You are an entrepreneur. You have great ideas. Those ideas are going to change your industry. In most cases, to accomplish those goals, you are going to need help from others. How do you protect your intellectual property and data? You need to focus on protecting those assets in the contracting process.
Most developing companies rely on third party service providers. As an entrepreneur, you will likely rely on hosting and cloud solutions. While we advise that you consider business considerations first, you should also consider legal issues relating to data privacy and security issues. You cannot achieve 100% security for your assets, but there are many ways to protect yourself. You should also consider obtaining cyber-liability insurance for your company and you should ask your service providers whether they have it.
If you have a third party service provider, does that provider have a business continuity and disaster recovery plan? Does that plan allow you to operate your business tomorrow morning after a natural disaster? Does that provider have a SOC-1 or SOC-2 report that gives you comfort? Just as importantly, when your first big investor knocks on your door, is that investor comfortable? These are the issues that we consider for our clients. Please pick up the phone and discuss these issues with your CIO. With your attorney. With your insurance company. All of these parties want to protect you and want you to succeed. Let all of those parties help you before you have a problem. For additional information, please contact Wade Kerrigan.