Cybersecurity as a priority for startups: Investing in digital protection

Cybersecurity is a topic that has gained increasing relevance in recent years. Startups whose main concern is staying active often overlook this issue, so we wrote this article to give you an idea of the risks, threats, and vulnerabilities we face, which in serious cases could be decisive for the startup's continued existence.

In an age where all information is stored in the cloud—that is, on the Internet—businesses must be much more careful with the data they store digitally and know how to protect it. If a company or startup doesn't implement adequate security measures, it risks various dangers, such as malware attacks, and also increases the likelihood of identity theft and fraud.

Although it may be difficult to initially invest in security, it's crucial to understand that the long-term benefits far outweigh the costs. Preventing cyberattacks, preventing financial losses, and protecting reputations are just a few of the ways cybersecurity can positively contribute. So, let's look at the crucial reasons to invest in cybersecurity:

• Protect sensitive data. When handling confidential information about customers, suppliers, and employees, cybersecurity is essential to protect this data from potential theft, fraud, or leaks, thus avoiding reputational damage and potential fines for regulatory violations.

• Pay attention to cyberattacks. Small and medium-sized businesses are attractive to cybercriminals because they often have weaker security systems compared to large corporations. Investing in cybersecurity helps detect and prevent attacks, minimizing the impact on the company's operations.

• Business continuity is essential. A cyberattack can shut down a company's operations for days or even weeks, causing considerable financial losses. Investing in cybersecurity ensures business continuity by mitigating risks and having effective emergency plans in place.

• Don't underestimate regulatory compliance. Many industries have strict regulations regarding data protection and information privacy. Investing in cybersecurity ensures compliance with these regulations, avoiding potential legal sanctions that can harm both the company itself and its customers and external stakeholders.

• Reputation is at stake. A data breach can seriously damage a company's reputation. That's why it's important to be committed to protecting information, building trust among customers and all partners.

• Customer trust is paramount. Data security has become an increasing concern for customers. When a company has sufficient cybersecurity, customers will see the business's commitment to protecting their personal and financial information, which strengthens the relationship and fosters customer loyalty.

• Take a long-term view. Although investing in cybersecurity may seem expensive, it can result in significant savings in the long run. Preventing attacks and protecting data prevents potential financial and legal losses that could outweigh the cost of implementing adequate security measures.

So how do you protect your data and information?

The National Cybersecurity Institute (INCIBE) frequently discusses Internet security and covers all kinds of related and interesting topics. We invite you to read their blog and follow INCIBE on social media, where they share valuable information daily.

One of their articles explains how SMEs should protect their data, both corporate and customer data. You're probably wondering: how do I get started and what are the first steps to becoming a cybersecure company? We'll explain the basic guidelines that will further strengthen security within your organization:

Before implementing any cyber protection measures, it is essential to conduct a risk assessment, which involves identifying potential threats and suggesting actions to reduce their impact.

1. Once the risks have been identified, develop a security plan. This plan should establish the security objectives, the necessary resources, and who will be responsible for its implementation.

2. Company systems and data must be protected, which is why information access control is essential. This control must define who can access what data and how access will be limited.

3. Performing regular backups is crucial for recovering information and systems in the event of an emergency. Backup frequency, restoration testing, and the consideration of encrypting stored information are important considerations.

4. Protective tools, such as antivirus and antimalware, must also be installed on all corporate devices and solutions and kept up-to-date to address emerging threats.

5. Keeping all systems and applications up-to-date ensures a company's cybersecurity by closing potential gaps and vulnerabilities that could be exploited by cybercriminals. It's important to avoid becoming an easy target.

6. Strengthening communications security is essential to protecting information, which involves using appropriate security protocols, monitoring network activity, and employing technologies such as VPNs.

7. Don't forget to protect sensitive and confidential information using cryptographic tools that help keep data secure during transit and storage.

Having an emergency plan helps you respond quickly and effectively to any security incident. This plan defines the steps to follow to minimize the impact and restore the company's normal operations as quickly as possible.

Finally, employees must be trained and educated to adopt good practices, recognize potential threats such as malicious emails, and use strong passwords. The commitment and knowledge of all team members are essential to maintaining the security of any company.

Furthermore, INCIBE is an entity that, being deeply concerned about the internet security of our country's citizens, strives to disseminate relevant information about cybersecurity and occasionally provide some interesting facts.

Among the most notable incidents are data breaches , which affect 1 in 3 citizens, and computer system failures or impairments , which affect 2 in 5 companies.

According to a study conducted by INCIBE, one in four online frauds involves the use of other people's resources for inappropriate and illegal purposes, including for profit. Among the most common tactics used by cybercriminals are:

• Phishing: An email that pretends to be a legitimate entity with the goal of stealing private information, charging a fee, or infecting your device with a virus.

• Malware: Malicious software that performs actions such as data extraction or other types of alterations to a system.

• Ransomware: A device that hijacks data and offers to ransom the information in exchange for money.

It's also important to keep in mind that some sectors are more attractive to cybercriminals because they have a higher impact. Therefore, if your startup or company operates in one of these sectors, you should invest more in cybersecurity, due to the high risk of digital attacks on your business.

Investing in cybersecurity is not only a crucial step to protect your startup's assets and reputation, but it's also a way to build strong relationships with customers by demonstrating a genuine commitment to protecting their data.

Although it may represent an initial expense, the long-term benefits, such as attack prevention and financial savings, significantly outweigh the associated costs.