Key Takeaways from Holden Triplett's Interview on Security for Startups

Holden Triplett, co-founder of Trenchcoat Advisors and a former FBI special agent specializing in counterintelligence, shared valuable insights on security strategies for startups during his talk. Below are the key takeaways from his latest interview with MEC.

Start Security Early

• Triplett emphasized that security should be integrated into a startup's operations from day one. Waiting years to implement security measures often results in vulnerabilities that adversaries can exploit.

• Startups, even in their earliest stages, are creating cutting-edge value that needs protection. Security cannot be treated as an afterthought.

Awareness and Training

• Building awareness among employees is critical. Many workers underestimate the interest that sophisticated criminal groups, nation-states, or extremists might have in their company.

• Companies should educate their teams on identifying risks, understanding the company's most valuable assets, and reporting anomalies. This foundational awareness is a cost-effective way to enhance security.

Conduct Regular Risk Assessments

Triplett recommended yearly risk assessments for businesses of all sizes. These assessments should:

1. Look externally: Identify groups or entities that might target the company’s intellectual property (IP), information, or value.

2. Evaluate internal posture: Assess whether the company is adequately prepared to defend against external threats.

Three Pillars of Security

Businesses should focus on three main vectors of security:

1. Physical Security: Protect facilities and equipment from unauthorized access.

2. Cybersecurity: Secure networks against cyberattacks.

3. Insider Risk: Address threats posed by employees who may knowingly or unknowingly compromise company assets.

Insider Risks

• Insider threats are often overlooked but can be highly damaging. Employees can be exploited to carry out fraud, steal IP, or even engage in workplace violence.

• Companies must establish insider risk programs to mitigate these vulnerabilities.

Government Expectations

• The government increasingly scrutinizes private sector companies for their security practices, especially if they plan to work with government contracts in the future.

• Adversaries may spend years infiltrating companies they believe will eventually collaborate with government agencies, making it essential for startups to align their security protocols with government standards from the beginning.

Focus on Core Assets

• Companies must identify their most valuable assets—whether it's people, products, or IP—and prioritize their protection.

• Triplett advised focusing on fundamentals and developing a maturity plan tailored to the company's growth trajectory (e.g., 3-year, 5-year, and 10-year plans).

Security Fundamentals Are Universal

While the sophistication of security programs varies between startups and multinational corporations, the basic principles remain consistent:

1. Understand external threats.

2. Identify internal assets needing protection.

3. Implement foundational measures to safeguard these assets.

Low-Cost Security Strategies for Startups

Triplett highlighted that startups can implement effective security measures at minimal cost by:

• Structuring communication and information-sharing protocols thoughtfully.

• Vetting relationships with vendors and third parties carefully.

• Establishing basic policies to protect critical assets early on.

Holden Triplett’s insights underscore the importance of proactive and comprehensive security planning for startups. By instilling a security mindset from day one and focusing on awareness, risk assessments, and core asset protection, businesses can safeguard their innovations against sophisticated threats while positioning themselves for long-term success.