When starting a new business, there are so many areas to get right that you could be forgiven for overlooking others. Yet, cybersecurity is one issue that’s just too important to be missed out. What are some of the key mistakes made by startups in this respect that you need to be aware of?
Not Giving It Enough Importance
There are many reasons why new companies fail to give cybersecurity the attention it deserves. For example, it might be a question of prioritizing their funds or it could come down to how to use their time most effectively. Yet, keeping the servers safe from attack has to be one of the most crucial points you deal with early on to build a solid foundation.
Considering the unique risks of your industry is a good starting point. With the example of online gambling, we can see how it works by looking at how the online casino at Paddy’s has dealt with it. This site uses SSL encryption and only deals with reliable game providers and payment providers, to make sure that players can move money and play games without any worries. They need to meet the regulatory authorities’ requirements for privacy and security, which is confirmed by their UK and Malta licenses.
Failing to Consider the Human Side
When we look at the biggest cyberattacks in history, we see details such as the Melissa Virus and WannaCry Ransomware attacks. All of these devastating online attacks included a clever use of technology, but in most cases, they also relied on human error or oversight somewhere in the process. Having the best security technology is crucial, but time also needs to be spent in showing the staff how to use it.
A report by IBM suggests that 95% of data breaches arise from employee errors, while a Tessian study put it at 88%. Research carried out by QBE Insurance Group reveals that over 30% of employees have made some sort of error that could have caused their company problems. These errors include falling for phishing, losing a work device, or clicking on something by mistake.
Not Boosting the Cybersecurity as You Grow
Having a small company doesn’t guarantee that you’ll be free from cyberattacks. Devolutions’ State of IT Security 2023-24 report pointed out that 69% of SMBs suffered one or more cyberattacks in the last year. However, as a company grows and achieves success, the risk of being targeted also grows.
Cybercriminals may notice that the firm has received a lot of funding, or the influx of a large number of new employees may make it difficult to keep the risks at bay. This is why it’s important to put a solid cybersecurity policy in place at the start and then carry on boosting it as new risks emerge and the company needs to add to a new risk profile.
Avoiding these common mistakes will put you on the path to better cybersecurity, but it’s also an area where constant vigilance and attention to potential new threats is required.
