Ensuring Business Security Compliance: A Guide for New Ventures

24 January 2024 - Data as a Service (DaaS) Software Marketing & Analytics

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Ensuring Business Security Compliance: A Guide for New Ventures

Launching a new business venture brings enough challenges without having to navigate complex security and compliance standards. However, adhering to regulations and best practices from the start reduces risk substantially over the long run. This guide outlines key steps new businesses should take to build a compliant, secure foundation.

1. Understand Relevant Regulations

While requirements vary by location, industry, and data types handled, a common baseline of regulations apply to most ventures:

GDPR: The EU’s General Data Protection Regulation governs data privacy practices for any business with EU customers. Fines for non-compliance are steep.
CCPA: Any business with California customers must comply with the California Consumer Privacy Act’s data transparency and access requirements.
HIPAA: Healthcare sector startups must implement controls meeting the Health Insurance Portability and Accountability Act from day one.

Axess Law provides on-demand legal guidance to help identify specific regulations applicable based on your business model and locations. Privolta delivers automated compliance monitoring customized to your regulatory scope.

2. Build a Security-First Culture

Ingraining security-conscious practices into everyday operations early on saves sizable cleanup efforts down the road. Promote awareness through new hire orientation and regular team training. Lead by example demonstrating vigilant habits around access controls, travel device policies and password management.

KnowBe4 offers engaging new-school security training content keeping concepts top of mind for teams. Teramind monitors employee behavior and delivers tailored coaching when risky activities occur.

3. Lock Down Data Access

Limiting data access prevents both external and insider threats. Classify sensitive information like customer data, financials and intellectual property then restrict to only staff needing it for job functions. Logs should track all access, plus unusual activity like abnormal download amounts.

Forcepoint One secures company data accessed across cloud apps and devices. MediaSonar scans communications channels for signs of data exfiltration.

4. Manage Third Party Risk

Bringing on vendors and partners introduces new security liabilities which must be evaluated. Assess their compliance, access needs and controls before onboarding. Conduct periodic third party risk assessments going forward covering security incidents, changes in compliance status and contract reviews.

ProcessUnity automates the vendor due diligence process with continuous risk monitoring. SecurityScorecard rates vendor cybersecurity performance helping to identify higher risk partners.

5. Create an Incident Response Plan

Despite best efforts, some security incidents still occur. Having an Incident Response Plan in place means faster containment, coordinated communication and less business disruption. Outline roles, reporting procedures, forensics tools, and communications protocols for different incident types.

Devo uses AI to detect threats early and guide optimal response. Axonius integrates with existing security tools to speed investigations.

Conclusion

New ventures developing solid security foundations rather than leaving compliance as an afterthought avoids preventable disasters later on. Building secure processes early also earns customer trust in an increasingly privacy-focused marketplace. With the right priorities, new businesses can implement cost-effective compliance assured their sensitive data and customer relationships are protected.

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