It’s downright creepy when a FaceTime bug lets you listen to a person’s conversation before they accept your call. And while Apple worked to address the glitch quickly, this recent violation of privacy underscores both the critical importance of digital security for businesses—and the opportunities available for entrepreneurs.
Some 5 percent of businesses are said to have lost data due to flawed IT security, says Ivan Widjaya, the owner and editor of Noobpreneur.com, This is significant, especially when a business relies on data like customer details and transaction records.
“As entrepreneurs we need to be serious about cyber security and make educated and conscious decisions to protect our business, our customers and ourselves,” says Ivanka Menken, an Australian serial entrepreneur and the co-founder of The Art of Service.
Understanding cyber risks and rewards is fundamental to trust, says Steve Durbin, the global vice president of the Information Security Forum. “In a world where data breaches are becoming all too common, organizations that produce an imaginative and credible response will have a comparative advantage over those that are slow and confused, and this will translate to tangible business value.”
Entrepreneur.com reports that cyber security is among the top five growth industries along with IoT, Artificial Intelligence, Mobility and Big Data. The cyber security market is expected to grow at a compounding rate of 8 percent year over year.
According to Vincenzo Iozzo, senior director at CrowdStrike, “starting a company that tackles digital security issues is a potential path to success, although competition in those areas is extremely fierce from both incumbents and software vendors/infrastructure providers.”
Vancouver-based entrepreneur and innovator Thierry LeVasseur has focused a large part of his career on digital security, having secured several different patents in the areas of email security and data protection.
He says the time is perfect for anyone willing to put in the work to create solutions.
“Everyone talks about innovation, particularly in technology, as being the lifeblood of business, and yes, it’s important. But it’s not necessarily a goal that only a lucky few attain,” says LeVasseur. “Sometimes it’s just a shifting in how we think and being able to take that all the way through to becoming a viable business is the real challenge.” Andrzej Kawalec, group head of enterprise cyber security strategy and innovation at Vodafone, reiterates: “Cyber security is not just about protective measures or preventing attacks. Customer loyalty and business opportunity statistics are not IT or security metrics, but top-line business outcomes.”