Venture capital firm Qualgro recently caught up with Paul Hadjy, CEO of the SaaS cybersecurity company Horangi, who highlighted the importance of investing in cybersecurity – especially among startups. When cybersecurity is ingrained in the core processes of a company, Paul explained, more security-focused and informed decisions can be made. Additionally, VC for startups is more accessible to businesses that are well protected.
However, many companies still fail to institute cybersecurity despite its low costs – which can be free – and multiple advantages. According to Paul, this can have dire long-term consequences, especially since cyberattacks are often crimes of opportunity. Cyber attackers are always looking for chances to access unlocked entry points. In other words, cyberattacks are unpredictable.
Below, we have summarised the insights that Paul has shared on how startups can avoid cyberattacks and maximise the benefits of cybersecurity.
Cybersecurity Should be Instituted
Instituting cybersecurity means that the decision to adopt cybersecurity practices should come from the company’s board or executives. When the initiative starts from the top, it permeates the entire organisation naturally.
Company executives must emphasise that time should be invested in cybersecurity. Creating a plan for effectively handling a cyberattack when it occurs is essential. This plan should ensure that everyone in the organisation knows what steps to take and who to contact in the event of an attack.
Best Practices Should Be Adopted When Switching to Cloud
When transitioning to cloud, a startup must scrutinise the security of its infrastructure and adopt the best practices to ensure that the core of its business, which will be stored in the cloud, is not going to be compromised. Venture capital firms usually look for these cybersecurity practices when they are deciding whether to invest in a new company.
These practices include promoting a culture which facilitates good decision-making, ideating and building products with security in mind, and utilising third-party tools that help keep security in place while changes are being made in the company’s environment.
Greater Awareness of the Nature and Trends of Cyberattacks
Cyberattacks come in several forms, such as ransomware, cryptomining and data falsification. To prevent these attacks from compromising their businesses, startups need to keep checking their security and view cyberattacks as crimes of opportunity.
For some Series A companies, especially those that are regulated, hiring a white hacking team is highly recommended. In essence, a white hacking team goes through a company’s infrastructure from a cyber attacker’s perspective in order to identify areas where security is weak.
A Recovery Plan Should Always Be in Place
Bouncing back from a cyberattack can be difficult, especially for companies with a large customer base. To ease their recovery process, these companies can engage the services of a good incident response firm. However, this option is usually costly.
The best way for companies – including startups – to overcome the impacts of a cyberattack is to have a plan from the start. It is vital for this plan to have everyone in the company – from the executives to the various teams – work together to solve the problem and communicate well with the customer base. Having a plan and the capability to respond quickly are the keys to recovering smoothly from a cyberattack.