A Few Strategies That Can Help Secure Your Startup

If hackers attack your startup, the situation can quickly go from bad to worse. According to CNBC, the average cost of a data breach is US$200,000 which is enough to force most start-ups to cease operations.

But that’s just the average: some breaches have cost companies many times that amount. The financial burden of a data breach is only one issue, though; reputation damage alone can sink a company.

So, what can you do to secure your new business? Below are some basic security strategies for entrepreneurs and startups.

A Few Strategies That Can Help Secure Your Startup

Prepare a password policy for all employees

A strong password policy is one of the most important aspects of an organization’s security strategy. Using complex and unique passwords for every account is imperative, making it more difficult for hackers to gain access.

Use long passwords with a random combination of letters, numbers, symbols, and capitalizations that isn’t easy to guess or remember. A recommended length is 12 characters or more.

Avoid using any of the world’s most common passwords (such as “password” and “123456”, etc.), as they’re easily guessed by hackers who are also aware of these popular choices.

Finally, make sure all employees follow good password practices when using company resources outside work hours.

Secure your company’s data

It is important to protect your data because it is the lifeblood of your business. If threat actors get access to your business data, they can use it for their own gain. To prevent this from happening:

  • Encrypt everything that needs protection (i.e., everything!)
  • Keep backups of all your critical data in separate locations so that if one location is compromised and lost, you still have another copy elsewhere
  • Consider cloud-based servers, as many vendors offer robust security above and beyond what you can implement yourself

Use two-factor authentication whenever possible

Two-factor authentication (2FA) is a way to protect your accounts and systems. Implementing two-factor authentication means you need two pieces of information to access something, be it a website or an app.

For example, if you’re using Google Authenticator to log into Facebook, the app generates a six-digit code that changes every 30 seconds. To log in successfully, you must enter both your username and password along with that code.

This means that even if someone were able to steal a business password (via phishing or keylogging), they would still need access to the second authentication method before they could get into the account.

Invest in enterprise-level security tools

As a startup, your security needs are different from those of the average enterprise. Your team is likely small, and you don’t have the resources to hire a dedicated security analyst. However, there are still things you can do to keep your network safe and secure

  • Use a good firewall
  • Make sure all your company’s networks are encrypted with a VPN (a virtual private network)
  • You should also make sure all devices have robust anti-malware and antivirus protection

You can safeguard your startup from cyber attacks

Cyberattacks are real threats to your business, causing both financial and reputational losses.

When a cyberattack occurs, you have to spend time and money responding. And that means less time, money, and resources spent on building your startup. To prevent these costly events from happening in the first place, you need a plan that protects you.

As you build your business and take it to the next level, know that cybersecurity matters. With these tips and a little research, you can ensure your company is protected against cyberattacks.

Francis Nwokike

Francis Nwokike is a Social Entrepreneur and an experienced Disaster Manager. I love discussing new business trends and marketing tips. I share ideas and tips that will help you grow your business.

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