Hit enter to search

How to choose the best Cybersecurity Company, A complete checklist and guide

On September 03, 2021

Overview

We are fast moving towards living in a completely digitized world. With the advancement of technology into every foray of business, companies are moving their businesses online. Although this has eased business transactions and made it smooth, effective and quick; it has also invaded their privacy and made them vulnerable to cyber attacks.

This has brought increased awareness and need for cybersecurity. Organizations are not usually equipped to handle security breaches. Securing data, network, information systems etc. need expert knowledge and experience in the field. Organizations do not have the necessary personnel or equipment, or else find it too expensive to set up an in-house security team. Instead they prefer outsourcing their security needs. In this way they are more productive and can focus on their core businesses.

Cyber crimes have seen an alarming increase in the past years. This has resulted in irretrievable loss of crucial and sensitive data not to mention colossal financial loss. On an average day, the number of hack attacks run into thousands. The individual consumer is not spared either, he/she is a victim of phishing attacks, ransome/malware, virus attacks etc. in some form or other. In short, the more we grow dependent on the internet the more at risk we are of being defenceless at the face of ruthless hackers.

Types of suppliers of cyber security

Once a company decides to take proactive measures to secure its network, computer systems and data, it has the choice of exploring a number of options.

  • In-house security team
    The organization can develop or hire their own security staff who will look into their specific needs. An in-house team can address problems right away, has greater control of cyber security services, and can prioritize the tasks based on importance.
  • Outsourcing
    Here the company exercises the option of outsourcing the security requirements to other companies who deal solely with cyber security. It is a big relief to the organization to be assured of the best services from security companies who have the knowledge and the expertise to handle hacks. This leaves the organization to concentrate on their businesses.
  • Cloud Service Providers
    Yet another option that is gaining popularity is subscribing to cloud service providers. It is one of the most cost-effective solutions. The cloud providers offer online computing services such as Infrastructure as a Service (IasS), Platform as a Service (PaaS), and Software as a Service (SaaS). You only pay for the services you use.
  • Managed Security Service Providers (MSSP)
    An MSSP continuously monitors your cyber network and keeps your business secure. It is responsible for prevention, detection of threats, and responding to them if and when they occur. The idea behind hiring an MSSP is that the entire responsibility is shouldered by them who take care of not only security but privacy regulations too. This frees up your IT and legal team to take care of your company requirements.

What factors to consider while doing due diligence for Cybersecurity

Due diligence is a thorough investigation carried out voluntarily before procuring an asset, product or service. It is undertaken to evaluate the risks involved and to assess liabilities, if any. Both the buyer and seller are then apprised of the full facts of the transaction and all the legalities are checked. Once the transaction appears satisfactory then the deal takes place.

In cybersecurity, due diligence is done to assess risk management. The efforts taken by the security provider to ensure protection of data are evaluated by the client.

It is also important to understand the hacker’s mindset to figure out which data will be of interest to him. The obvious and foremost reason is for financial gain. Secondly the hacker may be interested in personal data also known as Personal Identifiable Information(PII). Some examples are social security number, date of birth, biometric records etc. Last but not least is ideological motivations. In this scenario they target a company purely based on the fact that they don’t agree with their political or social views.

Factors to be considered prior to due diligence

  • Identify the critical data which is at maximum risk and of utmost value to the hacker.
  • Identify where the critical data is placed.
  • How secure is the data?
  • What security controls are given to access the data?
  • What are the vulnerable areas in the system?
  • What is the detection and response system in case of a breach?
  • Finally, do a dark web monitoring, also known as cyber monitoring, which is an identity theft prevention product. It intimates you if any of your personal information is found on the dark web.

Once the above factors have been scrutinized, we move on to the next phase of due diligence.

  • Identity security gaps:
    In this phase, if any security gaps are found then remedial measures are taken. It is also crucial to understand what action is to be taken and how vital it is to take action, whether immediate or can it wait a few months?
  • Vulnerability Testing:
    The next natural step is vulnerability testing which is to identify, quantify and prioritize the vulnerabilities in a system. In order to do so, some vendors carry out stimulated attacks or practical scenarios to find loopholes. This also helps strengthen the defence systems of detection and response.
  • Formal or ad-hoc response plan:
    In case of a breach, do you have a formal action plan? Or do you have to perform ad-hoc testing. In any case, it is advisable to conduct mock drills to prepare the team to respond to an emergency effectively.
  • Collaborate or Synergize:
    It is prudent to bring a balance between all factors involved in choosing the best cyber security company especially budget and the technology used. Due to the current economic slowdown, there is a strain on the budget allocation for cyber security. It is wise to focus on how and where to do the cost-savings.

What you should look for in a Cyber Security and Risk Management partner?

Before starting the process of looking for a cyber security partner, identify your business's security needs as every business doesn’t require the same type of security. Also single out your core risk areas. Find out the data that needs most protection, how and where it is stored and who has access to it. The company you are looking to partner with should help you strategize and do vulnerability and penetration testing. Intrusion detection, operational functionality, and behaviour monitoring are other factors that play a key role.

The experience a company has had in the field gives you a fair idea about their expertise. The longer they have been in the cyber security business the more experiences they would have gathered and their track record is something to look for. Accreditations, awards, certifications help one develop confidence in the company regarding its capability. By looking at their list of clientele, it gives you a fair idea of the level of security they have been catering to and across what sectors. It is also important to check if they provide customized solutions to suit your unique security requirements. Other factors are of course whether they are using the latest technology and products, whether they offer scalability of solutions to fit into different levels of security that you need, and if they follow a multi-layered approach that includes employee training apart from products and services.

What are the Qualities of Top-Rated Cybersecurity and Risk Management Companies?

The basic features you should look for in a cyber security partner are:

  • Company’s reputation
    Before purchasing a product or service, one always looks to see the status the company enjoys in the market. You are able to gauge their expertise based on customer feedback.
  • Customer Satisfaction
    Also talking to other clients about their experience with the company helps you come to a definitive conclusion.
  • References of the company
    This is also very useful especially if the company has been referenced by a number of clients. It gives you an idea of how they function and how they deal with contingencies.
  • Transparency
    This is an important factor in any business deal or transaction. Monthly reporting enhances visibility and helps in managing the data effectively.
  • Foresight
    The ideal cyber security company is aware of the past and the current threats and more importantly able to anticipate future threats. It stays abreast of the latest technologies and trends that are required to combat the threats foreseen.

How Your Best Cybersecurity Provider Positively Impacts Your Business?

Almost everything can be connected by the internet such as smartphones, laptops, tablets, TVs, thermostats, medical equipment, fitbits etc. This has eased usage to a great extent and made life remarkably easy, and yet made sensitive data that much more vulnerable to hackers.

It is estimated that approximately 70% of the organizations do not have a Cyber Security Incident Response Plan. It is all the more alarming to know that it takes even big companies at least 6 months to detect a breach. This prompts one to invest soundly in securing the data, the network systems, and infrastructure of the company.

As the number of devices connected are increasing so are the number of access points. This means that the surface area of an attack has expanded significantly for an attacker. A cyber security provider is able to design and develop custom made solutions to ensure that all weak and exposed areas are covered and a response plan devised, to counter any unfortunate incident. Using the updated technology and devices, a cyber security provider continuously monitors the systems leaving you to go about your core business in a stress free state of mind.

Investing in a good cyber security plan is often misconstrued as a sunk cost which doesn’t have any immediate returns. Consider this scenario; when it comes to prospective investors and partners who are looking to expand their business, which company do you think they will consider, a company with a secure cyber network or one with questionable security. When your business is secured and protected, it gives you scope for expanding your business and becoming more proactive. In a sense, a cyber security provider becomes a business enabler for you.

Finally, last but not least, a cyber security provider helps you to be on the defensive by proactively protecting your critical and sensitive information. This translates into creating more business opportunities, which in the long run is a good return on investment.

Why Infopercept is your Cyber Security Vendor?

Infopercept, a Managed Security Services Provider, has many certifications to its credit such as ISO 27001, ISO 22301 and ISO 20000. It provides multiple services such as Technology Assessment Service, Technology Implementation Services, Process Advisory Services and Managed Security Services.

With over 200 clients, Infopercept treats cyber security as a mission rather than just a job. It offers customized solutions after carefully studying and analyzing your needs. While providing a solution, Infopercept takes a multi-dimensional and holistic view. It believes in the time old adage of “Prevention is better than cure”. Hence Infopercept takes a proactive and supportive approach rather than a reactive one. By aligning the customer’s security needs with its own personalized solutions, Infopercept empowers the client to take control of their organization’s security.

Infopercept’s 24*7 Security Optimization Centre (SOC) helps identify and expose potential security risks and recommends plans to rectify them. Infopercept is your one stop shop that meets all your security needs irrespective of big or small businesses.

Summary

It is an indisputable fact that cyber threats are going to exist and run parallely alongside the internet and web based technologies. With the increase in technological advancement, the risks are also going to increase and so are the complexities of the attacks. Instead of fretting and worrying about security hacks, the prudent action is to invest in a sound cyber security provider who will go the extra mile to provide maximum security to your data and information systems.