London is ranked sixth in the Global Startup Ecosystem Ranking 2015, according to Compass. Its ecosystem is valued at $44 billion and is the largest in Europe, with thousands of start-ups in sectors such as media, fashion, financial technology and e-commerce. And figures are rapidly growing.
We all know that modern start-ups overwhelmingly have an online-based business model – businesses like Instagram, Uber, Alibaba, Airbnb – that requires users to register and create their profile to make bookings, purchase goods or redeem services. As a consequence, user profiles contain a wealth of personal information, from debit card numbers to dates of birth, addresses and medical information (think about fitness apps). Users are not only physical persons, they can be organisations as well – think about how many companies have an Instagram profile or use Uber to move staff and customers around.
A treat for cyber criminals
Being in possession of so much information, start-ups are very appealing for cyber criminals, which makes them targets for cyber attacks. Because word-of-mouth is such an effective way of building awareness about the services and products sold, especially in the early phases of a start-up’s life, protecting its reputation is essential. To survive in the fast-evolving environment, start-ups need to protect this – it only takes a single cyber attack to destroy any possibility of expansion. Do you think consumers will trust a breached start-up?
Insight from the expert
Alan Calder, founder and chairman of IT Governance, is speaking at Startup Sessions, a series of special seminars and talks with key people giving advice to digital start-ups. The topic of session 5, ‘Surviving Cyber Threats’, will be cyber security for newly born start-ups: how they can secure their business and how the adoption of the Cyber Essentials scheme can help them prevent around 80% of cyber attacks. Register here for this free event >>
Start-ups and Cyber Essentials certification
The easiest way to secure your new-born business is to adopt the five security controls required by the Cyber Essentials scheme. Start-ups will benefit from reducing the risk of cyber attacks, improving business efficiency and keeping their reputation clean. If you’re serious about taking care of your company’s wellbeing, take a look at our Get A Little Help packaged solution – for as little as £555, you can achieve Cyber Essentials certification while improving your cyber security skills with our resources and advice. Read more >>