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Established businesses need to go to enormous lengths to protect the data they collect and collate – their entire company’s reputation depends on it. But for startups and smaller businesses, the urgency to invest in security is just not there. After all, when budgets are tight, and there is no customer data to protect, what’s the point?
But this is a huge mistake. Startups are just as vulnerable as the major global corporations – if a little less exposed. And failure to invest in the right security measures will – almost certainly – result in disaster later on down the line. So, startup owners, is it time to step up when it comes to data security? Here are a few ideas for you to chew on.
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Compliance might be tedious, but it’s critical
First of all, given the rock and roll nature of startups, it’s no surprise they have a slightly laissez-faire attitude to compliance, which has t be one of the dullest words in the English language. Nevertheless, many industries will happily serve you a bucketload of trouble if you fail to take compliance into consideration whatsoever. And when the likes of Dropbox, Sony, and even dating websites can be hacked seemingly at the drop of a hat, in data-sensitive industries such as the law or healthcare, you are just asking for trouble if you aren’t keeping a tight grip on your data.
The earlier, the better
Smaller companies have a tendency to get the work done and then think about compliance and security. But the reality is that it could be too late. Protecting your data should be written into your business plan alongside your estimates, development, and idea stages – startups have to see it as part of the basic script. When you treat system security as an add-on, you are exposing yourself to huge issues and flaws – even when you finally get that all-important security installed.
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Privacy by design
As we established in the paragraph above, security needs to be woven into your products before you even launch them. You might need to make use of an identity and document verification app, and ensure that your cloud service provider is operating within your industry regulations. You will also need robust cyber defense against the many hackers, fraudsters, and data thieves that are out there with only one thing on their minds.
The importance of experience
If you are a young startup with a lot of fresh ideas, then I hope you have a fine and prosperous future. But do me one big favor and ensure that your young hands aren’t responsible for creating your business security system. It takes a lot of experience and industry knowledge to create a robust protection that can ringfence your product and service from attack. So, when it comes to finding cofounders as potential business partners, it is often a wise move to seek that experience ended get them involved at the earliest stage possible.
Don’t forget, if you are trying to attract investment, your product or service can be incredible. But unless you can ensure its safety and security, no investor worth their salt is going to offer you a dime.