How Startups Can Overcome Cybersecurity Challenges To Shield Their Business

Data breaches, loss of reputation, fines for non-compliance, and many more damaging consequences can all happen because of the lack of cybersecurity measures. A common misconception is that startups are at a smaller risk of cyberattacks, which, unfortunately, in reality, is rather the opposite. Online criminals target everyone, and those who aren’t prepared properly, fall into the priority target category.

Having this in mind, companies of all sizes can’t ignore cybersecurity at any stage of their business development. That’s why the easiest way to improve your cybersecurity game is to upgrade your internal company policy and implement digital cybersecurity tools. The question remains “How?”.

Continue reading this article to overcome various cybersecurity issues and strengthen your security system.

IoT Vulnerability: Why It’s Important

IoT, or the Internet of Things, are digital machines and computing devices that create a system of “things” and connect the virtual world with the physical scene. Almost any smart device can be a part of this network. For example, your smartphone, fridge, digital watch, etc. Since there are a lot of devices and they all connect to the same network, it takes only one slip to infect the whole network.

Naturally, this environment is a popular target for hackers. If attackers steal data, they gain access to important files, which later can lead to threats to pay a ransom. In order to prevent data breaches and protect your startup’s network, all IoT devices should be protected by:

  • Monitoring all of your IoT devices.
  • Using a firewall for a more robust defense.
  • Maintaining strong passwords.
  • Applying network segmentation.

You Can’t Ignore Training

At some point, training becomes one of the highlights of every cybersecurity discussion. Now, even though we’re in 2022, the lack of cybersecurity awareness is slightly alarming. Not only technological solutions but also the staff itself should be aware of the cybercrime red flags. For this reason, proper and detailed step-by-step training for employees minimizes the risks.

Everyone working as a team helps detect potential threats quicker. Even the most well-known measures are helpful. For instance, understanding that you can’t write down your password on a sticky note or learning to identify a phishing email is one step towards a stronger cybersecurity system.

Ransomware Remains a Threat

This malicious software isn’t a new discovery, yet it’s still very damaging today. The first ransomware virus was designed by an evolutionary biologist from Harvard, also known as the Father of Ransomware, back in 1989. Now, we have more sophisticated versions of this malicious threat that usually demand way more money. According to recent reports, the average ransomware fee increased from $5,000 to $200,000 over recent years.

To prevent such situations, startups use special antivirus and ransomware removal software. It helps with:

  • Performing automatic scans.
  • Detecting malicious files.
  • Deleting malicious software and codes.
  • Maintaining the overall health of your network.

While hackers have access to the startup’s system during a ransomware attack, the lost access creates a system downtime, resulting in revenue loss. For a small business or a startup that’s new to such matters, this could be damaging to the point that the company leaders can be forced to remove staff or resign after a ransomware fiasco.

Data Security and Proper Management

Data is one of the most important assets, and so is its management. Keeping your data storage systems isn’t enough to protect your data. Startups should learn how to monitor information by implementing a clear cybersecurity routine. Like any task at work or an old habit, you should have proper cybersecurity hygiene. Starting from scanning for viruses and ending in changing your passwords regularly, these are all things that can’t be left out of your work agenda/

Prioritizing data security and learning how to manage your cybersecurity system is far from surprising these days, as the amount of data doubles every couple of years, leaving more than half of the new data unused. This situation increases cybersecurity threats and leaves the data vulnerable to more cyberattacks. To sort this issue, startups rely on artificial intelligence and automation, leaving technology to manage and handle large amounts of data.

How to Build Safer Business Relationships?

Sometimes cybersecurity threats and fraud possibilities can be found in the most unexpected scenarios. In other words, cybercrime comes in parallel with fraud. It’s important to note that such cyber fraud and all other illegal computer crime activities can find their way to any startup. So to think that this won’t happen to my or my company is a popular yet not the best misconception.

Violating privacy laws and stealing identities or intellectual property happens more often than you think. For this reason, your startup should be protected at all costs and from all sorts of fraudulent behavior. To make this an easier task, startups use special fraud prevention tools, such as Business verification services, to scan other potential companies and their staff against various sanction lists to detect possibilities of fraud. This helps you avoid getting involved in shady activities and partnering with the wrong entities.

Final Words

Not having strong cybersecurity in your startup in this digital age is practically a crime. It’s essential to prioritize good security hygiene and train your employees regarding the main cybersecurity and fraud threats. This way, you’ll create a great cybersecurity culture in your team and prevent unwanted consequences from losing funds, reputation, and important data.

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