• August 19, 2024November 4, 2024
• Betterleg Studios

Series A Ready: Part 1

Welcome to our series geared to help you prepare your company’s security and compliance programs for fundraising activities. Parts 2, 3, and 4 will be coming to the Betterleg Blog shortly—stay tuned.

1. Series A Ready: Security & Compliance Policies

Information security policies are the foundation of any strong security and compliance program. As you prepare for Series A fundraising, having well-defined security policies will demonstrate to investors that your company is committed to safeguarding data and mitigating risks. These policies not only guide your employees but also provide a framework for meeting compliance requirements.

What Is a Policy?

A policy is a formal document that communicates management’s expectations regarding security and compliance. It sets minimum standards for system configuration, acceptable employee behavior, vendor relationships, and more. It serves as a reference for all stakeholders on how security is managed within the organization.

Who Writes Policies?

Policies are typically written by individuals responsible for their implementation, such as IT, security, and compliance leaders. Once drafted, they are reviewed and approved by senior management to ensure they align with the company’s business goals and legal obligations.

When Should Policies Be Written?

If you’re preparing for Series A fundraising, now is the perfect time to review or develop your policies. Some common triggers for policy development include:

• Employees frequently asking for security guidance.
• Upcoming compliance events, such as internal or external audits.
• Periodic reviews, often conducted annually, to ensure relevance.

How to Write Policies

You can approach policy writing in two ways:

1. Single comprehensive policy: A single document covering all aspects of security and compliance, from acceptable use to encryption. However, this can be lengthy and difficult to navigate.
2. Multiple targeted policies: Separate policies for each topic, such as acceptable use, network security, and data encryption. While easier to manage individually, this approach requires careful organization to avoid gaps.

Components of a Policy

Each policy should include:

• Review date: When the policy was last reviewed and when it is due for the next review.
• Purpose: The objective of the policy and why it exists.
• Scope: What systems, people, and data are covered by the policy.
• Policy statements: Clear and actionable guidelines for the areas the policy covers, such as acceptable use, risk management, and encryption.
• How to Maintain and Distribute Policies – Policies should be stored in a secure, easily accessible location for employees and management to reference. They must also be available for auditors and partners when necessary, though access should be tightly controlled and provided only when needed.

Conclusion

Strong information security policies are the cornerstone of your security and compliance program. As you prepare for Series A, developing these policies is an essential step in demonstrating your company’s readiness to scale securely and responsibly.

Check out Part 2 of our Series A Ready blog series for more information on Identity & Access Management (IAM) and to continue preparing your company’s security and compliance programs for fundraising activities.