There has been considerable growth in the use of technology in businesses. But the problem is that any technology hardware is prone to hacking. As a result, there have been thousands of data breaches, hacking, and ransomware cases that have resulted in losses of millions of dollars. Cybersecurity needs to be given more attention.
Apart from financial loss, a business can also lose its intellectual property, confidential data, and customer trust. It is alarming that most companies don’t think about cybersecurity until it’s too late.
Startups are more likely to be targeted by hackers as they usually compromise on their digital security. Entrepreneurs should not underestimate cybersecurity and take measures to ensure e-safety.
Below are five things you should know about cybersecurity.
1) Think about security from the start
It would be best to prioritize security from the start, especially if you’re a SaaS startup. Implementing the security at the developing stage will save you from a significant loss due to an attack. Moreover, it will also protect the reputation of your company.
In 2016, Yahoo announced that over 500 million users were affected by the largest data breach in history. It caused massive losses to the company and harmed its reputation. The customers switched to other channels, and ultimately, Yahoo was sold to Verizon a year later.
Always ensure that the developers are considering security as it will help build the foundation of your startup.
2) Always control your data
Right from the start, you should know who has access to your company’s data. In the beginning, you have to share sensitive credentials with third-party vendors. However, the relationship may change over some time. You must cancel their priveledges once you end business with them as it is risky to trust them with it. There are also software available to help you monitor and control who can access your company’s data.
Moreover, you should also encourage your employees to use strong passwords and change them frequently. Network access also needs to be removed once an employee’s tenure ends at the firm.
3) Phishing is the most common cause of security breach
Phishing is a technique used by hackers to lure people into clicking and installing malware. Through this technique, a hacker can steal all user’s data, including banking information. If any of your employees who have access to your business’s critical data is lured into phishing, the results can be disastrous. It can lead to ransom demanded by hackers or, worse, a data breach.
That is why it is essential to educate your staff regarding cybersecurity to help guard them and your business against malicious attempts by hackers. By doing so, you will create a culture of cyber awareness among your staff.
Also, use security software in your office gadgets to ensure maximum safety.
4) Document everything related to security
Keeping a record of your companies’ standards and policies, methods you have used, and implementation plan. Having such documentation will give you an advantage scaling faster than other companies and easily sell your company. Moreover, you will also be able to security concerns by the customers exceptionally well.
Buyers and auditors are likely to monitor your business’s security and your policies regarding that. It can leave a wrong impression if you don’t have any, especially in an industry with high privacy compliance like healthcare, banking, and insurance.
5) Stay updated with the latest security threats
Technology has been advancing at an unprecedented rate, and as a result, many businesses now rely on technology to run their operations. While there are plenty of solutions made every day, hackers have used this opportunity to exploit technology and use it for unethical purposes. It is essential that before you introduce any software, you are sure about its safety.
Organizations also face threats when it comes to wireless connections. Employees are targeted with the help of AI and machine learning that helps enhance their phishing attempts.
Being aware of these new hacking methods and techniques can help you take on any potential cyber threats.
Conclusion
Always remember that the cost of cybersecurity outweighs the risks involved. Most startups don’t allocate any budget to it and rely on free software to protect them. A good solution can be subscribing to a security service on a nominal monthly fee. The overall package will be much cheaper than paying for the whole software.
