The modern world is a perfect place for innovation, especially in technologies. Brilliant ideas are out there and creative minds bring them to live.
What is important for a successful startup? Innovative idea? - For sure. Great team? - Definitely. Working hard to make it work? - Yes.
Startups focus a lot on prototyping and product development, the business side, and marketing. No doubts, those are core activities, however not only activities to think about.
Startups facing certain risks related to their activities and a significant part of those risks related to privacy and cybersecurity. It's important to set priorities in startup development and here are 5 reasons why privacy and cybersecurity should be on this list.
Startups are an easy target for attackers
More than 77% of all cyberattacks target small and medium-sized businesses. The main reason is those companies do not pay enough attention to protect themselves and it makes attack easier.
Startups grow very fast
Early-stage startups may think they are not attractive to attackers because they don't have a lot of money/data/customers. However, this situation may change rapidly. Fast growth makes startup more attractive in the attacker's eyes and failing to implement proper security measures on time increases the odds that attack will be successful.
Fail to comply with privacy and security regulations may lead to getting big fines
The main EU law in data privacy - General Data Protection Regulation (GDPR) contains the most important requirements for personal data protection. To comply with GDPR is mandatory not only for all EU companies but for companies around the world that provide services and goods for EU residents. For privacy and security requirements violation, GDPR set fines in the amount of up to €20 million Euro or 4% of the annual worldwide turnover of the financial year.
Risk of reputation and assets loss
Events as a data breach or DDOS attack that disable provided services for hours or even days lead to financial and other losses. It's not just about losing money, it's about losing customers' trust with leads to losing profit in the future.
Startup have responsibilities
Last but not the least, startup is responsible for compliance with privacy and security requirements. Besides GDPR, there are more laws on the national and international levels, that needs to be followed. For every startup is important to assess and understand risks related to the activity and apply appropriate measures for prevention. It's crucial to keep a balance between risks and measures. Privacy and security professionals can help you find this balance.
Privacy and security must be implemented in startups from the very early stages. Also, important to remember that being compliant is a process, with startup growth implemented measures must be adjusted.
It's better to consult with privacy and security professionals, even for early-stage startups. This investment will help save time and money in the future.