Cybersecurity for Start-ups

With limited resources and a lack of expertise, start-ups often put cybersecurity on the back burner until they are financially and experientially able to deal with security risks. This is a common yet avoidable mistake that should be avoided when starting a small business. Cybercriminals, hackers, and those with malicious intentions don’t discriminate based on a business's size. In fact, according to the World Economic Forum, small businesses are targeted more often (40% +) than larger corporations. Combine this with the fact that a mere 51% of small businesses have no cybersecurity measures in place at all, and you have a recipe for disaster. Given the alarming statistics and the need for smaller businesses to prepare for what feels like the inevitable, what steps should they take to safeguard their businesses even during their fledgling beginnings? Let’s take a closer look at why cybersecurity is so challenging for start-ups and what your business should do to strengthen security and protect your data from day one.

Why Cybersecurity is a Challenge for Start-ups

Start-ups often rely on technology to succeed in the first few months and years, making them especially vulnerable to cyberattacks. Several other factors also make it challenging for young companies, particularly small businesses, to develop and implement a cybersecurity preparedness plan.

Lack of Resources

As a fledgling company, there are many areas of insufficiency, including finances, expertise, experience, and a serious lack of time. These four components that are lacking in a newer company can be extremely detrimental to cybersecurity efforts and could leave an organization primed for attack.

Lack of Financial Stability

Start-ups frequently have limited cybersecurity budgets and operate on tight finances, making it difficult to invest in robust cybersecurity tools, software, and personnel.

Lack of Expertise

When just starting out, start-ups have inspiration, innovation, and creativity in spades but often lack the technology and, consequently, the cybersecurity expertise to fully understand their level of vulnerability. For instance, it is rare to find a small business start-up with a full-time, seasoned IT staff, making them susceptible from the get-go.

Lack of Experience

As a new organization, a lack of experience makes it harder for employees and leadership to identify and thwart cyber attacks, leaving the company more vulnerable overall. A comprehensive training schedule can easily help your team recognize red flags that could indicate an attack or a risk of an attack.

Time Constraints

During the first few hectic months of any start-up’s evolution, there are going to be many time pressures. Time is needed to launch your service or products, hire needed staff, acquire office space and needed equipment, and start marketing your organization. Cybersecurity often gets lost in the chaos. While start-ups are focused on growth and innovation, it is critical to leave some time for cybersecurity.

Growing Cyber Threats

Adding to the lack of resources new businesses often face in their first few months and years is the growth in the frequency, sophistication, and variety of cyber threats. According to recent data, cybercriminals are targeting start-ups due to their inexperience, lack of expertise in the IT arena and a dearth of funds to focus on cyber threats. Cyber issues have several trends, including:

An increase in the frequency of attacks, especially on small businesses and start-ups
An increase in the level of sophistication of the attacks
An increase in the variety and the ability of cyber criminals to adjust and adapt to the latest security techniques

Addressing Security Challenges for Start-ups

As a start-up owner or leader, you may feel pulled in a million different directions. Here is a breakdown of actionable steps you can take to shore up your security practices.

Understand Your Threat Level

Rather than ignoring security, contact a managed IT company, like Spectra Networks, that can help you grasp your vulnerabilities. Understanding this will help you budget accordingly and implement security measures where you need them the most.

Implement Basic Security Measures

Even small start-ups can protect themselves by practicing some fairly basic security measures, including—but not limited to—using a password manager to create strong passwords, instituting multifactor authentication rules required for accessing company data, completing regular software updates, using antivirus software, installing a robust firewall, and backing up data regularly. Since hackers target not only computer systems but also people, be sure to follow a strict employee training schedule. During regular trainings, you can inform your team of trending threats, including how to recognize phishing scams and how to prevent human error that could create a risk of a breach.

Establish a Cyber Security Policy

While your business is young, it is the perfect time to establish a cybersecurity policy, especially one that addresses issues such as implementing access controls, using public Wi-Fi, using personal devices for business purposes (BYOD), creating and using strong passwords, and identifying red flags in emails and attachments. Some simple but effective methods can help safeguard your start-up from the most basic security risks.

Create Secure Cloud Storage

Securing your business data in the cloud is important since most cloud providers invest heavily in security infrastructure and employ various security measures to protect data from unauthorized access and cyber threats.

Partner with Security Experts

To focus on your start-up's main mission, it is key to find a trusted IT partner who can take the security worries off your plate. This may mean using part of your IT budget to partner with an experienced team like Spectra Networks to get you started on the right foot.

A Final Word

Launching a successful start-up is a huge feat. There are major challenges regarding finances and other resources, but there are also some steps you can take to protect your investment from cybercriminals. Our team at Spectra Networks has helped many local start-ups and small businesses across the North Shore of Massachusetts secure their business data. Reach out to the Spectra Networks team with your questions, comments, or concerns. We'll be here to assist you and your organization.