Posted on Aug 15, 2019
Choosing a cyber security threat solution provider can be a daunting task. Infosec is a huge, rapidly-growing industry — the global cyber security market is projected to reach $259 billion by 2025. There are a lot of cyber security solutions available and even more cyber security threats to worry about.
If you’ve been tasked with finding a solution provider, you’re not alone. According to EY’s Global Information Security Survey, 77% of organizations are looking for more sophisticated cyber security solutions; those organizations have already put basic cyber security protections in place and are now seeking to fine-tune tune their capabilities.
But choosing a solution provider can seem overwhelming, especially if you’re not sure what you’re looking for. Here are a few suggestions that will make your search easier.
While the world of cyber threats is vast, the specific security issues you’re trying to solve for your organization are finite. Be clear about the problems you need your cyber security solution to solve.
All threats fall into three categories: External, Internal and Partner. According to Verizon’s latest Data Breach Investigations Report, external threats, like attacks, comprise more than 70% of breaches at businesses, followed by internal breaches at more than 30%, and partner threats at less than 10%.
What sort of threats does your organization face? If you’re up against frequent attacks by cybercriminals, you’ll need a different solution than the one you’ll need to combat internal threats (such as the wrong people having access to specific information.)
Be honest with yourself: does your organization have the staff to manage cyber security in-house? And then ask another question: does your current staff have the capacity to manage all the risk your company has taken on?
If the answers to those questions are “no,” you’re in good company. Many organizations outsource. Only 40% of smaller organizations have a security operations center, while even many large companies don’t have security operations centers in house — according to EY, 30% of big organizations outsource security.
Examine your organization and be honest about what you can really do well in-house. If your existing staff is overworked or doesn’t have the expertise to manage specific risks, you’ll need to find a solution that can cover those threats.
If you try to cut corners by keeping all your security in-house, you may end up losing money instead — according to the 2019 Cost of a Data Breach Study from IBM Security and the Ponemon Institute, the average total cost of a data breach is $3.92 million.
cyber security isn’t one-size-fits-all. From government organizations to finance, every industry has its own regulations, standards, and best practices when it comes to information security. Healthcare organizations must comply with HIPAA’s security rules, for example, while U.S. federal agencies must abide by NIST SP 800-53.
Additionally, organizations may opt into the international ISO 27000 standards or NIST frameworks, and organizations who do business with customers in Europe will have to abide by GDPR’s rules.
Any cyber security solution you partner with should be familiar with these rules and regulations, and should hopefully already be compliant with the standard and frameworks your organization has to abide by.
Take a look at their past clients. Are those clients in your industry? And are those clients pleased with this solution?
Breaches are scary — they mean a loss of valuable data, money, and something much more difficult to quantify — a loss of customer trust.
That said, when you’re shopping for a solution, the vendor should not be trying to prey on your worst information security fears in order to make a sale. A reputable cyber security solution acts as a partner to your organization and they should be focused on your needs rather than scare tactics.
A good solution provider will evaluate your company’s existing cyber security practices and make recommendations that will help you mitigate your risk.
You might have a good handle on your employees’ information security habits, but do you know who else has access to your systems and networks? Your third parties.
Risk in the supply chain is a big deal. Cybercriminals can often get at your data through your third parties — like cloud providers — who may not have the cyber security standards in place that you do. And, if that happens, you’re just at fault for the breach as your vendor is.
In order to limit risk, you need to know who your third parties are, what they have access to, and what their risk profiles are.
Once you’ve done that, you’ll know if your organization is at risk of a third-party breach, and if you’ll need to choose a cyber security solution that specializes in third party and vendor threat management.
This a common need among organizations. Remember how EY’s survey pointed to a large number of companies who were outsourcing security? Well, 84% of those companies outsource vendor risk management.
According to EY, 76 percent of organizations only increased their security budget after a major data breach, but there’s no reason to wait until you’ve been breached to start looking for cyber security solutions that will address your specific risk profile.
Taking the time to find a security solution that’s right for your organization’s unique security needs is an important step when it comes to finding a cyber security partner that will help you evaluate and mitigate your risk before a breach even happens.
Check out our list of 3 top third party risk management (TPRM) challenges, and the actions you can take to bolster your program. Learn more.
Performing cybersecurity risk assessments is a key part of any organization’s information security management program. Read our guide.
Templates and vendor evaluations are needed to level that playing field, in a time efficient and fair way, so that the best vendors are chosen.
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