Tips for Selecting the Trusted Cybersecurity Company and Traits to Look for in a Cybersecurity Firms
In this era of technological advancement, we rely on the internet for business, entertainment, and personal development. When making transactions, we expose sensitive personal information online to make purchases or subscribe to the content of choice. As such, both individuals and organizations are at a high risk of cybercrime. In the aim to avoid such, it is critical to hire a trusted and reliable cybersecurity firm.
This article will be especially useful for small and mid size business owners who do not have dedicated chief information officer (CIO, CISO, vCISO) or IT administrator in staff.
In this article you will learn more about:
- Why you should hire a reliable cybersecurity company?
- How you can measure the reputation of a cybersecurity firm?
- What type of cyber security services you may need?
- How to measure cost, value and cybersecurity return on investment (ROI)
- Importance of cyber defense vendor’s tools, knowledge and experience
- Legal requirements and certifications
- Valuable cyber defense resources
Why You Should Hire a Reliable Cybersecurity Company?
Whether you are an individual or a corporation, you need to protect your digital systems from hackers and malicious people. The following are reasons why you need to contract an IT security solutions company.
Protection of personal information: Cybersecurity firms safeguard the personal information of your clients and employees from malicious individuals. In the wrong hands, such information helps malicious people to steal from customers or manipulate company systems.
Ensure continuity of business operations: Lack of proper security for your systems makes your organization an easy target for hackers. Cyber-criminals can paralyze normal operations of your business or completely shut down your operations. IT security solutions firms help to avoid such risks.
Safety of employees: Workers’ productivity is better with nothing to worry about when they access the internet at work. Cybersecurity firms provide this assurance to your employees.
Protects your business reputation: Clients and employees want to associate with firms where they know their information is safe. Such inspiration leads to better productivity and better sales of products and services.
The average cost was USD 1.07 million higher in breaches where remote work was a factor in causing the breach, compared to those where remote work was not a factor.
Cybersecurity Vendors Reputation.
You can measure the reputation of a cybersecurity firm by the scorecard from the views of stakeholders. The main elements of reputation revolve around the quality of management, financial soundness, and value to the public.
A good cybersecurity company has a good track record of many successful partners and clients. It prides itself in displaying the previous clients on its website as evidence of quality service delivery. Moreover, you will notice consistency in the number of clients. If you notice many customers try different options after a particular company, you better search elsewhere. A company with a high turnover of clients signifies services below standards.
A company with a sound reputation has good reviews from previous and existing customers. Be keen to check testimonials of how the company has assisted other clients with a similar business model to yours. This action gives you insights into the knowledge, competence, and level of experience of the organization. You may decide to speak to these clients for an unbiased report about security solutions by the cybersecurity firm.
Data breach costs rose from USD 3.86 million to USD 4.24 million, the highest average total cost in the 17-year.
Type of Cybersecurity Services Rendered.
Cybersecurity firms provide a plethora of services designed to protect their clients from cyber risks. However, the type of services may vary from one company to another depending on the packages, skill sets, licensing and cybersecurity certifications.
Although services may vary, most cybersecurity companies should offer the following solutions:
- Virtual or onsite cyber defense support
- Backup and disaster recovery planning.
- Threat intelligence
- Risk assessment and management
- Early detection and response to threats
- Regular evaluation of the system, network, and devices
- Firewall to protect users from accessing inappropriate content
- Cyber security awareness training for employees such as tabletop exercise etc.
The ever-evolving world of technology means that cybersecurity firms should attract and train employees with special skills. Today, penetration testing, digital forensics, phishing attack simulation, and managed detection and response service providers are paramount skill sets.
The most common initial attack vector, compromised credentials, was responsible for 20% of breaches at an average breach cost of USD 4.37 million.
Cost, Value and Cybersecurity ROI.
While you want to keep your data safe, the cost of the cybersecurity firm matters. You do not want to spend a chunk of your company’s money on data security. Please find a list of firms you know you could work with and go through their services and costs.
Before settling and signing a contract with the firm, ensure that you have a budget. Calculate your data assets. Think about the return on investment and the value cybersecurity is offering.
Put your negotiating skills to use when you find a suitable cybersecurity firm and are unsure about meeting the service cost. Present a budget and ask them what price they are willing to charge you.
Consider their mode of payment and if they prefer bitcoin, ensure that there is bitcoin payment protection. You contract a forensic data department to provide an incident response retainer to provide ransomware response in case you cannot meet the cost.
Tools Knowledge and Experience.
When hiring a new firm or one that has been in the industry for a while, tools and knowledgeable staff are essential needs, and they are indicators that the company can offer various services.
It also gives you a rough estimate of the company’s cost. There are essentials that a cybersecurity firm should have:
- Antivirus Software
- Public key infrastructure
- Penetration testing
- Managed detection and response provider services
- Qualified and trained staff with years of practical cyber defense experience.
Having these resources will enable a firm to meet the requirements of the client. The services will be efficient since they do not waste time looking more staff or outsourcing when rendering cyber services. Experienced cyber security professionals enable the company to conduct emergency cybersecurity incident response without delay.
Legal Requirements and Certifications.
The certification is an award after completion of study and tests. Certification provides proof that the staff in the firm meets the industry-standard credentials or qualifications that pertain to cybersecurity.
Certification justifies the cost that the individual or the company asks for as compensation for services rendered. It also shows that the firm is willing to follow through and complete the assigned duties. Below good example how cybersecurity vendor proudly show earned certifications:
Ransomware Attacks is quickly becoming the attack you don’t want to experience. 55% of small businesses pay hackers the ransom.
Industry-specific legal requirements enhance improved operations and safety during work since they know the work procedures required by the governing body. Following cyber security policies also keeps you away from rubbing shoulders with the authorities.
It is easier to deal with a firm that practices cloud security compliance. In case of failure in cyber incident response, it is easier to solve the issue with a firm that follows regulations and has the legal and certification requirements if you need compensation.
The customer service department is an essential part of the company as it determines whether a client leaves or stays. When looking for a cybersecurity firm to work with, ensure good customer relations with you and other clients.
A good firm with excellent customer service will have a cyber incident response plan when you call. They should be able to attend to you and provide solutions to your problem. Customer care that prioritizes the needs of its customers is reliable.
According to Accenture’s Cost of Cybercrime Study, 43% of cyberattacks are aimed at small businesses, but only 14% are prepared to defend themselves.
No Conflict of Interest
When choosing a cyber security firm, ensure that they are not preying on your fears. Look for a cyber security provider who will act as a gate between you and the malicious parties. Ensure that your provider actively engages in cyber security threat hunting from third parties.
If a company is willing to sell your competitors information about your company, they put you at risk of attack. Your company will be prone to unhealthy competition, which may render you out of the market. Ensure that the firm is willing to keep the company’s integrity intact.
According to this report, the average company will spend somewhere between 6% and 14% of their annual IT budget on cybersecurity. On average, most companies spent around 10% of their IT budget.
Choosing a Cybersecurity Firm – Examining a Business That Offers Proactive & Reactive Cyber Security Services.
While you are searching for a cybersecurity firm, you can evaluate a company that offers customizable services, cutting-edge encryption, antivirus software and excellent customer service. If the company detects a security breach, the business can quickly implement a plan that will minimize the damage, protect the data, enhance the security of your database and prevent additional breaches.
Cyber security is not all about big companies but also a necessity for small businesses and individuals. When looking for a cybersecurity vendor for your business, ensure that the cybersecurity firm has the above factors.
Valuable Cyber Defense Resources:
- Cybersecurity marketing strategy for healthcare industry
- Gartner’s 2020 Market Guide for Managed Detection and Response Services points to 40 companies that offer credible MDR capabilities.
- If your business prefer proactive cybersecurity approach – top penetration testing cybersecurity companies.
- Don’t be a victim, ransomware attacks someone every 5 seconds.
- 2021 Must-Know Cyber Attack Statistics and Trends
- MORE Alarming Cybersecurity Stats For 2021 !
- Top cybersecurity statistics, trends, and facts
- Data Breach Response: A Guide for Business
- List of Trusted Cybersecurity Companies in Healthcare Industry
- The True Cost of Cybersecurity Incidents. Breaking down the cost of dealing with a cybersecurity incident versus the cost of investing to prevent an incident.
- Assessing the State of Cybersecurity in 2021 and Preparing for 2022
- Learn More About Cyber Incident Preparedness. The probability of cybersecurity incident and the following consequences is increased constantly.
- Cyber Glossary – Learn more about common and not so common cybersecurity terminology.