Cybersecurity is an essential part of any startup’s operations strategy. Yet, implementing it doesn’t need to be resource-intensive or eat much into your company’s shoestring budget.
Want to know why to focus on cybersecurity from the start and how to do so without breaking a sweat? Then stick to this practical guide as we’re about to share with you some cybersecurity strategies.
Why is Cybersecurity a Crucial Prerequisite for Startup Success?
The early days are often the most hectic stage for any startup. Despite this, cybersecurity should be a pillar of operations from day one. We’ll mention several reasons shortly, but the fact that your startup is NOT too small to be a target is likely the most compelling.
Whether they’re developing a revolutionary service or drumming up interest for your growing business, startups gather and work with data cybercriminals value. This includes patents, trade secrets, personal and financial client information, and more.
Leaving such data vulnerable risks financial and reputational damage. Most small businesses and startups don’t survive the aftermath.
Implementing cybersecurity strategies from the get-go makes sense even if worse doesn’t come to worst. It’s easier to create one during the early stage and scale up as the company grows than to try and establish protocols later on.
Comprehensive cybersecurity indicates responsibility, reassuring clients and investors that you don’t take their confidence lightly. Moreover, adopting cybersecurity best practices from the outset helps ensure compliance with industry standards and laws.
Cybersecurity Strategies
While it might seem daunting, the good news is that effective cybersecurity doesn’t need to be expensive or a time-sink. Here are the steps you should take to establish it.
1. Risk assessment
Establishing the company’s cybersecurity needs is first on the agenda. It begins by taking stock of the company’s digital assets, followed by an analysis of the most likely threats and vulnerabilities.
Once the most likely risks become apparent, you can prioritize specific cybersecurity measures and implement or expand them as needed.
2. Systems & software patching
Keeping systems and software updated is straightforward and free. Not doing so makes them more susceptible to malware, as hackers are aware of and actively use old exploits in their attacks.
Updates should be automatic, and all company devices should only come with software and services necessary for work purposes. It’s also important to regularly assess the software in use and consider alternatives if the developers no longer patch it.
3. Strong password implementation
Predictable and simple passwords are among the leading causes of data breaches. These can expose databases full of customers’ personally identifiable information or proprietary data, so a strong password policy is paramount.
The best password managers represent a cost-effective yet comprehensive way to implement such a policy. They trivialize complex and unique password generation regardless of the number of users and accounts involved.
Encrypted vaults store passwords securely while allowing easy access to different devices or secure sharing with colleagues.
4. Multi-factor authentication
The next one of the cybersecurity strategies we recommend is the use of multi-factor authentication.
MFA is an indispensable second step to complete account security since even the strongest passwords can be stolen or misplaced.
Bad actors are far less likely to have access to the secondary code this measure introduces, leaving enough time for successful account recovery.
5. Secure communication practices
Since many startups offer flexible schedules and remote working opportunities, secure and responsible business communication is a must.
Employees should only use encrypted messaging & conferencing services. Even then, they should keep discussions about sensitive information and file sharing to a minimum.
6. Secure Access to company networks
Remote employees pose an extra security risk. On the one hand, they’re more likely to use their personal devices for work, and on the other, they’re in danger of accessing company networks through unsecured means like public Wi-Fi.
Define a BYOD policy that details which devices colleagues may use, along with the scope of their use and necessary security measures. Employees should access company networks remotely exclusively through a trustworthy virtual private network (VPN).
VPNs are a convenient authentication measure. More importantly, their encryption protects file exchanges and internet activity from eavesdropping. Understanding the benefits of VPNs can highlight how they enhance security and ensure safe remote access for employees.
7. Regular backups
Another one of the cybersecurity strategies we recommend implementing is performing regular backups.
Maintaining several copies of crucial company data ensures resilience and business continuity when faced with malware threats and real-world incidents. Cloud storage services excel at scaling with your growing needs and provide multiple redundancies.
You should also consider a physical offsite backup copy for even more consistent file security.
8. Employee training
Technology-based cybersecurity systems are only effective if the employees interacting with them understand the threats.
Startup employees may be more aware of phishing and social engineering than the average person. Still, they’d do well to keep up with the latest threat trends, especially now that cybercrooks are leveraging AI to target humans with increasing sophistication.
Conclusion
Any startup can achieve a strong cybersecurity posture with modest effort. Since now you know how it’s time to shore up your own company’s digital defenses!
