Thinking of your first startup? The security industry is booming but that’s not all. Here are five more reasons to start building a security startup right now.
The average data breach costs businesses about $7 million in lawsuits, recovery, and lost revenue.
As hackers find new ways to infiltrate servers, they will be able to attack small and medium-sized businesses as well as large corporations. Now would be the best time to invest in or build your own security startup before the field becomes crowded.
With the thousands of job openings for security specialists in the tech industry needing to be filled, there are several indications that companies are vulnerable. Whether it’s employees who create poor passwords for remote devices and email addresses or software that’s out of date, there are weak points everywhere. Any security expert can tell you that most companies aren’t prepared for an attack.
It’s a seller’s market for a security startup right now. Here are 5 reasons to get yours off the ground.
1. Ransomware Is on the Rise
As mentioned above, ransomware attacks are costing companies millions per year. Even city infrastructure has become vulnerable, with Atlanta recently struggling to recover from a major attack.
The WannaCry ransomware attack in recent years was spread simply and easily through networked computers using email attachments. WannaCry terrorized several large corporations and cost companies millions.
Not only did it cost money to pay the ransom, but consumers were able to bring suits against companies for letting their personal information get out. Companies that fail to stop hackers from getting ahold of sensitive user data end up being subject to suits and lost revenue. The stigma against them follows for years, despite the responses they take to improve security.
Companies that get attacked likely have better security than companies that haven’t been. The only problem is that the damage is done by the time important security measures have been taken. Customer confidence is already broken and customers will mistrust a company for years.
As ransomware gets more sophisticated, we’ll begin to see it attacking smaller companies. This is worrisome because if small companies are targeted, it means that the returns are worthwhile. This, in turn, means that it’s easy enough to hack that just about anyone is vulnerable.
2. Unsecured Wi-Fi Is Everywhere
Across major companies, universities, and institutions, unsecured Wi-Fi persists. Unsecured networks are great for users to get a connection when they need it and move on. It allows guests to connect to your network so that you can share files and information easily.
It also means that your network is then vulnerable to nefarious actors.
An unsecured network is a playground for someone with an interest in hacking. If you’ve got sensitive data that you want to protect, having it connected to an unsecured device will make it open to attack.
Even being at a coffee shop with an unsecured network could leave you and your data vulnerable. A device that automatically connects to the nearest network could share vital information with a hacker listening to the network. Wi-Fi cameras, like this product, could be accessed remotely by anyone if the network were left unsecured.
A security startup that made it easy for institutions or businesses to create a firewall could be a lifesaver. So long as you avoid common mistake when launching your startup, your company will make an impact in the security field.
3. BYOD (Bring Your Own Device)
Many workplaces now encourage their employees to bring their own devices to work on. Shared workspaces and co-working environments mean that everyone comes with a different device and connects to the network.
This means that a nefarious actor who manages to get one device infected on the network could spread it to other unsecured devices on the network. Soon the virus could spread across the network and disable devices and use them to infect others.
A security startup that allowed consumers to always keep their networked device free from suspicious incoming connections could go far.
4. Cryptocurrency Has People on Edge
As cryptocurrency begins to take off to such an extent that Starbucks accepts it, you know that it’s about to be mainstream. But without the proper security measures taken in advance, cryptocurrency could be stolen from people in the marketplace before they knew it.
The status of cryptocurrency has allowed some of the biggest financial heists of all time. But as the prices continue to climb, it’s hard to keep people away from the market.
Cryptocurrency and blockchain technology promise a greater level of accountability. But the currency itself is up for being hijacked. Because not everyone who is an investor in Bitcoin is also a security expert, a security startup that focused on the crypto market might be a big hit.
5. The 2016 Election Hinged on a Data Breach
As we’ve seen in recent months, Cambridge Analytica’s deal with Facebook has imploded in Mark Zuckerberg’s face. Facebook allowed user data to be purchased for pennies on the dollar. Because of that, one company influenced millions of voters with news stories.
Those stories ranged from loosely true to patently false. They propagated dangerous narratives like the infamous “Pizzagate”.
Security companies are now trying to save the social media giant and help to protect users.
Much of the damage done cannot be reversed. But in coming years, we’ll see things change the way people engage with social media.
A security company that could act as a prophylactic between personal information and public profile info could be useful to billions of users. People love to have the opportunity to share their interests and life events with their closest friends. By holding every connection so closely to your personal information, social media companies have allowed too many people too much access for too long.
A Security Startup Could Save the Internet
Internet users demand security right now. By creating a product that could be broadly used on billions of devices, a small company could have a huge impact on the future of the internet. A startup that took advantage of the relatively open field right now could cement their place in the history of connectivity.
If you’re interested in how your small business can take security seriously, contact us for tips.