With nearly 5 million startups in the UK, there are plenty of budding business owners excited to see their organisations grow and become a success.
But while we hear about plenty of businesses failing within the first year, some founders experience the opposite - their businesses grow too fast. This can be a wonderful achievement but it can come with its own risks too, especially when it comes to security.
When a founder of a startup sees it growing quickly, they can become excited about the expansion they’re seeing, and end up biting off more than they can chew.
Caught up in the excitement of it all, a business owner can take on more staff, and invest in new technologies, without having a clear strategy in place.
There is a danger that any founder can want too much too fast from their business. But with hypergrowth comes a whole lot of risks that need to be handled carefully.
Not having the proper foundations or processes in place for your business can leave gaps in your security strategy, and expose you to plenty of cybersecurity risks.
If founders are hiring quickly to fill gaps in their team, and potentially hiring people without the right qualifications for the sake of speed, it could mean their staff aren’t totally equipped to deal with the cybersecurity threats they could face.
Similarly, founders may not be training the whole team on best security practices, leaving it to chance that they could spot a phishing attempt effectively.
Without the proper security in place around customer information or employee data, businesses will leave themselves vulnerable to targeted attacks that can leave data exposed.
A data security tool like Metomic can be hugely beneficial for businesses that are growing quickly, as their data becomes sprawling and unmanageable.
“When a company grows quickly,” explains Sheree Buller Lim, Head of Product at Metomic, “they can accumulate data at an alarming rate. Although founders may be excited to gain new customers and bring in more revenue, business owners should realise they need the vital infrastructure in place to support their rapidly scaling organisation. When it comes to data, they’ll need to focus on locking it down while keeping their employees’ productivity levels high. A data security tool with low noise should be your main priority.”
If a business grows too quickly, without the right pillars in place to support it, a business owner may find themselves in trouble. For instance, if the customer experience starts to fail due to an overwhelming demand, clients may start looking elsewhere.
Without a human firewall in place, a successful phishing attempt from a hacker could be disastrous for a growing business, impacting their finances as well as reputation. A founder could find themselves paying fines, for instance, if they don’t have the right processes in place to secure their customers’ data, leaving them exposed to identity theft.
In order to comply with national and international regulations such as GDPR, business owners will need to make sure they have procedures in place from the very beginning to stop data amassing in insecure hotspots like SaaS applications.
There are a few ways startups can prevent data loss:
To see how Metomic can help support your growing startup, try out our free Google Drive scanner. You’ll be able to see how risky your files are, how many are public-facing, and who has access to them, in one helpful report.