Startups

Recent Cyber Attacks

  • Ransomware attack on Bolt. In July 2023, the food delivery startup Bolt was hit by a ransomware attack that encrypted its data. The attack forced Bolt to temporarily shut down its operations.
  • Data breach at Instabase. In June 2023, the data analytics startup Instabase was hit by a data breach that exposed the personal information of over 1 million users. The breach was caused by a security vulnerability in the company’s website.
  • Phishing attack on Bird. In May 2023, the electric scooter company Bird was targeted in a phishing attack that allowed the attackers to gain access to employee email accounts. The attackers then used the compromised accounts to send phishing emails to other employees, which led to further data breaches.
  • Data breach at Ramp. In April 2023, the financial technology startup Ramp was hit by a data breach that exposed the personal information of over 800,000 users. The breach was caused by a security vulnerability in the company’s cloud-based infrastructure.
  • Ransomware attack on Toast. In March 2023, the restaurant technology startup Toast was hit by a ransomware attack that encrypted its data. The attack forced Toast to temporarily shut down its operations.
  • Data breach at Affirm. In February 2023, the buy-now-pay-later company Affirm was hit by a data breach that exposed the personal information of over 14 million customers. The breach was caused by a security vulnerability in the company’s website.
  • Limited resources: Startups often have limited resources to invest in cybersecurity, which can make them more vulnerable to attacks.
  • Lack of experience: Startups may not have the experience or expertise to implement and manage effective cybersecurity measures.
  • Rapid growth: Startups often experience rapid growth, which can make it difficult to keep up with the changing security landscape.
  • Remote work: The increasing popularity of remote work can also make it more difficult to secure data and systems.
  • Cybersecurity awareness: Startup employees may not be as aware of cybersecurity risks as employees of larger organizations.
  • Supply chain attacks: Startups may be more vulnerable to supply chain attacks, in which hackers target the vendors or suppliers of a company in order to gain access to the company’s systems.

The specific cybersecurity regulatory requirements that a startup needs to follow will vary depending on the industry it operates in, the type of data it collects and stores, and the risks it faces. However, all startups should take steps to implement a comprehensive cybersecurity program that includes the following elements:

  • Risk assessment. The first step in developing a cybersecurity program is to conduct a risk assessment to identify the threats and vulnerabilities that the startup faces.
  • Policies and procedures. The startup should develop and implement policies and procedures to protect its data and systems. These policies should address topics such as access control, data encryption, incident response, and user training.
  • Technical controls. The startup should implement technical controls to protect its data and systems, such as firewalls, intrusion detection systems, and data encryption.
  • Employee training. The startup should provide employees with training on cybersecurity best practices. This training should cover topics such as password security, phishing attacks, and social engineering.
  • Monitoring and testing. The startup should monitor its systems for security threats and vulnerabilities. It should also conduct regular security tests to ensure that its security controls are effective.
  • …

Problem

As a startup, they needed to prioritize resource allocation, while dealing with the security risks inherent to cloud environments such as unprotected cloud storage, lack of visibility into security settings, and shared security responsibilities with cloud service providers.

Solution

To tackle these issues, we devised a cost-effective, robust cybersecurity approach:

  1. Cloud Security Posture Management : We implemented CSPM solution to prevent misconfigurations, enforce security compliance, and provide visibility across the AWS environment.

  2. Penetration Testing : We conducted penetration testing of API’s and identified risks related with unauthorized access of their services.

  3. AWS Security: We reinforced their cybersecurity by integrating with AWS Security Hub and SIEM monitoring of their CloudTrail, VPC and AWS WAF logs.

Result

The startup was able to provide evidence of their security controls and secure contracts with large established organizations.