we get into the basics of protecting your growing business, I think it is important to grasp why startups and small businesses are being targeted and why this trend is more likely to proceed. According to the 2021 Verizon Data Breach Investigations Report, “the gap between large and small organizations is narrowing when it comes to breach volume and organization size.”
After spending over 20 years in the cybersecurity industry, I see this as a trend that has been coming for some time.
Low hanging fruit
Cybercriminals know that startups and small businesses are often unprotected or under-protected for reasons corresponding to prioritization, cost, internal knowledge and lack of dedicated security staff. They also know that these corporations probably won’t notice the breach until it’s too late to do anything about it.
Entry point into the enterprise
Remember that very public Target breach from a few years ago? The entry point was the HVAC subcontractor. Hackers understand that exploiting vulnerabilities in the supply chain can result in even greater gains.
Great ROI for hackers
Customer data is helpful regardless of where it comes from. Like the remainder of us, cybercriminals understand the value of time and effort, so it makes business sense for them to shift their attention to easier targets.
Related: Here’s Why Cyber Insurance Is A Must For Startups (And It’s Affordable)
The commonest threats and ways to avoid them
The Small Business Administration (SBA) defines the predominant threats facing small and medium-sized businesses as:
● Malware
● Viruses
● Ransomware
● Phishing
The excellent news is that each one of those threats can be addressed, some more easily than others, but with a little effort and focus (and you will need to get your team involved) it is possible.
It’s also essential to do not forget that like most things in life, nothing is foolproof. But don’t let that discourage you. Just like taking basic precautions to guard your physical environment, there are some staple items you possibly can do to guard your virtual environment, which is often a more attractive goal nowadays.
Free content, coaching and networking for your small business: Verizon Small Business Digital Ready
Here are the cybersecurity best practices we recommend to startups:
Assess your current defense
An important place to start out is to evaluate your current IT security. The National Infrastructure and Security Administration (NIST) provides a good framework to follow. Especially if you propose to do business with the federal government. Here are some of the basic questions to contemplate:
● Do we have a firewall?
● What security applications and software tools do we currently use to make sure cybersecurity?
● What are the safety standards in the company?
● What is our plan in the event of a breach?
● In what areas should we think about using an external service provider?
● Where are we most vulnerable?
Update your systems and software
It is tempting to disregard these messages in order to update software and operating systems. But these small disruptions can prevent from even larger problems in the future. Many software updates contain critical security fixes, so the sooner you implement them, the higher. If you do not have an IT manager, consider designating someone to speak with the remainder of your team when latest updates are available and send reminders to make sure they get them up and running.
Use a password manager
Does your team still write their passwords on sticky notes or store them in a spreadsheet? Do they proceed to create passwords that hardly meet minimum password strength standards? If you answered yes, you are putting your startup at risk. Weak and reused passwords can be easily guessed by hackers, creating an access point into your systems and applications. A really public example is the attack on the Colonial Pipeline, which was caused by a single stolen password. To make your team’s job easier and protect your data, we highly recommend using a password manager to create, store, and check the health of your passwords. NIST also offers excellent password guidelines here.
Protect your accounts with multi-factor authentication
With the rise of cybercrime, taking a multi-layered approach to cybersecurity has develop into much more essential. One of the best additional layers of protection is to make use of multi-factor authentication, which is sometimes known as two-factor authentication or 2FA. This method stops criminals from accessing your app by requiring multiple types of authentication, which at all times involve a combination of something you own (e.g. device or bank card), something you know (e.g. password or PIN), and something you are (e.g. biometric data corresponding to face or fingerprint). Most applications mean you can enable this feature in the security settings. If possible, we recommend using a third-party authenticator app as an alternative of the SMS method.
Protect your endpoints
Part of any good multi-layered approach to cybersecurity is ensuring endpoints (devices) are protected. A more advanced version of antivirus software, more advanced endpoint protection and response (EDR), more commonly often called antivirus software, uses latest technology corresponding to machine learning. EDR goes beyond traditional antivirus protection as it may well detect changes in system or user behavior and quarantine anything suspicious to mitigate potential threats. As with any software, it is critical to designate someone inside your organization to make sure the version you are using is up to this point and develop a plan to mitigate potential threats.
Related: Dell Technologies endpoint security solutions to strengthen your cybersecurity
Train your team to detect suspicious links and emails
User behavior stays one of the commonest causes of company security breaches. Make sure everyone in your organization, from your leadership team down, understands the importance of considering before clicking or responding to requests. Phishing attacks can take many forms, from emails from your boss asking for your banking details to fake text messages from Amazon with the ultimate goal of tricking you into clicking a malicious link or providing proprietary information. We recommend training your team to follow these basics with frequent reminders to maintain them on track.
Make sure your cybersecurity practices evolve with your startup
As your organization grows, so does its visibility, which may make it a more interesting goal for hackers. As you proceed your rocket ride to success, remember to not neglect your cybersecurity. In addition to the best practices we really useful above, as your budget grows, it is important to prioritize investing in more sophisticated cybersecurity tools and practices. Using more comprehensive software and the services of a third-party service provider are things it’s essential to consider if your small business is on the path to success.
The risk of cyberattacks for start-ups and small businesses is real and growing. But if you begin by taking small steps today and proceed to develop a good cybersecurity approach to guard your team, customers, and confidential information, your efforts can pay off for years to return.