"eliza faire" Discussed on Cybersecurity Effectiveness Podcast
"But nobody's creating a new business and we're going to be the most secure retailer or most secure bank or most secure this or that. That's not their business model. That's not good market strategy. Usually i would think But in order to maintain that they do need security pierpoint point as you grow and as it becomes more critical so now that's good advice well and by naming just a quick example there i think there are nuances right. Like there's there's a hack everyday that we can look at them and there's one yesterday around you know hij- hijacking Text messages to launch account. Right but I mean if you take like robin hood versus airbnb just making it up. And i don't know that airbnb has had a hack but robinhood obviously had some some of their data. They had day she recently. And then when you have a brand built around financial services and trust and you know it is a free product which presumably means that you. That company is doing more with data. That's a place. Where really early on the board should be asking questions around you know. How are we approaching. You know kind of the brand value proposition and the security of our of our experience because like that. That's one of those things that can dramatically impact the business. Whereas i think if you look at more like you know transactional sites e commerce sites etc. You wanna do the same thing but there may be a little bit more comfort on a little bit more. Comfort from consumers are credit for. I'm not saying you should just have eliza faire attitude but i think there are certain kinds of companies were the very first board member should breathe bringing this up as a topic and so for me. I think one of the most interesting because i invest in cyber cloud companies. i do bring it up really early. For companies that are handling sensitive data even pre product market fit So that's very much in my bag kind of diligence topics. When i'm looking you know looking companies. I can give you a couple of examples of them now. But that that that's awesome i can. I can already tell it when you're looking at something you probably. You're just naturally measuring that tolerance level right for the consumer in terms of what what they're willing to accept Especially early stage a so. So with that said as a as a member of a board of directors. What kind of power do you have. Is it a stick. And a carrot is at a level of influence as it. Is it all about the compensation committee i mean. What what what can you really do to western influence Good cyber hygiene. yeah Well i mean it depends on the kind of investor you are. I am a minority investor wired like a minority investor of never owned probably more than twenty twenty five percent of a business..
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