It’s every entrepreneur’s responsibility to secure their business so that it is not vulnerable to cyberthreats. Small and medium businesses, as well as start ups, are prime targets for cybercriminals.
For many businesses, cyber-attacks are of grave concern. From finance to healthcare, no one is spared. If you fall victim to even a single attack, it could mean the end for your business.
Did you know that cybercrimes are expected to rise significantly in the future, costing companies around $10.5 trillion? This forecast is expected to meet its mark in 2025.
The Importance of Cybersecurity for Startups
Despite their small size, startups hold valuable information which hackers can target.
According to Verizon, the growing number of SMEs using cloud- and web-based applications and tools has made them prime targets for cyber-attackers.
Today, most US businesses are small, especially since the COVID-19 outbreak. It will still take some time for businesses to return to normal and operate on a large scale.
This is why the US Small Business Administration believes that entrepreneurs need cybersecurity assistance.
Common Cyber Threats E-Commerce Startups Face
POS System Attack
Point of Sale (POS) systems handle credit card transactions. By accessing the POS system, criminals are able to gain unauthorized access and steal credit card information.
This results in financial loss for not only the business, but its customers too. Businesses may even face fines, legal fees and huge damage to their reputation.
Compliance
Compliance with laws like GDPR, CCPA, NIS2 compliance, and more.
Ransomware
Retailers manage the records of millions of customers, which include payment and personal information.
These are a lucrative target and vulnerable to ransomware and malware attacks. Ransomware attacks involve cybercriminals encrypting data to make it inaccessible until a ransom is paid, hence its name.
However, even paying the ransomware provides no guarantee that the data will be safely recovered. This can be extremely disruptive and bring all operations to a halt.
Credential Stuffing
In this cyber-attack, cybercriminals use old login information and get unauthorized access to sensitive information.
In simple terms, they get information from one website and insert it into another to find out if they can purchase items with the same account.
8 Cybersecurity Tips for Entrepreneurs
Now that we have established that a business can lose its reputation, credibility, and customers due to cyber attacks, let’s take a look at some tips on how to prepare yourself to counter them:
Train Your Employees Content Under the Pointer: Training your employees is crucial in enhancing your company’s cybersecurity posture. Educating staff on cybersecurity best practices reduces the risk of breaches and ensures they can identify and respond to threats effectively. For example, you can begin with the cybersecurity certification. It is vital to provide a solid foundation in networking and security. Preparing for this certification can help employees understand key cybersecurity concepts, making it easier for them to advance in this field. Suggesting online platforms where employees can access Cisco CCNA 200-301 Exam Dumps can be beneficial. These resources aid in efficient exam preparation, ensuring your team is well-equipped to protect your organization’s digital assets. Investing in such training not only improves security but also empowers your workforce with valuable skills.
Implement External Defense Systems
The best way to stop cyber threats is to set up strong security outside your network, like good security software and firewalls. They act like a shield to protect your company.
If hackers get past these, they’ll find more barriers in place. For example, to get to important customer or employee data, they’d have to get through extra checks like two-step verification.
This way, if one protective layer fails, the others will still stop the hackers from stealing or getting into information they shouldn’t.
Multi-Factor Authentication
Multi-factor authentication (MFA) adds multiple security layers beyond passwords, such as codes to your phone or fingerprints, making unauthorized access significantly harder.
Each added step verifies the user’s identity more tightly, keeping your data secure even if a password is compromised.
Strong Password Policies
Businesses can fortify their line of defense against credential stuffing by using long, unique passwords and adding multiple layers of authentication, like two-factor authentication, security questions, or biometric verification.
Update Software
The most basic security measure that every startup should have on its implementation list is updating anti-virus software and anti-spyware.
Most businesses are investing in data encryption and firewalls – and so should you. Always check your systems to ensure they are running on the current software.
Use a VPN
Having strong cyber-defenses allows you to avoid making the mistake of handing your data on a silver platter to cybercriminals.
One way to avoid this is to partner with a reputable VPN provider that offers a dedicated VPN IP. These kinds of services help neutralize all types of attacks, especially ads, trackers and malware.
A dedicated VPN IP ensures that your internet traffic is not shared with other users, enhancing your online privacy and security.
Data Encryption
This safeguard turns simple text into a complex and unreadable format.
Hackers won’t be able to decipher this text unless they have the encryption key, rendering it useless even if the hackers bypass your security guards and manage to steal it.
Regular Data Backups
Backing up your system regularly not only protects you from cyberattacks but viruses, power outages and human errors too.
One of the best things about data backup is that it can be performed remotely and manually. There are remote storage facilities and cloud services that allow you to do this.
Cyber Insurance
Having cyber insurance gives you the peace of mind that in case your business suffers a loss due to a cyber-attack, you will be compensated. However, keep in mind that this in no way reverses your damaged reputation.
There are different types of claims you can make under a cyber insurance policy, such as liability, losses, costs incurred, etc. Once a forensic investigation is complete, proving you as the victim, you will get your compensation.
Conclusion
Remember, each time a cyberattack happens, it attracts media attention, which does not bode well for your brand’s image.
The wide coverage it receives online puts your business in a precarious position. This often sends your customers the message that you are incapable of protecting sensitive information.
When it comes to e-commerce, this means home addresses, credit card information, and more. As a result, you not only lose your loyal customers but will also face difficulty in attracting new ones.
Lastly, attacks of such nature deter potential investors from investing in your brand.
There’s no foolproof method to save your business from online threats. However, by taking the right preventative steps, you can make it as difficult as possible for a cybercriminal to access your data.