Cyberattacks today only continue to grow and as a result, cybersecurity has become a critical concern for businesses of all sizes. But, for small and growing organizations, the challenge lies in balancing the need for robust security measures with the allocation of limited capital toward necessary growth activities like product development, sales and marketing.
Recent statistics reveal that a staggering 43% of all cyber breaches are targeted at small businesses. This alarming number highlights the urgent need for startups and emerging growth companies to prioritize cybersecurity measures without compromising their capital. A strategic approach to cybersecurity that matches their level of growth is essential for these companies to tackle this pressing issue. In this post, we share key insights on how startups and emerging growth companies can navigate the complexities of cybersecurity without draining their financial resources.
The first step in this strategic approach is understanding how cybersecurity needs change throughout the growth cycle of a company.
Rather than attempting to implement an exhaustive suite of security measures all at once, startups should work with a knowledgeable firm that understands the nuances of cybersecurity and governance at each stage of development.
At Withum, we advocate for the implementation of a tailored roadmap for security and governance that evolves alongside the company’s growth trajectory. This roadmap serves as a guiding framework, outlining the specific security measures needed at various milestones, whether it’s a national launch, going public, or scaling operations. This approach also acknowledges the unique requirements of different industries. For instance, highly regulated sectors such as biotech or pharma may prioritize privacy compliance, while technology companies may focus on securing intellectual property and conducting code reviews.
It’s important to point out that startups do not need to burden themselves with hiring a Chief Security Officer or Chief Compliance Officer from day one. Instead, they can leverage fractional roles or outsourced services to manage their security and compliance needs cost-effectively. As the company matures, the scalability of these roles can be adjusted accordingly.
In conclusion, partnering with a firm like Withum, which has a proven track record of supporting growth companies throughout various stages of their growth cycle, can provide startups with the expertise and guidance needed to navigate the complexities of cybersecurity. By implementing the right level of governance and security measures at the right time, startups can safeguard their assets and focus on achieving their growth objectives, without compromising on security or draining their capital.
With Withum’s tailored approach to cybersecurity, startups can confidently continue their journey knowing that their digital assets are protected, allowing them to thrive in an increasingly digital world.
Contact Us
To learn about our cyber services for startups and emerging growth companies, reach out to our Cyber and Information Security Services Team today.
