Startups, Think about Cybersecurity on Day 1
Cybersecurity has become a growing concern in the boardrooms of America’s largest companies.
But it’s not just big businesses that are vulnerable. Startups, entrepreneurs, and small businesses are not immune from cyber threats. In fact, according to Symantec, from 2012 to 2013 there was a 300% increase in cyber attacks on small businesses. It’s true that small businesses, startups, and entrepreneurs are all in different stages of maturity—but that does not mean they do not all have extremely valuable data.
Cyber criminals target vulnerable computer systems regardless of whether the systems belong to a Fortune 500 company, a small business, or a home user. In fact, cyber criminals tend to target the weakest link in any system, whether that link is a person vulnerable to exploitation or an “as a service” platform developed by a startup. Cyber criminals are aware that small businesses and startups typically have fewer security systems to detect and prevent attacks. For that reason, they are prime targets. In addition, startups are more likely to use cloud-based services to store sensitive data, which might not have strong encryption technology or may succumb to vulnerabilities in third party infrastructure.
When faced with a cybersecurity breach, larger corporations tend to have contingency plans and staff that enable them to continue with business as normal. The reality is that startups do not have always have dedicated IT staff, a comprehensive understanding of cybersecurity risks, or the resources to purchase enterprise-level security tools. If a small business or startup has a breach, i can shut them down for days or weeks. That can be financially devastating. More importantly, it can destroy the reputation of the company and trust in the product. This can translate into a loss of customers, lack of faith from advisors, and concern from investors in an increasingly competitive venture market.
