On my first Echelon in 2019, I had the wonderful opportunity to speak about cybersecurity in one of the Echelon stages. Along with my AntiHACK.me co-founder, Dexter Ng, we gave a series of live demos on how easy it was for hackers to scam potential victims with only an email address or a phone number.
Fast forward four years, and we’re back as exhibitors in Echelon. This time, we represent our cybersecurity and data protection firm, Privacy Ninja. It was a great experience to physically mingle with the startup community again!
Having witnessed the ebb and flow of startup businesses over the years, my recent experience at Echelon reinforced one unwavering truth: cybersecurity remains as crucial as ever in an increasingly advanced threat landscape.
Businesses acknowledge the need for cybersecurity, but they don’t know where to start
The consensus of the young business owners I spoke with echoed throughout the event. This, is despite the well-documented rise of industry-shattering hacks and the escalating numbers associated with such incidents. In light of this reality, businesses and startups have become acutely aware of the perils they face and the critical need for cybersecurity measures to avoid falling victim, as countless others have done before them.
However, many find themselves at a loss as to where to start. At Privacy Ninja, we emphasise that one of the keys to business success lies in a proactive approach to addressing cybersecurity concerns. By adopting this approach right from day one, organisations can ensure comprehensive protection at every juncture, leaving no room for exploitation or compromise.
Outsourcing to experts for effective cybersecurity
To address the challenges faced by businesses, seeking the assistance of cybersecurity experts is a strategic choice. When it comes to effectively navigating the complex landscape of cybersecurity, outsourcing to experts offers numerous advantages.
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For instance, when young startups engage the services of a trusted and CSA-licensed VAPT provider like Privacy Ninja, they gain access to a wealth of knowledge and expertise. This enables them to quickly address queries and concerns regarding pen testing activities, including frequency and timing. We also value-add by guiding businesses on the specific exercise that will satisfy their requirements.
Additionally, outsourcing to experts offers numerous advantages, allowing startups to harness specialised knowledge and experience while avoiding resource-intensive endeavours. Building an in-house team of Data Protection Officers (DPOs) and penetration testers, for instance, requires significant time, training, cost, and practice before these individuals can effectively contribute. Moreover, investing substantial resources in training comes with the risk of trained professionals leaving the company, resulting in a loss.
Finally, outsourcing to third-party service providers provides the added benefit of cost-effectiveness. Privacy Ninja, for example, provides a price-beat guarantee, understanding the financial constraints that startups face, particularly when focused on revenue generation.
Having once been a startup ourselves, we appreciate the importance of maintaining a healthy cash flow while ensuring top-notch cybersecurity measures are in place. By partnering with service providers, startups can secure their digital defences without breaking the bank.
Prioritising cybersecurity from day one of business planning
With funding and achieving MVP taking centre stage (and nothing wrong with these), cybersecurity is often put on the back burner. Organisations must establish a solid foundation for protecting all aspects of their entity, especially the proper management of the personal data it manages.
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When cybersecurity is treated as an afterthought, it may result in uncovered and unprotected areas of concern, leading to organisational consequences. In Singapore, the consequences may include a hefty financial penalty of up to US$1,000,000 (a significant burden for small enterprises and startups), business disruption, reputation damage, and loss of potential clients and customers due to credibility issues regarding sensitive information.
In a recent case involving Fortytwo, the breach could have been prevented if only the e-furniture company had conducted a vulnerability assessment and penetration testing on its e-commerce website to properly determine the severity of the existing vulnerabilities, which they decided not to patch, eventually leading to exploitation by malicious threat actors.
The same fate was also suffered by Vhive when it fell prey to a preventable ransomware attack. With this, rather than considering cybersecurity as an afterthought, prioritising it can save organisations the trouble of going through the consequences.
In an ever-evolving threat landscape, the importance of cybersecurity for startups cannot be overstated. Given the ever-evolving threat landscape, cybersecurity holds paramount importance for startups, demanding proactive measures from day one.
As the startup community, including exhibitors like us, are relishing the post-Echelon high, here’s my advice to startups out there: don’t delay, prioritise cybersecurity from day one to protect your business and ensure long-term success. Take proactive steps today to safeguard against potential threats and secure the future of your business.
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