cyber security measures

Protecting Your Startup – 4 Ways To Prevent Online Frauds

Cyber threats and online frauds have become quite common. Startups need to invest in measures that protect your business from such setbacks, always.

Cyber threats and online frauds have become quite common. No business in the world has remained untouched by these atrocities. These can arise in the form of company-wide threats as well as tiny nuances that can render either one of your teams or departments handicapped for a few weeks. Regardless of what the intensity of these online frauds might be, you must be careful. You need to invest in measures that protect your business from such setbacks, always. Let’s discuss a few ways to do that:

Protect Your Bank Account

There has to be a company bank account that you must have opened. It is critical to prevent all your banking-related information from getting out on an open network. Do not download any mobile apps or even desktop applications that are not verified and safe for your system. These can obtain your banking information from your company smartphones and company nodes and servers as well. This is your first step to protect your enterprise from the most basic and very common online fraud.

Perform An Employee Background Check

You would say that you always do that. And then you will say that you hire only trustworthy people. Remember, everyone says the same thing. It is never a good idea to rely entirely on references or perhaps the candidate’s work history. Cyber security experts suggest that you should always conduct a thorough background check on every candidate that you hire in your company. Regardless of what their job responsibilities might be, do not forget to conduct a proper background assessment.

Do Not Forget To Perform A Security Audit

A lot of business owners do not understand the importance of a timely and regular security audit. This is a great way to prevent any kind of online fraud in your company. According to HPS Worldwide, it is important for any company to strengthen its networks and educate its representatives and team members on how to identify any potential cyber threat. A security audit lets you identify loopholes and various points of weakness in your existing security measures, data protection protocols, antivirus strategies, ransomware prevention tools, and a lot more.

Identify The Signs Of Payment Frauds

Are there any signs of online payment fraud at all? Yes, there are and you must be aware of them. Whenever you come across a single entry that might seem suspicious, the best approach to take is to alert your bank right away. The majority of payment frauds do not involve big sums and large transactions. They involve tiny sums so that it becomes very difficult for you to notice them. You must check your accounts regularly and identify any suspicious debit/transfer entries that take out small yet regular sums of money from them without any initiation from your side.

Conclusion

Remember to implement a company-wide password policy. Make sure that your security measures are updated. The best way to steer clear of these online frauds and their negative impact is to prevent them from happening in the first place.

Top cyber security threats facing start-ups in 2020 and how to protect your business

In fact, start-ups and SMBs remain the silent majority when it comes to cyberattacks. About 43 percent of all cyberattacks target start-ups and small businesses.

Your business is never too small to consider cybersecurity. In fact, start-ups and SMBs remain the silent majority when it comes to cyberattacks. About 43 per cent of all cyberattacks target start-ups and small businesses. Here are the most pressing cybersecurity risks that every start-up entrepreneur should be worried about in 2020.

Ransomware.

In a ransomware attack, hackers use technology to encrypt your data until you pay a ransom. Ransomware attacks are increasingly becoming common, mostly targeting small businesses and young start-ups.

Phishing.

In a phishing attack, hackers use fake digital messages to trick victims into giving them access to sensitive information. Victims can easily end up giving attackers access to accounts, documents, or important internal information. Account Takeover Fraud Detection is a security measure that uses machine learning and behavioural analysis to prevent account takeover attacks.

Data breach.

Data breaches refer to security incidents where information is accessed without authorization. These attacks target digital data, documents, and user information. A data breach can be intentional or unintentional.

Why do hackers target start-ups? Most start-ups don’t have robust cybersecurity infrastructure, which makes them an easy target. Not to worry, though. There are steps as explained by Hazim Gaber that start-up entrepreneurs can take to improve IT security. These include:

VPN.

A virtual private network (VPN) creates a private network from a public internet connection ensuring online privacy and anonymity. It should be a part of your cybersecurity toolkit. Secure the network with a VPN to defend against DDoS attacks, malware, snooping, and a wide range of other online threats.

See this NordVPN vs ExpressVPN comparison article. They are the two most popular VPNs right now

Antivirus.

Use antivirus to protect your system from viruses and malware. Malware may include viruses, trojans, spyware, worms, etc. Antivirus software is essential to cybersecurity as it helps you protect your start-up’s data from hackers and other online threats.

Backup.

A comprehensive backup strategy is a vital part of a start-up’s cybersecurity safety net. Backing up your mission-critical data ensures that it’s available for restore in the event of a breach or a ransomware attack. With a backup, you can always start afresh.

Risk assessment.

A risk assessment is a comprehensive audit of your system. Assess risks and vulnerabilities to find possible entry points. Assessing risks and vulnerabilities helps you know where your business is most vulnerable which, in turn, helps you patch these weaknesses and protect your company data.

Most start-ups and SMBs don’t have strong IT security, which makes them an easy target for cyberattacks. Between client meetings, finding customers, and getting the right product for the market, start-up entrepreneurs are often too swamped to even think about cybersecurity. However, these businesses need to adopt a cybersecurity strategy if they are to survive.

4 cyber-security measures that every start-up should take

Cyber security is something every start-up should look into because a simple breach could cost you all data and important documents.

Cyber security is something every start-up should look into because a simple breach could cost you all data and important documents. If stringent measures are taken, one can easily prevent any kind of cyber attack.

Here are a few cyber-security measures that every start-up should take:

I. Be cautious while setting passwords

Make sure that the passwords to your accounts are strong and not something which potential hackers can easily guess. Use a combination of upper case and lower case alphabets with numbers and symbols to make your password strong. Also, avoid using the same password for all your accounts in order to protect them all from getting hacked at once.

II. A reliable anti-virus system is a must

A reliable anti-virus program is something you shouldn’t compromise on. Along with that, it is absolutely necessary to install an anti-malware software. These two softwares protect your accounts from any kind of attacks which enter your security network as they get detected at an early stage. These softwares also make sure that your e-mails and downloads are free of virus.

III. Secure the wifi

Most companies use WEP (Wired Equivalent Privacy) network which makes your internet prone to breaches. To protect your wifi network from hackers, switch to WPA2 (Wi-Fi Protected Access version 2) instead, and revise the name of your routers which is also known as Service Set Identifier (SSID). To make your network absolutely secure, use a Pre-shared Key (PSK) passphrase.

{Partnering with any IT firm can help you out with these measures}

IV. Train your staff to fight cyber security breaches

Your employees also work with the company system which can lead to cyber security breaches which is why it is important to train them regarding cyber security. Educate them about the company policies while handling any kind of business information and also train them about internet security and data confidentiality. It is necessary for them to be able to detect any kind of abnormal developments on their devices which could be the precursors to a cyber attack.

Image credit: Brian D. Colwell