Protecting a new tech startup from cyberattacks is not just about setting up the right tools. It’s about creating a resilient system that can weather any storm.
The cost of cyberattacks is high. For example, for a manufacturing company, a ransom attack costs an average of around $1.5 million for recovery efforts and productivity losses. Due to this steep cost, every business must take cybersecurity seriously and make efforts to protect themselves.
New tech businesses need to understand what unique security challenges they face to create a robust cybersecurity plan. By using the best tools within their budget, startups can free up resources to safely launch their business.
Cybersecurity Challenges Faced by New Tech Startups
Depending on what industry they serve and what they offer, tech startup companies face unique cybersecurity threats. Here are some of the up-and-coming industries in tech and the challenges they face:
- Drone-based businesses help event planners and realtors provide an overview of available locations. However, this makes venues and homes vulnerable to break-ins, theft, and vandalization.
- Remote IT services can offer hardware, software, and technical support. These businesses are at risk of hacking, malware, and ransomware threats.
- Companies with a remote workforce relying on cloud solutions are especially vulnerable to breaches. These threats are especially worrying for companies with sensitive data.
- Software-as-a-service, or SaaS, are cloud-based applications, such as Zoom or Wix. Cyberattacks can take a company down, costing money, reputation, and customers.
- E-commerce companies that sell products must protect customer data to protect it from theft and fraud.
- EdTech companies sell services and software to schools and parents. These companies may have additional security threats, including software hacks, online predators, and student privacy.
Although this may not be a comprehensive list, it does illustrate the importance of researching security attacks that are prolific in your industry.
Planning Robust Cybersecurity for Your Startup
While there may be variations in cyber attacks from industry to industry, cyberattacks are becoming a standard threat to any business, regardless of size. Yet, cybersecurity awareness continues to decline as the number of attacks escalates.
As a startup, you can’t afford to fall susceptible to any type of attack. Develop a strategy and framework as soon as possible with the following elements:
- An incident response plan that documents what to do when you experience a cyberattack. Include an escalation plan and review different attack scenarios.
- While developing your organizational structure, determine who will have access to sensitive data and what level of access all employees have. For example, human resources must access private employee data, financial resources for payroll, and password security information.
- Your plan should include periodic reviews and testing. When the company grows, it will encounter new threats and vulnerabilities, so it’s best to build in reviews.
- Build defensive systems to protect your company, such as password managers, firewalls, virtual private networks (VPNs) for remote workers, and intrusion detection systems.
- Backup systems and disaster recovery plans are necessary in your cybersecurity plan. They ensure that if something goes wrong, there is a plan to restore information and systems to get your company back on its feet quickly following an attack or breach.
It’s worth noting that, for companies reliant on cloud solutions, developing a robust cloud security system is paramount. These systems differ from other “brick-and-mortar” measures by having added scalability requirements, access control, and compliance complexity.
With this plan in place, your company has the best odds of surviving an attack. The final piece is getting your team on board with these security measures. Develop policies and procedures to train your staff to safely work with email, software, and other vulnerable areas of attack.
Tools to Help Streamline Your Security Efforts
As a new tech company, you’re beginning from scratch with your systems. However, putting the best startup tools in place can help ease your transition into becoming a secure and functioning company. Some of the top security tools available are:
- OpenVPN helps secure your remote workers. As a tech startup, you want to hire the best talent available, regardless of their location. You’ll likely have remote staff that fits the bill. This tool secures multiple cloud-based systems, providing restricted access to the VPN only for staff members that you select.
- Cloudflare is a system that allows employees secure access to online resources such as websites and apps. It monitors systems for security and performance, providing a necessary tool to keep your security plans functional and optimized.
- BitDefender GravityZone Business Security is an affordable cybersecurity protection system that is just as comprehensive as costly enterprise systems. It also provides risk management and assessment tools, including updated security functions for mitigating ransomware and network attacks.
- SysCloud is a backup tool that supports Google G Suite and Office 365 for a reasonable cost. It includes compliance tools for regulations like HIPAA.
- Team Password may be the best password manager for startups. These tools create a safe way to store passwords so that people do not have to write them down, which can be a security threat. Team Password is cost-effective and easy for employees to use from day one. It’s shareable and requires no additional maintenance.
These tools allow new tech companies to streamline their cybersecurity efforts while keeping their startup costs within reason. New tech startups need to prepare for cybersecurity risks long before they launch. This includes assessing risks, planning for threats, and securing affordable tools to protect their data and systems. This will reduce your concerns, allowing your company to seamlessly scale to new heights.
