New business registrations are booming, according to the U.S. Chamber of Commerce. Starting a business is a mainstay of the American dream, and at least five million new small businesses have been established each year since 2021.
This is great news for our economy but, sadly, startups are a prime target for cybercriminals. According to Verizon, 92% of tactics used by threat actors against small businesses are either social engineering tactics, such as phishing emails, or basic web application attacks. Employees at companies with fewer than 100 workers experience 350% more social engineering attempts than those at large companies. For many, it takes just one incident to put them out of business within six months, making robust cybersecurity critical for survival.
Unique Challenges Face Startups
Startups face unique cybersecurity challenges, primarily because of their limited resources and expertise. They often prioritize rapid growth and innovation over security measures, making them attractive marks for cyberattackers. Most startups have less robust infrastructure than established corporations. They may also lack dedicated security personnel, leaving them vulnerable to data breaches, ransomware and phishing attacks.
Additionally, startups might struggle to comply with cybersecurity regulations due to their evolving nature and the complexity of technology. These factors combine to create a precarious security environment. Although startups can address the challenges by investing in cybersecurity from the outset, the following 7 cybersecurity tips can help you secure your company in the short term.
Seven Practical Cybersecurity Tips To Implement Immediately
Fortify your startup against cyber threats with these seven practical strategies you can immediately implement to enhance your defenses.
1. Insist on multifactor authentication (MFA). Implementing this protocol helps secure all access points—from the cloud to your network and SaaS. MFA reduces breach risks by ensuring more than a password is needed for access. This measure is crucial to protect against advanced threats such as session replay and SIM swapping attacks.
2. Manage system updates and patch installation. Update your software regularly to keep your startup secure. Automate updates to fix security gaps quickly and reduce the risk of hacks. Focus on patching systems that are exposed to the internet and those with known weaknesses. This helps protect against severe threats and minimizes disruptions to your IT infrastructure.
3. Develop a comprehensive cybersecurity program. This program should include real-time threat detection, structured incident response and robust backup and recovery plans. Prioritize regular risk assessments, use endpoint protection and continuously monitor systems to spot and handle threats quickly.
4. Ensure all employees use strong passwords. Even if you have multifactor authentication in place, encourage the creation of complex passwords combining length, characters and numbers. Use tools like password managers for better security. Regularly monitor and update passwords, especially after data breaches, to prevent unauthorized access.
5. Create clear, written security policies. Establish a cybersecurity foundation for your startup that contains simple, audience-focused language. Regularly update policies to reflect current trends, and clearly explain the reasons behind policies to enhance compliance. Ensure policies include new technologies and regulatory changes to remain effective.
6. Implement backup and recovery strategies. Schedule automatic backups to maintain data integrity and prepare for emergencies. Store your backups in various locations and routinely test recovery procedures to ensure they work effectively when needed. Regularly test your backup and recovery process to ensure effectiveness against natural disasters, ransomware and data breaches.
7. Monitor vendor security diligently. Before you start working with third-party vendors, conduct detailed security assessments to check and manage risks. Set clear security responsibilities in contracts and monitor their compliance to ensure their services don’t weaken your startup’s cybersecurity.
By adopting these practical cybersecurity tips, you can bolster your startup against various cyber threats and help ensure your data and systems remain secure.
No Better Time Than Now
As the number of startups balloons and the shift to remote work continues to climb, there’s no better time than now to integrate these cybersecurity tips into your business model. Establishing good cybersecurity habits helps protect your business against common vulnerabilities. It empowers you to build a strong foundation that can support future growth and technological advancements.
Avoid the scramble to implement cybersecurity measures under pressure. Review your security posture now and take steps to ensure a smoother, more secure expansion as your business evolves.
You can read the original article posted in Forbes by Rhymetec CEO, Justin Rende.
About Rhymetec
Rhymetec was founded in 2015 as a Penetration Testing company. Since then, we have served hundreds of SaaS businesses globally in all their cybersecurity, compliance, and data privacy needs. We’re industry leaders in cloud security, and our custom services align with the specific needs of your business. If you want to learn more about how our team can help your business with your security needs, contact our team for more information.
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