UK Startups Must Prioritize Security Compliance to Ensure Success
As the threat of cyberattacks continues to rise across the UK, it is becoming increasingly important for startups to prioritize security compliance. While many founders may be tempted to focus on growth-focused tasks like sales and product development, neglecting security compliance can have serious consequences for both their company’s resilience to breaches and their bottom line.
Contractual Requirements and Business Opportunities
According to the UK’s Cyber Security longitudinal survey, security compliance has become a contractual requirement for startups looking to work with public sector bodies and large companies. Established brands are becoming more vigilant about who they choose to do business with, and meeting security compliance criteria is often essential just to bid on a contract. As startups target larger enterprise deals, their sales teams may face difficult security questions and closed doors if expectations are not met, hindering the revenue boost needed to scale up.
Gaining a Competitive Advantage
Having strong security practices in place can also serve as a selling point for UK startups. In an environment where ransomware attacks and data leaks are on the rise, startups that prioritize security can build trust with customers and fend off cyberattacks. With only 32% of UK businesses having one or more security certifications, startups with compliance certifications can gain a competitive advantage.
Staying Up-to-Date with Regulations
Security regulations are continuously changing, and violating a security standard can result in significant fines. In addition to impacting finances, non-compliance can also disrupt business operations until necessary changes are made. By staying up-to-date with security compliance measures, startups can ensure they are following the latest regulations and avoid potential penalties.
Building Trust and Fending Off Attacks
Not being able to answer security-related questions from customers or prospects can raise concerns about a startup’s maturity and reliability. On the other hand, having a strong security program in place can help build trust and differentiate startups in the market. Startups that prioritize security demonstrate their commitment to protecting customer data and mitigating the risks associated with cyberattacks.
Overcoming Perceived Complexity
One of the main reasons startups hesitate to prioritize security compliance is the perceived complexity of implementing the necessary processes. Many founders are unsure of the relevant security frameworks, such as ISO 27001 and SOC 2, and where to start in building a strong security program. Fortunately, trust management platform Vanta offers a free guide specifically tailored for UK startups to help them navigate the complexities and prioritize their security compliance.
By prioritizing security compliance, UK startups can ensure their resilience against cyber threats, meet contractual obligations, build trust with customers, and gain a competitive advantage in the market. It is crucial for startups to recognize the importance of security from the start and take proactive measures to protect their businesses and the data they handle.