{"id":2075,"date":"2019-11-16T03:34:43","date_gmt":"2019-11-16T03:34:43","guid":{"rendered":"http:\/\/kusuaks7\/?p=1680"},"modified":"2024-02-23T15:40:45","modified_gmt":"2024-02-23T15:40:45","slug":"start-ups-your-most-valuable-asset-in-the-long-run-will-be-the-trust-of-your-customers","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/bigdata-cloud\/start-ups-your-most-valuable-asset-in-the-long-run-will-be-the-trust-of-your-customers\/","title":{"rendered":"Start-ups: Your Most Valuable Asset in the Long Run Will Be the Trust of Your Customers"},"content":{"rendered":"\t\t
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Bake it in from the start: \u201cMoving fast and breaking things\u201d will become a thing of the past as customers and investors take security and privacy more and more seriously<\/em><\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIt seems that security is still \u2013 at best \u2013 an afterthought for most start-ups as they go about building their Minimum Viable Product <\/em>(MVP).\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tWe highlighted it earlier in the context of the Internet of Things<\/a>, but it is true across the board.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tQuick iterative cycles and fast go-to-market seem to be often prioritized over the security of a product before putting it in users\u2019 hands, with sometimes terrible consequences. Indian cab-hailing startup OLA<\/a> or restaurant discovery service Zomato<\/a> are cases in point that a poorly protected product can lend itself to being hacked regardless of a company\u2019s age or size. \u201cFor start-ups to believe that they are too small for cyber attackers to take note of them is naive and misguided<\/em>\u201d as we already highlighted<\/a> in 2016.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIn fact, it is the dominant mindset in the entrepreneurial world which is often at odds with actual security measures being put in place early on, at both company and product level. In the immortal words of Mark Zuckerberg: \u201cMove fast and break things. If you are not breaking things, you are not moving fast enough\u201d<\/em>. This mentality is simply misplaced in the context of cybersecurity. Indeed, leaking the passwords and banking details of your early users can have much more serious consequences than a bug in your app or picking the wrong colour for your logo. And this is likely to get worse as regulation tightens around the world.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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You simply can\u2019t afford to A\/B test your product\u2019s security.<\/em><\/h3>\n<\/blockquote><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAll the more paradoxical is that implementing security and privacy best-practices and putting the right controls in place from the start should not be that expensive or time-consuming in a context where every feature costs money and take time. But the fact is that security is rarely seen as a feature, and privacy is often cynically sacrificed on the altars of data monetization.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tQuite simply, the features included in the MVP will be those that users and VCs will really notice and those which will drive valuations up. But this is often more a matter of perception than proper research and it is plagued by cognitive biases on all fronts, in particular the \u201cimaginability\u201d or \u201cavailability\u201d biases theorized by Nobel-laureate Daniel Kahneman<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAnd for now, perception amongst this community is that security and privacy won\u2019t drive sales and valuations, and therefore don\u2019t matter.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tSecurity and privacy audits in early-stage funding due-diligence are virtually non-existent, and there are simply no incentives for start-ups to take all this seriously.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThis is dangerously short-termist and goes against 2 clear trends:\n