Cybersecurity Strategy for Startups and Small Businesses: A 7 Step Guide

As a startup or small business, cybersecurity may not be a top priority within your organization. However, small businesses, despite their smaller size and limited resources, are equally at risk for cyber threats.

According to a survey on Canadian small businesses done in August 2023 by the Insurance Board of Canada, 40% of small businesses have seen an increase in scam attempts over the past year. While a 2023 survey done by the non-profit organization ITRC, found that 73% of small businesses surveyed in the U.S. reported a cybercrime incident. It is not just the Microsofts and AT&Ts of the world that need to worry about potential threats, startups and small businesses need to as well.

Establishing a robust cybersecurity strategy is crucial for protecting sensitive data, maintaining customer trust, and ensuring long-term success.

Why would a Startup or Small business be a Target?

Some reasons why your small business/startup could be a target for cyberattacks are:

1. Perceived Weakness

Small businesses and startups can be seen as easy targets because they may be perceived to lack robust cybersecurity measures. Limited budgets and resources, along with the fast pace of startups can mean less sophisticated defence systems, making it easier for hackers to exploit vulnerabilities

2. Valuable Data

Customer and payment information can be used for identity theft, fraudulent transactions or to be sold on the dark web.

3. Entry Point to Larger Networks

Small businesses often have relationships with larger companies as suppliers, partners, or service providers. Compromising a small business can serve as a stepping stone for hackers to gain access to larger, more lucrative targets.

4. Easy Win

Small businesses and startups might not have the resources to pursue legal action or conduct extensive investigations, making it easier for attackers to avoid law-enforcement scrutiny compared to more high-profile organizations. Exploiting this vulnerability can be a quick financial payout from organizations who want a quick resolution.

5. Practice Round for Technique Enhancements

Hackers are now using small businesses as testing grounds to refine their techniques and tools before deploying them on larger, more secure targets. This allows them to perfect their methods with minimal risk and cost.

Steps for implementing a Cybersecurity Strategy for Small Businesses and Startups:

1. Understand your Cyberthreat Landscape

Startups need to be aware of the various threats they might face. These include:

• Phishing Attacks: Fraudulent attempts to obtain sensitive information by disguising as trustworthy entities.
• Ransomware: Malicious software that encrypts data and demands payment for its release.
• Data Breaches: Unauthorized access to sensitive data, potentially leading to identity theft or financial loss.
• Insider Threats: Risks posed by employees or other insiders who might intentionally or unintentionally compromise security.

Understanding these threats helps in crafting specific controls and prioritizing time and resources effectively. A good place to start is Verizon Business’ 2024 Data Breach Investigation Report

2. Conduct a Risk Assessment

Now that you’ve narrowed down your possible threats, identify potential vulnerabilities within your organization. This includes:

• Identifying Critical Assets: Determine which data and systems are most crucial to your operations.
• Assessing Potential Impact: Evaluate the potential damage if these assets were compromised.
• Identifying Vulnerabilities: Look for weaknesses in your current security measures, including software, hardware, and human factors.

ProtechSuite’s Risk Assessment module already has a library of risks and possible threats to help you get started on this step. Book a Demo today to learn more.

3. Implement Security Solutions

Once you are aware of your risks you can start to invest and implement solutions and technology such as:

• Access Controls Policies: Define who has access to what information and ensure strict enforcement.
• Password Management: Implement strong password policies, including regular updates and multi-factor authentication (MFA).
• Install a (Secure Sockets Layer) SSL Certificate: This ensures that the data you are transferring to and from your clients and service providers is secure and private. Let’s Encrypt is a nonprofit that offers free SSL certs that can accommodate many use cases.
• Firewalls and Antivirus Software: Essential for protecting against malware and unauthorized access. Your device may already come with local firewalls and antivirus software, ensure they are enabled.
• Regular Software Updates: Keep all software and systems up to date to patch vulnerabilities.
• Cloud Security: If using cloud services, ensure they comply with industry-standard security measures.
• Incident Response Plan: Establish a clear plan for responding to security incidents, including communication protocols and recovery steps.

4. Invest in Cybersecurity Training

Employees are often the first line of defence against cyber threats. Regular training sessions should cover:

• Phishing Awareness: Educate employees on recognizing and responding to phishing attempts.
• Safe Internet Practices: Encourage safe browsing habits and the use of secure networks.
• Incident Reporting: Ensure employees know how to report suspicious activities promptly.

You can use a third party organization that specializes in cybersecurity training or use resources such as Stay Safe Online or Cyber Security Training for businesses.

5. Regularly Monitor and Audit Controls

Continuous monitoring and regular audits are necessary to maintain compliance with industry best practice. This includes:

• Log Management: Keep detailed logs of all activities to detect and investigate anomalies.
• Penetration Testing: Conduct regular penetration tests to identify and fix security gaps.
• Compliance Checks: Ensure compliance with relevant regulations and standards, such as Cyber Essentials, CIS, SOC 2 or HIPAA.

ProtechSuite’s internal controls module can create and monitor internal control compliance within your organization. Book a demo for more information

6. Create an Environment that Prioritizes Security

Fostering a security-conscious culture begins with the top. Business Owners/CIOs/CTOs should prioritize and encourage:

• Open Communication: Create an environment where employees feel comfortable reporting security concerns.
• Initiative Alignment: Ensure top management prioritizes and actively supports cybersecurity initiatives.
• Continuous Improvement: Regularly review and update security practices to adapt to evolving threats.

7. Establish Partnerships with Cybersecurity Experts

Startups and small businesses experiencing rapid growth often lack the in-house expertise to handle complex cybersecurity challenges. Partnering with cybersecurity providers or consultants can provide:

• Expert Guidance: Access to the latest security practices and threat intelligence.
• Efficient and Accurate Implementation: Many cybersecurity companies have their own governance, risk management and compliance (GRC) systems for a simple out of the box solution for businesses looking to for a fast solution to protect themselves. 

ProtechSuite is our all in one platform for implementing security strategies and regulatory compliance.  It offers a single lens view into IT controls and how they stack against best practices and regulatory requirements. Whether you’re just starting to secure your organization or aiming to evaluate the effectiveness of your existing controls, ProtechSuite delivers a ‘compliance in a box’ solution tailored for startups and SMEs who are looking for a fast and user friendly solution. 

Discover how ProtechSuite can elevate your business’s security and compliance. Schedule a demo today to learn more.

Conclusion

Cybersecurity is an ongoing process that requires vigilance, adaptability, and commitment. By implementing these 7 steps, your business will be navigating the cyberthreat environment with confidence and resilience in no time.

About J-SAS: J-SAS Inc. is a Canadian technology company with over 12 years of experience offering cybersecurity, compliance, executive leadership and software solutions for small and medium-sized organizations. Its tools are currently being implemented at supply chain, healthcare and municipal government organizations across Canada. Through innovative technology and a customer-centric approach, J-SAS empowers organizations to protect their assets, ensure compliance, and achieve sustainable growth.

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