September 13, 2024 at 08:03AM
David Rose of Rose Tech Ventures discussed two startups, one hit by scammers and another surviving due to better security. Startups often overlook cybersecurity, but Volt Typhoon’s attack on Versa Networks and other startups shows the critical need for improved security. Investors are increasingly pushing for cybersecurity plans, especially in later-stage startups.
The key takeaways from the meeting notes are:
– Startups are increasingly vulnerable to cyber threats, and incidents can have catastrophic effects on their business.
– Early-stage startups often deprioritize cybersecurity due to a focus on growth and resource allocation challenges.
– As startups mature, the need to invest in cybersecurity becomes more critical, with the size, industry, and stage of the company influencing the approach to security.
– Founders are increasingly recognizing the importance of cybersecurity, with a growing interest in cyber insurance and additional security protections.
– Investors are starting to prioritize cybersecurity in their due diligence process, nudging startups to develop and articulate their cybersecurity plans.
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