5 Ways To Find The Best Cybersecurity Threat Solution For Your Business

Choosing a cybersecurity threat solution provider can be a daunting task. Infosec is a huge and rapidly growing industry, and the global cybersecurity market is projected to reach $ 259 billion by 2025. There are many cybersecurity solutions out there and there are even more cyber security threats that you need to worry about.

When you need to find a solution provider, you are not alone. According to EY's Global Information Security Survey, 77% of organizations are looking for more advanced cybersecurity solutions. These organizations have already implemented basic cybersecurity protections and are currently trying to optimize their functions.

However, choosing which solution provider to choose can seem overwhelming, especially if you don't know what to look for. Here are some suggestions to make your search easier.

1. Find Out About Cybersecurity Threats

The world of cyber threats is huge, but the specific security problems we aim to solve for our business are limited. Clarify the issues your cybersecurity solution needs to solve.

All threats fall into three categories: external, internal, and partner. According to Veraison's latest Data Breach Investigation Report, external threats such as attacks account for more than 70% of corporate breaches, followed by internal breaches of more than 30% and partner threats of less than 10%.

What threats is your company exposed to? If you are frequently attacked by cyber criminals, you need a solution other than combating internal threats (such as the wrong person with access to certain information).

2. Be Honest About What You Can Achieve Internally

Please be honest. Does your organization have people who manage cybersecurity in-house? Then ask another question. Do current employees have the ability to manage all of the risks the company has taken?

 

If the answer to these questions is no, you are a good companion. Many organizations outsource. Only 40% of small businesses have a security operations center, but even many large companies do not have an in-house security operations center. According to EY, 30% of large companies outsource security.

Research your organization and be honest about what you are really good at at your company. When your existing workforce is overwhelmed or lacking the expertise to manage certain risks, you need to find a solution that covers those threats.

If you try to keep all security in the house and compromise, you can lose money instead. The average total cost of a data breach was $ 3.92 million, according to a 2019 survey by IBM Security and the Ponemon Institute.

3. Consider The Industry

Cybersecurity is not a panacea. Every industry, from government agencies to financial institutions, has its own regulations, standards, and best practices when it comes to information security. For example, medical facilities must comply with HIPAA safety regulations, while U.S. federal agencies must comply with NIST SP800-53.

In addition, organizations can opt for the ISO 27000 international standard or the NIST framework, and organizations doing business with European customers must comply with GDPR rules.

The cybersecurity solution you work with needs to be familiar with these rules and regulations and already adhere to the standards and frameworks your business needs to adhere to.

Look at their previous clients. Do you have customers in your industry? And are these customers satisfied with this solution?

4. Know When Sales Are Bad

Violations are terrible - which means the loss of valuable data, money, and much more difficult to quantify - the loss of customer trust.

However, when purchasing a solution, vendors shouldn't seek to address the worst information security concerns in order to make a sale. Reputable cybersecurity solutions need to act as an organizational partner and focus on their needs rather than scare tactics.

A good solution provider will evaluate your company's existing cybersecurity practices and make recommendations on how to mitigate risks.

5. Know Who Has Access To Your Data And Your Network

You may have a good understanding of employee information security practices, but know who else has access to your system or network? Your third.

 

Supply chain risk is a big problem. Cyber ​​criminals often get their data through a third party, such as a cloud provider. Third parties may not have established cybersecurity standards. In this case, you and the provider are responsible for the violation.

In order to limit the risk, you need to know who your third party is, what they have access to and what their risk profile is.

This will help you understand if your organization is at risk of third party breaches and whether you need to choose a cybersecurity solution that specializes in third party and vendor threat management.

This is a common need among organizations. Do you remember how the EY survey pointed to the large number of companies outsourcing security? Well, 84% of these companies outsource risk management to their suppliers.