Updated: Nov 30, 2022
Cybersecurity is at the top of everyone’s minds in 2022. As threats become more insidious, costly, and sophisticated, companies must proactively protect their vital data and systems.
However, the cybersecurity vendor market is vast and complex. There are thousands of companies offering security software-as-a-service, each with different offerings to suit specific business models. But therein lies the problem—if you do not have a security or tech background, it can be confusing. Choosing the wrong approach may put your organization at risk, and the stakes are exceedingly high.
IBM’s Cost of a Data Breach Report 2021 shows that the average cost of a breach in the United States is in the range of $4.24 million, the highest it’s been in the 17 years the organization has been tracking trends. That cost rises by $1.07 million for breaches where remote work is a factor. On average, it takes 280 days for a company to detect, respond, and remediate the issue. Almost 60% do not survive.
With these statistics in mind, it’s essential to ensure you choose the right vendor for your company’s needs. You need to consider your budget, in-house capabilities, and your company’s risk environment, including the risk of your industry at large.
The Security Buzzword Confusion
The cybersecurity vendor landscape is flush with companies providing all manner of acronyms and buzzwords to describe the protection they provide.
Suppliers talk about their capabilities in MDR, EDR, XDR, ZTE, and GRC, but you just want to have your company’s systems protected—preferably without having to take a course in current cyber parlance.
Buzzwords are great for analyst reports and SEO. But as an organization, how do you select the right technology and supplier to protect your organization from the threat actors trying to infiltrate your defenses?
Vendor selection can often seem like a jargony game of whack-a-mole when all you really want to know is—what do I need, can I afford it, and can this vendor do it?
Know Your Organizational Outcomes
Ultimately, choosing the right solution comes down to a few key items. Here are a few vital tasks you need to accomplish before deciding on a vendor.
- Understand the data and systems you’re trying to protect. Different industries have specific data protection needs. For example, if you’re in financial services, healthcare, or the legal field, you have significant and specific compliance concerns, and these will help you determine which vendors are right for you. Ideally, you want to choose a vendor that has a track record in your industry so you can be confident they understand your needs.
- Audit your existing technologies. A cybersecurity audit is an essential first step before you choose any solutions. You need to understand your company’s risk and security posture to ensure you’re selecting the right technology and approach. An audit will highlight vulnerabilities in your systems and help you focus on the right things.
- Define your gaps. Even if you have an in-house information technology team, they may already be under a great deal of strain or have skills gaps that need to be addressed. Work with a vendor that can fill those gaps to ensure you have a system and security approach that works.
- Compute your budget. Some solutions are targeted to the enterprise and are priced accordingly. While it’s nice to have all the bells and whistles, it might not be necessary if you’re protecting a small company. You must weigh the cost against your risk and budget and choose a solution that makes sense from every standpoint.
- Decide if you want a product to manage in-house or a service to manage your products. Managed security services provide you with dedicated expertise and the latest solutions to respond to known and emerging threats. Of course, if you have dedicated cyber talent in-house, you might choose to manage and configure the process yourself. Your choice should be based on the talent, skills, and time available. If you lack any of these, choosing a fully-managed solution is probably your best bet.
Contact Jeff Lovejoy to discuss. 817-349-2151, jlovejoy@lamtechnology.com
