Inhouse vs Outsourced Cyber Security: What CISOs Should Know In 2023
Cybercrime has skyrocketed over the past few years, with the costs reaching over USD$8 trillion in 2022. Experts estimate that this will exceed USD$20 trillion in 2026. This trend can be attributed to the profitability of illegal activities to criminals, especially those that target payment systems.
But perhaps the leading cause is a lack of cybersecurity awareness. Many organisations are unaware of the vulnerabilities associated with online operations. Unfortunately, those with a clue about it don’t know how to mitigate the risks, and that’s where cybersecurity experts come in handy.
As a business, you must select a cybersecurity provider that can help protect your private data against online criminals. But how can you find such a cybersecurity company Melbourne? Here are essential tips to keep in mind:
1. Identify your online security needs
Your first line of business should be conducting a risk assessment of your organisation and analysing potential threats. This process will give you an idea of the specific areas of your business that require protection.
For instance, healthcare firms need a provider experienced in protecting sensitive patient data. On the other hand, the primary concern of e-commerce companies is payment-related attacks like online fraud.
Understanding your requirements can help narrow down your search to candidates specialised in IT security services that you need. As a result, you’re likely to find a provider that can effectively address your organisation’s needs.
2. Consider the candidate's experience
How long have they been in existence? This is crucial as it determines the provider’s level of experience. A security expert that has delivered cybersecurity services for many years understands the dynamics of this industry. Therefore, they’re well-equipped to protect you against potential future threats.
3. Find one that's worked with organisations similar
Apart from the overall experience, looking for someone who has already handled similar tasks is also good practice. Select a cybersecurity provider with a proven track record of success in securing companies like yours.
4. Verify certifications
Certifications are proof that a security firm has met specific industry standards. They also show their level of expertise when it comes to data protection and other cybersecurity-related requirements.
Some of the leading certifications to consider are:
- ISO 27001: Proof that the provider has satisfied the Information Security Management System (ISMS) specifications and meets the necessary data protection standards.
- SOC 2: This shows that the provider has adopted adequate security protocols to protect against data breaches, unauthorised access, and other risks.
- Payment Card Industry Data Security Standards (PCI DSS): Proof of compliance with industry standards required to secure online credit card transactions.
In your evaluation, ask the provider which of the certifications mentioned above they have. Verify their authenticity by confirming with the certifying body. This will save you unnecessary legal issues in the future.
5. Compliance with industry-specific security regulations
As you check their certifications, ensure the provider complies with the regulations within your industry. For instance, if you have a health organisation, the cybersecurity company must adhere to Health Insurance Portability and Accountability (HIPAA). This proves they can handle and protect sensitive patient data stored in your system.
6. Assess their expertise
The provider should be able to handle the ever-evolving cyber threats. You can evaluate their expertise by checking their experience level, the staff’s qualifications, and their success record.
7. Check the reliability of their customer support
Cyber threats can occur anytime, and their impact can be fatal if not addressed immediately. Customer support plays a vital role in handling such emergencies. Therefore, make sure whoever you hire is reachable at all times.
8. Consider the response time
Reaching the cybersecurity provider is one thing, but their response speed is the most important. Evaluate how long they respond to security incidents and how long it takes them to neutralise threats.
9. Evaluate the incident response capability
Ensure the company in question has all the necessary resources to assess your cybersecurity threats and address them accordingly.
10. Confirm the availability of customisable solutions
Every company has unique needs. So, a one-size-fits-all approach to cybersecurity may not be ideal. Customisable solutions make it easier for the provider to tailor its services to your organisation’s needs.
11. Check the integration capabilities
Are the provider’s solutions compatible with your existing infrastructure? Seamless integration enhances your chances of enjoying proactive maintenance and updates and better protection against threats.
12. Evaluate the provider's scalability
You should always be ready for future business growth, and cybersecurity is one of the factors to consider. Make sure the provider you choose can scale their services to match your demands in case of such changes.
13. Evaluate the level of their security testing and assessment
How keen are the experts when assessing threats and conducting security tests? They must meet your requirements here before you can decide to hire them.
14. Consider the cost
The choice of a cyber security consultant will always come down to your budget. Check the overall cost incurred over a given period and see if it fits your financial plans.
15. Prioritise providers with strong security culture
How the experts treat your data will be largely influenced by the core values of their parent firm. Therefore, choose a provider whose beliefs and practices prioritise the security of its client’s data and network.
Finding the right cybersecurity provider takes you one step closer to offering your customers the best online experience. Certification, field experience, and commitment to security practices are some of the factors you must consider when selecting your candidate.