1. Protect your assets; what and how?

The initial step in your cybersecurity journey involves evaluating the value of your data assets based on your business plan. Intellectual Property (“IP”) and confidential information often serve as assets for start-ups. Additionally, ensuring the protection of customer data is not only good practice but also essential. To achieve this effectively we recommend creating a data map that directs your time, resources and budget towards addressing the critical areas. ‍

2. Customised defence: specific industries

Cybersecurity is not a one-size-fits-all approach. It requires adaptation to address the risks  industries face, including compliance with industry-specific laws and regulations. For instance, in the UK and EU careful consideration must be given to the Network & Information Systems Regulations/Directive.  

The key things for you to consider here are:

• implement risk analysis and information system security policies;
• incident handling protocols; and
• business continuity plans, cybersecurity testing and auditing procedures and cybersecurity training, as well as introducing supply chain and network security measures, cryptography and encryption.

3. Secure your systems

Many start-ups rely on third-party technological solutions such as cloud-based systems and remote workforces. With cyberattacks on the rise, it's important to be prepared and have a risk assessment and action plan in place to decrease risk drastically. To ensure that your start-up’s systems are protected, it’s essential to collaborate with your blue team, also known as security professionals who are responsible for defending an organisation from cyber-attacks, to identify vulnerabilities and deploy measures. This may include implementing multi-factor authentication (also known as two-factor authentication (“2FA”)), regularly updating user passwords, and conducting frequent audits to proactively stay ahead of potential threats.

4. Prepare for the unexpected: incident response

Regardless of how diligent your cybersecurity efforts are, incidents may still occur. That's why it is crucial to have a defined incident response plan in place — a plan that clearly outlines the processes for managing a cybersecurity incident. This plan should cover aspects such as engaging vendors for support and defining team structures that will collaborate during an incident. Being well-prepared is crucial for minimising the impact of cybersecurity threats.

5. Documenting your cybersecurity processes

As your start-up expands, your team will undergo changes. That's why it's important to invest time in documenting your cybersecurity processes. This documentation ensures consistency and demonstrates compliance with regulations. By keeping a record of security changes both internally and externally you can have peace of mind knowing that your cybersecurity efforts are well documented and standardised. You should ensure that you’ve documented a clear audit trail of security changes.

6. Protect your company security risks with contracts with vendors

You should include in any contractual documentation that is made with vendors, provisions around cybersecurity. These provisions should outline your expectations from the vendor regarding mitigating cybersecurity risks. You should include in the contracts that the vendor will comply with cybersecurity obligations and an indemnity if they fail to do so, to cover costs.

7. Invest for the future

Investing in large-scale projects that ensure protection against cyber threats is crucial for term economic growth and ongoing resilience of your start-up. It represents an investment in your company's future.

8. Get cybersecurity insurance

Cyber insurance is an aspect of cybersecurity that is often overlooked. We will demonstrate how a diligent approach to cybersecurity can significantly lower your insurance premiums and safeguard your business from the financial consequences of a cyber incident.

9. Potential fines and sanctions

Non-compliance with regulations can result in penalties and damage to reputation following a cybersecurity incident. There are some companies in industries that are at a higher risk than other companies. For example, if your company is processing high amounts of personal data or sensitive data, you can be at risk from different regulators across different jurisdictions.  

10. Regular reviews and check-ins

As your company grows it's important for cyber maturity to grow alongside it. We encourage discussions on cybersecurity matters. Start-up founders and entrepreneurs should recommend establishing committees dedicated specifically to addressing these concerns as your company evolves. These discussions can easily adapt to changing needs, such as company mergers and acquisitions or the launch of products or services.  

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