As with any company, startups are not immune to the threat of data breaches and have a responsibility to protect their customers’ data. In fact, startups face even higher consequences in the event of data breaches, as reputational damage can irreversibly affect the future of the company.
Young companies with data-driven propositions, particularly those that require data to fuel innovative machine learning models, need to maintain trust with data subjects and partners to ensure sustainable business models.
According to the ‘Privitar Privacy Pulse’ survey, we see that challenger brands across a range of sectors are trusted by 36% of consumers, compared to 54% who trust incumbents in the space. That’s why startups need to intensify their efforts in order to gain this trust.
Data misuse or breach are significant risks for companies dealing with customers data but the priority for most startups is growth, marketing and funding. They tend to not to consider the impact data missteps could have on their current and future business.
According to the US-based National Cyber Security Alliance report ‘The Need for Greater Focus on the Cybersecurity Challenges Facing Small and Midsize Businesses’ 60% of small and mid sized companies that were victims of cyber attacks didn’t recover and went out of business within six months. Data security and privacy must not be ignored.
With the FastStart programme, Privitar is helping early-stage companies, with data central to their mission, get started with the company and leverage sensitive data with confidence, allowing startups to focus on growing their businesses.
Taufik El-Abed, the FastStart programme lead commented: “Our ethos is that privacy is not optional, and we truly believe in the power of data for good, if used correctly and ethically. As a startup ourselves we understand the challenges that startups face – they have to move mountains with limited resources and establish revenue streams quickly to make it to that second round of funding and attract new investors.
As experts in data privacy we can provide startups with the unique opportunity to get it right from the beginning, guiding them on how to be compliant, drive innovation and realise new revenue streams.
This initiative gives startups that qualify for the programme full access to our entire stack of the latest state of the art privacy technologies (such as format-preserving tokenisation, encryption, and generalisation) in a product that can be easily used, managed, configured and deployed. It also includes unlimited usage and services, all at a price suited to cash-conscious early-stage businesses.”
Benefits of the Privitar FastStart programme:
- Get up and running quickly and easily with services support and training included
- Access best-of-breed privacy engineering technologies
- All you need protection – unlimited usage, as standard for one year
- FastStart pricing for qualifying startups and early stage businesses