I am thinking about working on a .com startup that involves providing a service to people or businesses via a web application. The service would store user data and information that a company might deem sensitive or at least not want to be compromised or lost.
What are my liabilities for protecting this data? Is this generally not a good idea? If I use another company for the storage of the data, like a hosting provider's database server or cloud storage, can I simply defer the liability to that company?