90% of startups fail, with rapid growth being a key characteristic of those that do succeed. In order to achieve such growth, it’s imperative to first lay down a good foundation for your business, with one way of doing so involving having the proper security measures in place. For those looking to implement the right security measures into their own tech startup — or simply don’t know where to start — here are three important aspects of security that are a necessity to have in order to achieve successful growth later on.
Cybersecurity is a must for startups
Whether you’re online to collaborate with your team, creating plans for your next product, or simply mapping out a budget, there are a number of ways that a tech startup uses the internet, thus making cybersecurity a necessity in protecting your startup as a whole. Without the proper means of cybersecurity precautions, you become vulnerable to threats such as hackers, breaches and malicious viruses that can severely harm your startup in more ways than one.
A cybersecurity attack can easily cause irreversible damage to a tech startup, which can result in anything from a loss of highly sensitive information to a badly damaged reputation. This could then lead to further problems down the road, like a lack of sales/customers, thus making it extremely difficult to grow. It’s also important to bear in mind that 43% of online attacks are actually aimed at small businesses. For such reasons, implementing the use of multiple security methods, such as a firewall, secure WiFi, and an updated antivirus software should be some of the first things that any founder needs to consider.
The importance of insurance
If you want to grow your startup, protecting it first against other forms of unforeseen events is also essential, and can easily be done with the right insurance plan. This is especially vital if you have a physical location, as it’s important to protect against acts like vandalism, theft, and other potential events — including weather damage that can come from severe storms and flooding — all of which can have a serious financial impact on your startup. When planning to get business insurance, it’s important to first assess your needs so that you get the proper plan to begin with, as you’ll likely have different or additional needs as a tech startup compared to other businesses. For example, data breach insurance is a vital consideration, and helps to protect your startup in the event of such an issue.
The value in a security-focused team
Along with the right insurance and cybersecurity measures in place, it’s essential to ensure that a strong security-focused culture and mindset is implemented within your tech startup’s team early on in the game, which is especially necessary if you happen to have team members working remotely. Setting a strong foundation by informing your team about the importance of security is a priority, as is providing up to date training that effectively teaches how to avoid and handle such situations. In doing so, you create a proactive environment for your startup that allows for successful growth as a business, with minimal issues regarding security matters that allows you to focus on growth and other business endeavors.
Managing a tech startup is no small feat, especially when it comes to growing as a business. That said, it’s important to keep in mind that having a strong foundation of security is necessary to be able to grow and achieve success.