Over the past few years, there has been a significant change in how venture capital investment is perceived. Investors of today are waiting for a totally different set of benchmarks they focus more on the security posture of the company before they commit the money your company needs. Your chances of connecting with the appropriate investors and having them appreciate your company's value will increase if you make sure you're prepared to raise your next round of funding and that you are aware of the critical factors that will affect its success.
Earlier the investor didn’t focus that much on the security status of the company before investing their main focus was on the idea. However, a lot has happened in cyberspace since then, affecting and endangering all internet businesses, regardless of how big or little. And also startups nowadays use the same networks and cloud infrastructure as established businesses makes them equally open to attacks and that’s why investors are focusing more on the security of the company as they can also get affected if there is a data breach or any attack on their invested business.
Following are the security controls you must consider before raising your next round of funding:
If you are a series A startup it's the right time to think of hiring a security professional for your company who can look up at the security posture of your company and can manage these tasks in a professional way.
But if you belong to a series B startup you must start building a decent size security team for your company as your company is growing you can’t depend on one person for the management of the whole security of your company. The security team will make your task much easier in taking security decisions, managing your assets, and continuously monitoring and improving the overall security of the company.
Overall having a security team is always good as it showcases that company is focusing on security and giving proper attention to it.
Policy and compliance
You must start having control over the policy and compliance of your company as it's better to have proper compliance standards depending on the type of data your business collects. And also sometimes when interacting with other businesses that handle Personal Data themselves, you may frequently be asked to provide documentation of a 3rd-party assessment, such as SOC 2.
Common Compliance Standards:
- GDPR (General Data Protection Regulation)
- HIPAA (Health Insurance Portability and Accountability)
- PCI DSS (Payment Card Industry Data Security Standard)
- CCPA (California Consumer Privacy Act)
- SOC 2 (System of Organization Controls)
And also you should start focusing on having a documented security policy that is easily accessible to all employees, addressing all potential hacking scenarios and how to respond. And in the case of a cyberattack, this document can work as a checklist to make sure requirements are being satisfied.
Continuous security monitoring
It's time to identify your vulnerabilities after you have put your cybersecurity measures in place, trained your team, and made sure you are making the most use of the resources at your disposal. Unfortunately, a lot of startups assume that because they have robust security procedures in place, they can't be hacked.
Continuously monitor your system for vulnerabilities by using vulnerability scanning tools and start focusing on patching your vulnerabilities. This will help you to continuously identify the vulnerability and patch them simultaneously at the right time before it becomes a big problem.
For doing this you can follow these steps:
- Create security metrics for your entire cyber ecosystem.
- Gather data in accordance with your metrics.
- Use available information to assess your security threats
- Monitor your strategy regularly to ensure effectiveness
Setup Access control
The security of your startup depends critically on your ability to manage access to the internal workings of your infrastructure. You'll wish you had put these policies and tools in place sooner as your business grows. The earlier access can be restricted, the easier it will be to keep control as your business expands.
For your Aws accounts, you can start implementing a limited IAM administrator policy with this you can control which user can attach to or detach from specific entities. You start granting access to create users, groups, and roles using a restricted set of managed policies.
Infrastructure and Segmentation
Having a layered approach to security is key. Threat actors frequently have advanced knowledge of significant flaws and exploits weeks before the general public does.
Antivirus is no longer sufficient. In order to stop threats like polymorphic code, the misuse of legitimate tools and credentials, and "Zero Day" assaults, managed detection and response platforms (MDR) are required.
That’s why it’s time to have IT and cybersecurity functions distinct and separated because IT keeps everything going but they are unable to keep up with the constantly evolving dangerous environment.
Security Culture Training
The right culture is essential; staff members must feel free to voice their concerns and expose shady activities.
Give staff members the tools and instruction they need to be able to distinguish between legitimate emails from outside sources and phishing emails, as well as to report questionable emails to the information security team.
When a security breach occurs, you should react to it as quickly as possible and strongly. You must be able to obtain production logs from the window of potential compromise.
Any effort you made to create a secure build and deployment will pay off in the event of an incident. The difference between a minor and a significant exposure might lie in the ability to swiftly locate the problem from the logs, write a remedy, and then deploy it. Communication will be improved during an otherwise chaotic moment by having a runbook available for how to handle these incidents.
SecOps Solution is an agent-less Risk-based Vulnerability Management Platform that helps organizations identify, prioritize and remediate security vulnerabilities and misconfigurations in seconds.
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