Investors Need To Read This
No this is not a gambit to raise money (yes we are raising but that is beside the point!). If you are an investor in any tech company (or almost any company at all these days), you need to pay attention to the new GDPR laws the EU is about to start enforcing.
Sure that is WAY OVER THERE in Europe but the way the laws are written, and the tightly woven web of the Internet, means that most companies will fall under these rules.
This is a Big Deal.
Almost none of the major companies are prepared to keep consumer information private throughout their networks – from the first point of contact to the last. Very few businesses have anything resembling protection at the point of collection, nobody really has anything responsive and, especially in areas such as IoT and SaaS, the cloud and device security models are woefully inadequate.
Startups are especially vulnerable given their inherently tight budgets (did I mention we are raising money?) and, hopefully, tight focus on deliverables and milestones. To suddenly, somehow, support these onerous new regulations will severely cripple many new businesses already doing everything to survive.
Investors really need to start paying attention as even a tech-savvy company like Google admits to a major 2% gross revenue hit by the GDPR. Startups are much less prepared and most do not even know what is coming. As an investor, you need to protect your investments and get to your companies…
Before the EU does.