Over the years, the business world has adapted to many challenges that threaten companies, owners, and employees. From the state of Wyoming introducing the Limited Liability Company (LLC) structure to tech companies outside of the US, many solutions have emerged against rising problems. Unfortunately, the issues keep evolving, and it has become more challenging to deal with, especially for smaller businesses.
One of the biggest evolving threats that companies face is cyberattacks, and startups, who think they’re not a target because of their size, are more vulnerable to such threats than more prominent companies.
So, if you’re running a startup, keep reading to learn more about the threats your company needs to consider.
Why Startups Are More Vulnerable
Recent data on cybersecurity found that 43 percent of cyberattacks target small businesses, and 47 percent of these companies don’t know how to protect themselves.
The reason could be that startups still lack the workforce and equipment to implement countermeasures against cyberattacks. They don’t have the funds yet to hire more people or invest in state-of-the-art and more expensive cybersecurity solutions the way big companies do.
Fortunately, even startups can identify cybersecurity threats by looking carefully for the signs and watching for what they click or whom they talk to online.
Cybersecurity Threats to Watch Out For
Phishing
Phishing is the most dangerous cyberattack that many businesses are facing. It involves a threat actor who acts as a trusted contact and tricks unsuspecting users into accessing malicious links or downloading malicious files. In most cases, attackers convince victims to provide confidential information, like bank account details or credentials.
Today, phishing has become more sophisticated. Threat actors would convincingly pretend to be legitimate business contacts to steal executive credentials.
Malware
Malware uses malicious codes linked to trojans and viruses that, if used, will provide hackers access to computers and allow them to steal or destroy company data. It’s one of the most dangerous cybersecurity threats today.
Malware typically comes from other infected devices, downloads from malicious websites, or spam emails. Small businesses may suffer worse from this attack because repairs and replacement can be expensive. Since companies allow employees to use their own devices for work, they are more likely to catch malware due to unsupervised downloads.
Ransomware
Ransomware involves attackers encrypting data so companies can’t access it unless they pay a significant amount of money. Recently, it’s become one of the most common threats to small businesses.
Ransomware may hurt small businesses more with a demand ranging from a thousand to a million dollars. Owners have to choose between losing money or suffering from data loss. But either way, the choice will leave the company damaged.
Inside Jobs
Recent data found that 25 percent of data breaches happen inside. An insider threat can be a malicious current or former employee and business associate who has access to important company data. This type of threat is a growing risk to small businesses with fewer cybersecurity countermeasures.
Human Error
Finally, we have human error. People often make mistakes that no cybersecurity program can predict, making them one of the biggest threats small businesses face today. Employees can unknowingly download malicious software, set weak passwords, or provide company details to convincing threat actors.
Keep Your Startup Safe
The best thing about starting a company today is that many modern tools help launch small businesses to new heights quickly. Unfortunately, along with the rise of such devices come more and more evolving security threats.
Problems like phishing, malware, and ransomware are among the most common yet dangerous cybersecurity threats businesses face. By investing in counter software and training employees on different threats to look out for, startups can reap the benefits of having a business in the digital age.
