Cyber threats today affect not only large companies but also startups. However, startups often don't pay enough attention to their cybersecurity. In a recent webinar hosted by The Top Voices, leading cybersecurity expert Ilia Dubov explained why startups should take cyber threats seriously and what are the key concepts to clearly understand cybersecurity topic.
Speaker
Ilia Dubov is Head of Cybersecurity at Quadcode, an international fintech company specializing in trading and investment software. He has more than 11 years of experience.
What is cybersecurity?
Cybersecurity protects companies' digital assets from cyber threats. It involves implementing measures to ensure the confidentiality, integrity and availability of data and systems. Cybersecurity includes various methods, processes and technologies to protect data from threats and prevent cybercrime.
Cybercrime Today
According to a Microsoft study on SMBs, one in three has experienced a cyberattack in the past year, while 94% of respondents believe cybersecurity is critical to their business success. Cybercrime is no longer just an issue for large corporations. Today, businesses of all sizes are feeling its impact. For startups, these threats are especially perilous because they often lack the resources, expertise, and robust defenses needed to safeguard their operations. This vulnerability makes them attractive targets for cybercriminals, who see them as easy opportunities.
Understanding the Types and Threats of Cybercrime
Сybercrime includes a range of malicious activities targeting vulnerabilities in people, organizations, and systems that cause financial, operational, and reputational damage.
Common types include social engineering and phishing, the use of trust and human error; DDoS attacks that overload systems with fake traffic; ransomware programs that encrypt data for ransom; data leaks, theft of confidential information; and insider threats when employees abuse access. Criminals range from the unskilled to experts seeking financial gain, subversion, or espionage.
Understanding these threats is vital for organizations to create effective protection and reduce risks in today's digital world.
Startups are Targeted by Cybercriminals
Startups often become targets for cybercriminals due to a combination of vulnerabilities and misconceptions. Many startups underestimate the importance of cybersecurity, believing their small size or perceived lack of valuable assets shields them from attacks. However, startups frequently lack the resources, expertise, and defenses necessary to protect themselves, making them easy prey.
Cybercriminals are drawn to startups for their valuable intellectual property, customer data, and connections to larger organizations within supply chains. Additionally, the reliance on external consultants and services for security guidance often leaves critical gaps in internal defenses. Without adequately training employees to act as the first line of protection, startups become even more susceptible to attacks.
These factors, combined with the rapidly evolving and competitive cybercrime landscape, make startups an attractive target for malicious actors seeking to exploit weak defenses for financial or strategic gain.
Solution for Startups
The solution for startups is to implement simple but effective cybersecurity techniques. They don't need to spend a lot on expensive tools or hire entire teams of security specialists. By implementing minimum criteria such as using free or affordable platforms, educating employees on best practices, and ensuring proper access control, startups can create a solid foundation for protection. Empowering existing team members, such as IT specialists and software engineers, to ensure cybersecurity helps fill critical gaps without involving additional staff.
Conclusion
Cybersecurity has become a critical investment for startups, directly impacting their survival and growth. Proactive measures to protect digital assets are more accessible and effective than recovering from attacks, especially as the cost of cybercrime continues to rise. By debunking myths about the complexity and expense of cybersecurity, startups can focus on adopting simple practices, leveraging affordable tools, and empowering employees to act as the first line of defense.
Neglecting cybersecurity carries significant risks, including financial losses, reputational damage, and loss of customer trust. However, even with limited resources, startups can enhance their security by focusing on basic protective measures and embedding security into daily operations. This approach not only reduces risks but also strengthens trust with partners and clients, ensuring sustainable success in an increasingly interconnected world.