Cyberattack is an attack by an individual or company to steal, alter or destroy the victim’s digital information on computer systems. These attacks can be on individuals, enterprises or even governments. Usually when a startup is under a cyberattack, the hacker’s aim is to collect sensitive information such as Intellectual property or customer details.

According to a recent study by Cyberpeace Foundation, 43% of all cyber attacks target small to medium enterprises which include startups, however out of the ones affected only 14% have the resources to tackle such an attack. With limited resources and a growing dependency on digital platforms, startups should establish thorough cybersecurity practices such as:

1. Conduct a Business Cyber Risk Analysis

Before diving into cybersecurity measures, it’s crucial to understand your startup’s unique risk landscape. Conducting a thorough cyber risk analysis involves identifying and assessing potential vulnerabilities, threats, and impacts on your business operations. This analysis serves as the foundation for developing a targeted cybersecurity strategy tailored to your specific needs and risks.

2. Implement Two-Factor Authentication (2FA)

One of the most effective ways to enhance account security is by implementing two-factor authentication (2FA) across all relevant platforms and services. 2FA, includes sending a one time password to a mobile number or could include a biometric scan for more sensitive data. It adds an extra layer of protection by requiring users to provide two forms of verification before accessing an account, significantly reducing the risk of unauthorized access even if passwords are compromised.

3. Regularly Update Software and Systems

Keeping software, applications, and operating systems up to date is a fundamental cybersecurity practice. Updates often contain patches for known vulnerabilities that hackers exploit. Establish a protocol for timely updates and patches to minimize the risk of cyber threats targeting outdated software.

4. Educate Employees on Cybersecurity Best Practices

Human error remains one of the leading causes of cybersecurity incidents. Educating your employees on cybersecurity best practices is essential. This includes recognizing phishing attempts, creating strong passwords, and understanding the importance of data protection. Regular training sessions and awareness programs can significantly reduce the likelihood of successful cyber attacks.

5. Implement Data Backup and Recovery Plans

Did you know that 60% of startups that undergo a cyberattack shut down within 6 months of the attack? Data losses have the potential to cripple a startup, making regular data backups the only salvation. Hence implementing a robust backup strategy that stores both on-site and off-site backups is essential.

6. Utilize Microsegmentation for Network Security

Microsegmentation involves dividing your network into smaller segments to isolate and secure critical assets and sensitive data. This granular approach to network security minimizes the impact of potential breaches by limiting lateral movement within your network infrastructure, enhancing overall cybersecurity posture.

7. Plan for Failure

Despite best efforts, cybersecurity incidents can still occur. Developing an incident response plan (IRP) is crucial for effectively managing and mitigating the impact of a security breach. An IRP should outline roles and responsibilities, escalation procedures, communication protocols, and steps for containment, eradication, and recovery in the event of a cyber incident.

Just as prevention is better than cure when it comes to your health, implementing these preventive strategies will help protect against a potential cyber attack and lay a strong foundation for a secure future.