Introduction

It is exciting when you have a business idea and finally actualize it. As impressive it is to see your innovation take off, there are challenges that you must contend with, top among these being data security. Of late, especially with the Covid-19 pandemic and more businesses operating online, cyber-attack cases have been on the rise.

Startups are on the frontline of cyber-attackers due to a lack of prioritizing security and using outdated servers. Some of the cyber threats that face startups include:

1. Ransomware

Ransomware is defined as malicious software that takes control of your computers and holds your data at ransom. The computer displays on its screen messages that demand a fee before the hackers can give you a decryption key. Ransomware is a type of malware installed in your computers via deceptive email attachments or links, websites, or instant messages.

In a sobering prediction by Forbes, there will be at least a 300% increase in cyber-attacks in 2020, especially ransomware and targeting startups. The ransomware attacks would dramatically increase by half from $100,000 up to $300,000. This hike would cause more startups to file for bankruptcy and more startups shutting down even before they take off.

2. Phishing

Phishing is an attack that uses deceptively legitimate-looking emails to lure the victim into clicking on the provided link. This link redirects the victims to a fake website, which prompts them to reveal personal information such as username, password, credit card numbers, or account details.

3. Malware

Malware is a broad definition of various cyber threats: viruses, worms, Trojan horses, spyware, and others. These infections enter your system through software downloads, email links or attachments, vulnerabilities in your operating system, etc. The malware spreads to other connected PCs or laptops in your network and causes a lot of damage.

4. Data Breaches

A data breach in a startup happens when a hacker gains access to your system and manages to leak confidential business data. A data breach can ruin your startup’s reputation, and worse, cause you financial ruin from the lawsuits initiated by aggrieved clients whose data has been leaked.

In the UK, a Telehealth and AI Chatbot startup, this year, suffered a data breach when an app user discovered he has access to other patients’ consultations in video form, which the company said was a software error.

How to secure your startup

You can secure your startup and prevent considerable losses in several ways:

1. Risk assessment

Risk assessment involves assessing your startup’s security needs by identifying the risks your business faces in five steps:

  • Identify the threat
  • Determine the threat’s risk and impact on your business
  • Analyze your controls
  • Determine the likelihood of risk
  • Calculate the risk rating
2. Using a VPN

A VPN, also known as Virtual Private Network, creates a secure channel between the devices in your network and the internet. By downloading a VPN app, you ensure that your communication is encrypted using the 256-bit standard encryption.

This encryption standard is so secure that banks and security agencies globally use it to protect their data. This service also hides your location and IP address; ensuring hackers do not locate you.

It is recommended not to download free VPN apps as they sell your data to third parties; instead, look for those with subscription fees, as they are more reliable.

3. Strong Passwords

The importance of strong passwords cannot be over-emphasized. A secure password can withstand brute force where hackers try to crack your password by using as many password guesses as possible until they get the correct one. Use a password that you can easily remember, but the hacker cannot guess.

4. Multifactor authentication

Using a password alongside a multifactor authentication method makes it harder for hackers to infiltrate your system. The use of biometric authentication such as a fingerprint scan and a password, or a one-off passcode sent to a trusted device makes your system more secure.

Conclusion

Ignorance and assumptions are the most significant causes of ruin in startups. Most startups are either ignorant about security or assume they are not big enough to be hacked, which is exactly why they are hacked.

Ensure you educate yourself about all possible cyber-threats, and you take appropriate measures to guard your startup against failing before it has properly taken off the ground.

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