Developing groundbreaking ideas, securing funds, and drumming up interest for its offerings form the core of every startup’s existence. Unicorn or not, every startup should also take cybersecurity seriously from the get-go to not find itself in hot water somewhere down the line. In this article, we lay out why a cybersecurity strategy is crucial for any startup and highlight the pillars on which it rests.
The Importance of a Cybersecurity Strategy
Not considering the crippling impact a cyberattack can have on trust, uptime, and revenue is a pitfall far too many startups fall into. Rather than an afterthought, creating a comprehensive cybersecurity strategy should be a day-one priority.
Doing so has many benefits. Having the measures we’ll discuss in place makes cyberattacks less likely and offers almost total protection from some. You’ll also have a response plan in place when something does happen. Knowing in advance who’s responsible for what in times of crisis will allow everyone to act quickly and minimize downtime. Developing a cybersecurity strategy also ensures regulatory compliance and establishes trust among investors and clients.
Here’s what an effective cybersecurity strategy should consist of.
Risk Assessment & Data Protection
Innovation and customer engagement are the driving forces behind every startup. Both generate sensitive data about your proprietary processes and technologies or the information you collect on individuals. These are your most valuable assets, so identifying, classifying, and protecting them is a top priority.
Any sensitive data needs encryption in transit and at rest. Moreover, access to it should be restricted following the principle of least privilege. That means different user classes should only be able to work with files needed to perform their duties.
Endpoint Security
Any front-facing device that connects to your network is a potential cybersecurity risk. The only way to curb that risk is to vet new devices and maintain high security on existing ones. On the one hand, that means outlining essential software and services and ensuring nothing else is installed on these devices.
On the other, it means establishing a centralized system that will monitor the devices and automatically deploy patches and fixes for the OS as well as the other programs as soon as they’re available.
Antimalware & Firewalls
Malware is among the worst cybersecurity threats your startup may face, doing anything from snooping on your activity for months to crippling your entire operation through a ransomware attack. With over half a million new varieties emerging daily, having an up-to-date antimalware package, which is broader than traditional antivirus software, is a must.
The key difference between antimalware and antivirus is that while antivirus focuses on preventing and removing traditional viruses, antimalware encompasses a wider range of protection against various forms of malicious software, including spyware, ransomware, and adware.
Better antimalware suites also come with firewalls, or you can set one up separately. Firewalls block traffic from and to dangerous, undesirable websites and are essential in preventing intrusions and thwarting phishing attacks.
Secure Passwords
Reused, short, and simple passwords render the most sophisticated cybersecurity measures useless. A data breach doesn’t even need to happen at your startup. It’s enough for a hacker to get someone’s login credentials from elsewhere to gain entry if the passwords and usernames match.
Login credentials are too necessary to leave to chance. Use a company-wide password manager to generate and deploy complex and long passwords for all employee needs.
Multifactor Authentication
MFA is a complementary security measure that keeps accounts secure even if someone tries to use a compromised password to access them. Receiving the second code via SMS is enough for individual account security. However, you should implement more robust measures like hardware authenticators or biometrics at the company level.
Network Security
Startups are among the most dynamic enterprises where working from home is common. This convenience is also a potential security risk since you can’t control and secure every network an employee chooses to connect from. The solution is to invest in a trusted VPN.
VPNs encrypt sessions wherever someone is connecting from. This ensures no one can eavesdrop or intercept any exchanged data so you can conduct business as usual without fear.
Many free VPN services collect and profit from their users’ data. When choosing the VPN, ensure it’s from a trusted vendor with high uptimes and knowledgeable customer support. For that, Reddit’s VPN comparison table can be a helpful source for drawing comprehensive comparisons among providers.
Regular Backups
Ransomware attacks, natural disasters, and hardware failure are constant threats to data integrity. You can prevent them by keeping several encrypted and up-to-date copies of your files. At the very least, maintain one with a trusted cloud storage provider and keep another on a drive or device without online access.
Employee Training
Startup employees may be more tech-savvy than average, but they’ll still benefit from regular cybersecurity training and exercises. Spreading cybersecurity awareness and keeping everyone abreast of the latest threats contributes to a security-conscious company culture that reduces the likelihood of incidents and fosters a proactive rather than reactive approach.
Featured image provided by Mati Mango; Pexels; Thanks!
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