Cybersecurity for Startups: A Complete Guide

Due to limited resources and fierce competitors, cybersecurity is often a luxury that's reserved for large corporations. Why would anyone choose to target a startup, after all?

Cybersecurity is an issue that startups should also be concerned about. Small businesses and entrepreneurs face the same threats as big corporations.

Symantec reported a 91% rise in cyberattacks against small businesses between 2012 and 2013. We are now a long time past 2013, but statistics on cyber attacks against startups continue to increase. Startups, small businesses, and entrepreneurs all have valuable data and user data.

Dealing with exchanges, small and medium-sized organizations are not immune to cyber criminals. Hackers don’t have any particular bias; they’re not singling out a Fortune 500 company but letting everyone else off the hook. 

This article discusses all things cybersecurity for startups.

Key Takeaways

• Startups are prime targets for hackers because of their limited resources and vulnerable systems.
  
  
• A strong cybersecurity strategy protects valuable business and customer data, even with a small budget.
  
  
• Implementing firewalls, multi-factor authentication, and regular updates is essential to prevent attacks.
  
  
• Employee education and a security-focused culture are critical to reducing human error and phishing risks.
  
  
• Continuous monitoring and strong passwords help detect threats early and prevent data breaches.
  
  
• Preparing a response and recovery plan ensures your startup can bounce back quickly from cyber incidents.
  
  
• Best practices like patching systems, securing payment gateways, and protecting key assets strengthen long-term resilience.
  
  
• Partnering with experts like Sentant provides automation, compliance support, and reliable cybersecurity solutions for startups.
  
  

Cybersecurity Is Important for Startups

Startups face a different type of cybersecurity challenge. They are not well-resourced to offer strong defense, making them vulnerable to cyberattacks.

It is alarming to learn that around 43%of all cyber attacks are targeted at smaller companies. It's also alarming to learn that, within six months after a cyberattack, nearly 60 small businesses have closed their doors.

No matter what stage your company is at, a two-month-old start-up or a ten-year-old Fortune 500 firm, a cybersecurity setup will be necessary for everyone. It's by definition a tool any company, no matter how big or small, can use to protect itself from the constant attacks of hackers.

How Can You Create a Cybersecurity Strategy for Startups and Small Businesses?

It is important to plan a strategy in cybersecurity strategy for your startup. Most startups devote minimal resources to cybersecurity. This makes them easy targets.

You can protect your business with proper planning. The following are some basic steps in creating an effective security plan:

• Understanding your cyber threat landscape is possible by understanding potential threats from different sources.
• Consider the extent of your digital footprint and the efforts required to secure it.
• You can assess your cybersecurity maturity, and then evaluate the impact of different levels on your startup’s security program.
• Create a Cyber Security Architecture using insights gained from understanding the threat environment and assessing cybersecurity maturity
• Implementing various security solutions, such as firewalls or antivirus software, can help you strengthen your technical defenses.
• Make sure you regularly back up your system to ensure that important data is protected in the event of system failures or other data losses.
• Incorporate cybersecurity measures into the culture of your company
• Invest in a Continuous Monitoring Solution that scans your network and alerts you to any vulnerabilities.

Ten Steps to Implement Cybersecurity for Startups

It is impossible to overstate the importance of cybersecurity for startups. Here is a step-by-step process that we have curated from the compliance experts of cloud industries. Let's get started...

Step 1: Analyze your business's cyber risks

Consider the many options available to you from both a vulnerability and defense perspective.

This is the time to evaluate risks posed by actions such as system sabotage and data theft committed by unhappy employees.

You must also assess your security posture and threat level.

Step 2: Install a firewall

Many antivirus programs on the market come with a firewall and internet security features. These tools protect your devices and networks from various threats.

You and your employees will be able to avoid downloading malicious software from Cloud Security Platforms, as well as improve their ability to detect and stop malware attacks, phishing, and other attacks.

Step 3: Use multi-factor authentication

Multi-factor authentication (MFA) adds an extra layer to account security. The system stores not only your password, but also other ID information.

When you log in next time, you'll need to do more than just enter your password. You'll also have to verify that you are you by checking these extra details. This is a great way to make your accounts more secure than relying solely on passwords.

Step 4: Update your patch software regularly

Install updates as soon as possible to protect your computer, smartphone, or other digital device from attackers who may exploit system vulnerabilities. These vulnerabilities may be exploited by attackers for many months or years after the updates are released.

Software updates do not just add new features, but they also fix problems. You must update your antivirus software as well as your hardware.

Hardware updates improve your computer experience. Updating regularly is beneficial to your device in many ways.

Step 5: Create your secure cloud storage

Why is secure storage important? Because it adds an extra layer of security to your data.

You should limit access to cloud storage just as you would to your own physical networks and devices.

To begin with, only use the cloud to store files that are used for team projects or by those who need frequent access.

Cloud applications can be integrated with most automation software. It makes it easy to maintain compliance and gather evidence. Sentant can help you integrate your cloud apps and streamline your security efforts. For more information, contact our experts.

Step 6: Educate employees

It’s all about security education and employee awareness. See what the government and industry can offer to make your personnel appreciate cyber threats. Employees need to understand that, however authentic the phishing link looks, they shouldn’t click on it.

You need everyone in your organization to be singing from the same hymn sheet on these points.

Sentant provides ready-made materials for employee training that you can use. You can customize materials based on your needs for cybersecurity in startups.

Step 7: Integrate security into your culture (CEOs, CTOs, IT)

It is important to embed a culture of security within your startup. The culture of your company will influence the way you do business for many years to come. It will determine who joins the team, what values they adopt, and what decisions they take every day.

The founders' vision is used to create a culture. Google and Facebook, two of the biggest companies in the world, have incorporated cybersecurity into their culture from an early stage. This has led to some of today's most powerful cybersecurity teams. Showcasing your commitment to security will reinforce the notion that you have about your company.

Employees often look up to their founders. If they see them ignoring security policies or circumventing these, then the rest will likely follow.

It is better to offer your employees consistent cybersecurity training. Offering the best of both. You get the cloud-focused and jargon-free Sentant security training program included in your platform fee at no additional cost.

Sentant simplifies the tracking of training programs by recording who has taken them and when. This is a great way to ensure that security isn't just a topic of conversation, but actually practiced by startups.

Step 8: Monitor your network and defend it

Always put monitoring and protection as a priority. You should keep an eye on the devices that connect everything in the cloud. How can you do that? Here are a few tips that we've provided below.

• Install an antivirus software
• Add intrusion detection to your security stack
• Log management is a great way to keep track of your network activity.
• Invest in an automation platform such as Sentant

Step 9: Use complex, strong passwords

Assign each member of the team a network account. This will help track their individual activities in the network. Personal accountability helps identify security breaches and errors.

You can also teach your team to use complex and unique passwords. This information will be included in the security training.

It is better to use strong passwords such as "K$7mP#z@2Bv@X", rather than easy-to-guess ones like "password123."

Step 10: Plan for failure

Your cybersecurity strategy must include a plan for failure. In Step 1, we talked about creating a Business Cyber Risk Analysis, which includes prevention measures and detection plans. It's also important to have an effective remediation plan.

Businesses often prioritize prevention and early detection, but fail to plan for remediation despite the fact that it is a low-cost option.

You must prepare and anticipate failures to stay ahead. A frantic reaction after every incident is not an option. It requires quick thinking and resources that can take a long time to procure.

Best Practices in Cybersecurity for Startups

By following the best practices below, you can protect your small business from cyber threats and create a safe environment for both your company and your customers.

1. Regularly update and patch your system

Hackers are usually stereotyped as people who simply seek monetary gain. What the hackers are after is not what you would expect. Those hackers desire precious data, data that stores personal information (name and password), basic credentials, email addresses & financial details such as credit card numbers.

Take institute precautions to prevent cyberattacks from becoming too serious. You need those software updates and patches—on both your computers and phones. You must have no openings for cyber-attacks.

2. Keep records

Compliance requirements love record-keeping. It's not only a standard practice in engineering but is also a valuable tool for small startups to comply with regulations. Coding compliance rules in your code creates a single source for truth and documents all modifications.

3. Protect what is most important

Focus on what matters most as a new startup in cybersecurity. It's difficult to defend against every cyber-threat with small teams, limited time, and resources. Instead of trying your best to protect everything, focus on the most important assets.

Identify the main threats and security risks they face. You can use this tactic to allocate your time, money, and energy towards safeguarding what is truly important.

4. Create a cyber-safe environment

Instill a culture of cybersecurity in your new startup. It is crucial to integrate security into the core values of your business and its everyday operations.

5. Create a cybersecurity blueprint

A solid cybersecurity defense begins with a plan. It should include your security policies, procedures, and methods for dealing with threats.

6. Educate your employees

You may already know the importance of this topic, as we have covered it in the section above. Therefore, you should educate your employees on cybersecurity awareness.

7. Implement authentication measures

Employees in startups may rely solely on the traditional username and password login procedure. This increases the risk of falling victim to phishing attacks.

Multi-factor authentication and single sign-on are two of the best ways to increase security. Direct your employees, for example, to use MFA whenever they access sensitive systems such as emails or confidential accounts.

8. Secure Payment Gateways

A startup may choose to use a simple, non-encrypted system of payment processing without SSL certification because it has limited resources or wants to reduce upfront costs. Insecure transactions can pose a number of risks.

To protect payment information, you should ensure that your payment gateways are secure. Use encryption and SSL, for example, to protect payment transactions that are made on your website.

Cybersecurity Can Be a Challenge

Implementing cybersecurity requires work. You can, however, take the time necessary to fully understand the challenges that cybersecurity faces to find a solution. Here are a few of them:

1. Get used to remote workers

Remote work is becoming the norm. But it's no longer just about the commute. The security of virtual offices is a growing concern for employees.

Cybercriminals can sneak into your system through the back door when you're tired or unaware.

What's the best way to protect remote work? Cloud-based cybersecurity is essential. These advanced solutions ensure that your identity, device, and digital cloud are protected.

2. New security threats: Misunderstandings

The majority of companies are struggling to keep up with the rapid changes in cybersecurity threats. Staying informed is not only about knowing the current trends in security, but also being aware of any new threats that are developed.

It is easier to protect your network if your IT team keeps up-to-date on the latest threats.

3. Measurement of security protocol effectiveness is not adequate

A lack of adequate security protocol efficiency measurements hinders the ability of security practitioners to continuously improve their security practices and gauge security effectiveness. Dashboards and metrics are crucial to this.

Startups should create efficiency metrics to help them evaluate their security measures. These metrics are crucial in shaping and improving your cybersecurity strategies.

4. Bring Your Own Device Policy

Bring Your Own Device (BYOD) policies determine whether or not employees are allowed to use their own devices at work.

95% of employers are fine with their employees using personal devices at work. Two out of three employees use their own gadgets to work, despite the BYOD policy of their company.

What should a BYOD policy contain? Here are a few important things to consider:

1. Acceptable Use: How can employees use their own devices?
2. Security Measures: How secure must these devices be?
3. Company Components: SSL certificates for device authentication
4. What rights does the company have with this device? Remote wiping is a good way to find lost or stolen gadgets.

What Is the Cost of Implementing Cybersecurity in Startups?

Costs for cybersecurity can range from $5000 to $25,000. Allocating between 5.6% and 20% of your budget for IT to cybersecurity is considered a good idea. These costs vary depending on your industry, the size of your company, and what services you offer.

Sentant: A Cybersecurity Company That Your Startup Should Be Aware Of

Sentant offers a variety of services to help an organization meet its cybersecurity needs. Users can take advantage of the power of automation to perform functions like vulnerability scanning, control monitoring, control customization, enhanced security features, and more.

Sentant is a cloud-hosted solution for startups and businesses. It supports 15+ frameworks, including SOC2, ISO 27001, and GDPR.

What's Next?

Hackers always have a positive side. Your startup is constantly worried about being hacked, and this makes them too concerned with cybersecurity.

It's smart to prepare for any hacking scenario while keeping your fingers crossed. It is important to keep your business in top shape without having the constant fear of hackers.

Remember: Hackers do not discriminate. If they did, SMBS would have been their favorite.

Enter Sentant an all-in-one solution for your security requirements. You can integrate everything from automatic evaluations to current compliance checks and cross-check multiple standards and models.

Are you interested in improving your cybersecurity management? Book a demo now!

Frequently Asked Questions

Why is cybersecurity important for startups?

Do not take your startup's cybersecurity issue lightly. Even a minor data breach or cyber attack can have disastrous results. It doesn't matter if you are a small startup or a large corporation with billions of dollars in revenue.

What are the main goals of cybersecurity?

Three main goals of cybersecurity include:

• Confidentiality should only be used when authorized personnel can access the data.
• Integrity: The data are honest and complete. The data should not be altered or manipulated by anyone who has been denied access.
• Availability: You can access your data from anywhere and at any time.

What is cybersecurity to startups?

Small businesses and startups need to be concerned about cybersecurity. What is its goal? Protect these businesses from hidden hackers. Why? Hackers think that these places do not value security.

Who invented cybersecurity?

Bob Thomas created cybersecurity in 1971. He created a virus as a test for the system.

Cybersecurity is a concern for all.

CISA is the primary cybersecurity controller. CISA carries out cybersecurity operations by establishing partnerships.

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Will Pizzano, CISM is Founder of Sentant, a managed security and IT services provider that has helped dozens of companies achieve SOC 2 compliance. If you’re interested in help obtaining SOC 2 compliance, contact us.

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