In the last few years, the start-up ecosystem in Southeast Asia has made great strides in terms of investment activity and commercial innovation. But the momentum of this new tech start-up frontier is slowing thanks to an issue that’s all too familiar in today’s business world: the threat of catastrophic cyberattacks. Cybercrime has evolved radically over the past decade to become a major headache for businesses the world over.According to the World Economic Forum’s 2019 Global Risk Report, data breaches and cyber threats are in the top five most serious risks that businesses around the world are facing. Start-ups don’t have the resources to invest in strong IT security, which makes them an easy target for cyberattacks. About 43 percent of all cyberattacks target start-ups and SMBs.
The implications surrounding cybercrime can be scary, especially when it involves loss of revenue, stolen data, compliance fines and lawsuits. From a company perspective, the worse thing that could happen is the damage to its brand. It can result in a huge loss, which is the trust from clients to partners and also to its employees. If there are signs of a potential cyber breach, and the key concerns are how the breach would affect the brand, consulting a PR Agency would be recommended to help a company respond. An experienced PR agency can help to facilitate in developing a strategy of a cyber breach PR plan.
Cyber Risks Facing Start-Ups
Any business, large or small, that relies on technology to store and manage customer information is a potential target for a cyberattack. Start-ups are an appealing target for cybercriminals and fall victim to the vast majority of cyberattacks. As a start-up entrepreneur, you need to know that your business could be the direct target of an attack at any given moment. Common cyber risks facing start-ups include:
Phishing
Phishing is the general term for any sort of social engineering tactic designed to trick the victim into revealing confidential information such as usernames, passwords, or whatever it is the attacker is looking for. Accounting more than 90 percent of all attacks, phishing is the most common form of cyberattack.
Ransomware
Ransomware is a form of malicious code that locks your data and makes it inaccessible. The victim has to pay a ransom to get the data back, which is not even guaranteed. These attacks have become very common these days. Forbes predicted a 300% increase in ransomware attacks in 2020, mostly targeting small businesses.
Data Leaks
A data leak is an unauthorized transfer of confidential information from within a business to an external environment. A data leak can be intentional or unintentional. The information exposed through a data leak may include contact info, user credentials, payment card information, etc. Fintech start-ups are particularly prone to leaking financial data.
Secure Your Start-Up
Cyberattacks and data breaches have become a common phenomenon. Nowadays, barely a week goes by without news of a major attack. While high-profile attacks dominate the headlines, its start-ups and SMBs that bear the brunt of cybercrime. Reports indicate that 60% of small businesses don’t survive a successful attack. Here are 5 steps start-up entrepreneurs can take to avoid such an outcome.
Assess Risks and Vulnerabilities
Assessing risks and vulnerabilities helps you identify where your company is most vulnerable. That way, you can effectively defend against the wide range of cybersecurity threats out there. You can start with an audit of the most valuable data and information in your possession including customer information, intellectual property, employee data, etc.
IT Services
Hackers often target start-ups due to their lack of experience in cybersecurity and the tendency to use out-of-date security software. As a start-up entrepreneur lacking the resources for a robust cybersecurity infrastructure within your business, hiring IT services from a company that specializes in IT security gives you a chance to focus on growing your business.
Install a VPN
A virtual private network (VPN) provides online privacy and anonymity by creating a private network from a public internet connection. Many large organizations use this tool to protect sensitive data, and you can do the same for your start-up. A VPN router for your office network will ensure a private connection that protects your devices from a wide range of online threats.
Install Antivirus Software
Antivirus software can help you protect your system from malicious code. Antivirus refers to a set of programs designed to protect your system from malicious programs. Malware may include viruses, trojans, spyware, worms, etc. Antivirus software can also remove glitches and unwanted programs, improving system performance.
Data Backup
A comprehensive backup strategy is essential to cybersecurity. A good backup ensures that mission-critical data is available for restore in the event of a data breach. Having a reliable backup plan can help your business prevent a ransomware attack. In case of a ransomware attack, you can always restore your data from the cloud and start afresh.
Phishing, malware, and ransomware attacks targeting businesses are becoming increasingly common. Compared to large corporations, young start-ups and SMBs are more vulnerable to cyberattacks. The lack of a robust cybersecurity infrastructure makes these businesses a favourite target for hackers. Start-up entrepreneurs need to wake up and take measures to protect their businesses.
