Looking for Cyber Security Solutions? Top 5 Traits to Look for in a Cyber Security Company

You know that data is the lifeblood of your organization, and maintaining data security is the foundation of your success. You are searching for a cyber security company to protect your data, but you may not know where to start. Finding the right fit for your cyber security needs can be confusing.

You are probably feeling overwhelmed by the number of security options that exist in 2020. You are eager to find the most effective cyber security for you, but what are the top traits you should look for in a cyber security company, and how do you assess them?

At Proven Data, we understand how complex cyber security is and regularly field challenging questions from clients that you may now be asking yourself.

As a provider of cyber security services, we know the value of protecting yourself from security breaches and cyber attacks. There is no one size fits all option in cyber security, and not every cyber security solution out there will be the right option for your organization. Whether you choose Proven Data or another trusted cyber security business, you need to know what to look out for in security professionals that will meet your needs. 

This page outlines the 5 top traits to look for when choosing a cyber security company. We will provide insight into what qualities are indicators of an effective cyber security company and why they matter to you.

Our mission in this piece is to clarify any questions you may have on your quest to find the best cyber security company for you.

By the end of this article, you will:

• Understand the most important traits of a cyber security company
• Be equipped with assessment questions to ask potential providers
• Know the next steps for protecting your data from cyber threats

How do I choose the right cyber security company?

We are here to walk you through finding the right fit for your cyber security needs.

Below you’ll find a detailed breakdown from our cyber security professionals on the top traits to know when choosing a cyber security company and how to assess them.

Here are the top 5 traits to look for in a cyber security company:

1. Qualifications
2. Up to date threat intelligence
3. Accessibility
4. Transparency
5. Plan of action

1. Are they qualified?

You need to know how to assess the qualifications and credentials of any cybersecurity company you are considering. You want to be confident that your security is in the most skilled and capable hands.

What to know:

A practical and reliable cyber security company should use a regulated security framework like The National Institute of Standards and Technology (NIST) to ensure your security protection is operating at the highest standards and practices. Frameworks like NIST outline rules, guidelines, and procedures that allow operators of critical organizations to prevent and manage cyber security risks. 

Your choice in a cyber security company must be committed to certified and secure service, compliant with information privacy acts like the Health Insurance Portability and Accountability Act (HIPAA) and staffed by cyber security specialists who possess trusted industry certificates. These qualifications indicate a company’s commitment to the excellence and effectiveness you need. 

What to ask a potential cyber security provider:

• What cyber security framework do you follow?
• What certifications do your cyber security analysts have?

2. Do they have up to date threat intelligence?

When choosing a cybersecurity company, you must trust the quality of service you will be receiving. You should feel confident that your cyber security company is up to date on the current threat intelligence landscape.

What to know:

What exactly is threat intelligence, and why is it important? On a basic level, threat intelligence is the knowledge of how to prevent and mitigate cyberattacks.

Threat intelligence is the practice of collecting, processing, and integrating data to connect the dots from one cyber attack to another. Threat intelligence allows a cybersecurity company to prevent similar attacks by using information and data from previous cyber incidents. 

Adequate cyber security protection requires an adaptable, multifaceted approach that is continuously updating to defend your data against the evolving cyber threat landscape. 

What to ask a potential cyber security provider:

• How does your threat intelligence help you make informed decisions?
• Do you share your threat intelligence to prevent similar attacks?
• Are you part of any alliances or initiatives in cyber security?

3. Are they accessible?

You’ve found a cyber security company operating with the highest standards and staffed by specialists with certified technical skills and up to date threat intelligence, but do you qualify for their service? In addition to finding out if a cyber security company serves an organization your size, you need to know if you can expect immediate incident response based on your organization’s needs.

What to know:

Most cyber security companies have a specified capacity of endpoints that they are equipped to serve. An endpoint refers to a remote computing device connected to your organization’s network. Endpoint capacity limits are utilized to ensure a cyber security company can meet the bandwidth your organization requires. 

Smaller cyber security companies may only be able to take on around 1,000 endpoints while larger cyber security companies can manage over 20,000. It is crucial to make this distinction when inquiring about cyber security services.

Time is critical in cyber security. Cyber crime doesn’t sleep, and neither should your cyber security protection. Cyber criminals often deploy their attacks when your organization is most vulnerable, with 76% of all ransomware attacks in the enterprise sector occurring outside of working hours according to a FireEye report .

You need a company that is available for 24/7 incident response. If an incident is detected, you need to have a cybersecurity specialist working with you immediately to contain the breach. The availability of the cyber security service you choose is especially crucial because threat actors often conduct surveillance on your network, collecting data on users like passwords and confidential information. Organizations that experience a data breach take an average of 197 days to identify and 69 days to contain the attack, according to a study conducted by IBM. If the breach is not immediately detected, threat actors can cause further harm by deploying ransomware to encrypt all the data on your network.

What to ask a potential cyber security provider:

• Will you work with an organization as small/large as mine?
• Is your staff available for immediate incident response 24/7?

4. Are they transparent with how they spend your money?

You know your data is valuable, and protecting it is a worthwhile investment. You want to choose a cyber security company that gives you the most for your money. Like any other investment, the cyber security provider you choose must be completely transparent with how your money is spent.

What to know:

Most cyber security companies bill their clients per hour, and you typically pay for these hours in bulk. The cyber security company you choose should provide an itemized list of the services provided to you beyond their statement of work (SOW) to give you confidence that your money is being spent efficiently.

Understanding the costs of cyber security will help you choose which company is the right fit for your IT budget. We know that you do not have an unlimited budget allotted for cyber security costs, and we believe that acquiring the proper protection for your data doesn’t have to break the bank. 

While there are many cyber security options available to fit your organization’s needs, you should be skeptical of inexpensive security offers that could leave your data vulnerable to cyber attacks. Choosing a company that boasts a wide range of services for bargain prices can be tempting, but this is a red flag that you cannot afford to miss.

Below are statistics on the costs of various cyber attacks compared to the cost of an average cyber security budget:

The cost of a data breach is $3.92 million on average, according to IBM’s 2019 Cost of a Data Breach Report.

Resolving the damage caused by a ransomware attack costs an average of $1,090,489 (allowing for the resulting downtime, people time, device cost, network cost, lost opportunity, and ransom paid) according to The State of Ransomware 2020 survey by Sophos. 

Having to recover from the devastating effects of these threats can be avoided by proactively implementing cyber security measures. 

The average cyber security budget in 2020 is an additional 5.6% up to 20% of a company’s total IT budget, accounting for company size and IT infrastructure. A budget this size might seem like a significant amount to spend, but considering the potential and cost of a cyber attack, it is worthwhile.

What to ask a potential cyber security provider:

• What should I expect to pay overall?
• Do you itemize your work per hour?
• Am I charged for unused hours?

5. Are they prepared to take action?

You are investing in a cyber security company to ensure you have the right products, policies, and procedures to protect your business data. Immediate, early action is the best way to prevent damage in cyber security. To act fast, you must have a plan. 

Cyber security companies do not want to talk about what to do in the event of a breach since they are responsible for your security. An experienced company knows that breaches can still happen, and the best way to mitigate harm is to have a solid action plan in place.

What to know:

When a cyber crime or data breach scenario occurs, it can critically affect an organization’s ability to function. The cyber security company you choose must have a robust incident response plan to lessen the damage caused by these scenarios. An incident response plan provides a set of instructions that guide IT staff in rapidly detecting, responding, and recovering from a security incident. Efficient incident response plans should follow a coordinated and organized approach to minimize harm and increase the timeliness and success of a resolution. 

Incident response plans are considered one of the most effective factors for mitigating data breach costs. An incident response plan reduces the average total cost of a breach by $320,000 compared to the mean total cost of a data breach ($3.92 million) to Ponemon Institute’s 2019 report. 

Additionally, the formation of an incident response team was one of the top 26 cost mitigating factors responsible for reducing the average total cost of a data breach by $360,000, according to the survey. Having an incident response team prepared to defend your data immediately also prevents dangerous attacks like ransomware encryption. 

What to ask a potential cyber security provider:

• What can I expect from your company’s incident response plan?
• Who is my direct contact at the company? 
• What are the other contingency plans in place?

What are the next steps to protect my data?

Now that you know the 5 top traits to look for when choosing a cyber security company, you are ready to take the next step: finding the best fit for your business and budget. 

We created a detailed cost breakdown of cyber security products and services to help you find answers you may be looking for on your quest to find the perfect cyber security company.

At Proven Data, we are passionate about educating our clients and anyone else who has questions about complex cyber security issues. Our team wants to answer your questions and make sure you find the best fit for you when it comes to protecting your business’s data assets.

We are committed to providing our clients 24/7 incident response with proprietary threat intelligence that helps us make informed decisions. Our cyber security experts are on the top of their game and are standing by if you come knocking on our door. And if you do, our team of security experts is eager to answer your questions at any time to provide you with the professional insight and transparency you deserve.

If you would like to learn more about how we can protect your data from cyber threats, set up a security consultation with one of our analysts today.

What does cyber security cost?

Want to find out more information about cyber security costs for your company?

Cyber Security Costs Guide