Cybercrime continues to threaten businesses with hackers becoming more sophisticated as the years pass. The annual Cyber Security Breaches survey reveals that 39% of UK businesses identified some form of cyber attack in 2022. However, the survey also suggests that ‘less cyber mature organisations’, such as startups, may be underreporting. Hence, startups and small businesses with a lack of knowledge and infrastructure in place will continue to fall victim to cyber threats. This article explains why business cybersecurity is crucial for any startup.
Why Is Cybersecurity Important for Startups?
There are two main reasons why startups fall victim to cybercrime. Firstly, startups often believe that because they are small they do not need a cybersecurity business plan in place. Secondly, hackers often prey on vulnerable businesses, particularly startups which have less financial stability than larger enterprises. As a consequence, startups frequently put themselves at risk of all types of cyber attacks, whether that be phishing, man-in-the-middle or even malware attacks.
The only way for startups to prevent being attacked is by using a business cybersecurity plan. Without one, startups will put themselves at risk of:
Data Theft
Cybercriminals have one thing in mind – to steal sensitive data. The loss of data for a startup can have detrimental effects.
Financial Loss
Any form of financial loss is critical in the early development stages of a startup. Financial loss from a cybercrime, however, can be irreversible. Startups may lack the funding to repair any damage and consequently may be unable to get any systems back up and running.
More from Cybersecurity
- Insider Threats: What Are They, And Why Are They A Cybersecurity Risk?
- Cyberbullying: What Schools Should Teach Children
- What Is a Man-In-the-Middle Attack?
- Top 10 Website Application Firewalls
- Huge Data Breach Exposes Estimated 2.6 Billion Records
- Beyond Cold Storage: Innovative Approaches to Crypto Wallet Security
- Announced! Cybersecurity40 Winners 2023…
- 40. North West Cyber Resilience Centre
Reputation Damage
The initial stages of a startup are crucial to moulding its reputation. A cyber attack will not only damage this but also impact their ability to future funding and support. Startups relying on current funding may risk this being lost too.
Customer trust may also be breached. A loss of customers could lead to a loss of sales and therefore lack of profits.
Legal Consequences
In the UK, businesses have a legal responsibility to keep any confidential or sensitive data secure. Whether it be information regarding employees or customers, startups will need to ensure they have the best business cybersecurity plan in place. If data is lost or compromised, then startups could face legal consequences.
How to Make Your Startup Business Cyber Secure
Although business cybersecurity is another element that startups will need to fund, it is crucial to have. By having the necessary measures arranged, startups will minimise their chances of being attacked.
Some startups invest in cybersecurity plans themselves. Hiring specific employees with the right knowledge and expertise in business cybersecurity is one way of doing this. Another is to outsource business cybersecurity entirely. This can be more affordable long-term and may be more appropriate for small startups who need to focus elsewhere. For example, one of the leading business cybersecurity providers in London is Lucidica who has a particular focus on small businesses and startups.
It is integral that startups do their research beforehand and consider what they need from a provider. Read our Top 10 Business Cybersecurity Providers article to find out more about the best business cybersecurity providers in the UK.
