What to Look for in a Cybersecurity Vendor: Key Considerations and Red Flags Explained

In our increasingly digital world, cyberattacks are becoming more frequent – occurring every 39 seconds, according to a University of Maryland study! And with stolen records surpassing one billion and rising in 2024 according to TechCrunch, the pressing question remains: how do you safeguard your business from being the next statistic?

The solution lies in partnering with a cybersecurity expert who can protect your organization from these relentless threats. But with countless vendors vying for your attention, how do you choose the right one? In this blog, we’ll simplify the cybersecurity vendor selection process so you can make a wise decision. Read on for key considerations and red flags to watch for in a cybersecurity vendor.

Vendor certifications and experience

Choosing your next cybersecurity partner requires careful due diligence and research. It can seem overwhelming at first. But a good place to start is by reviewing vendor certifications and industry experience.

Reliable vendors often hold certifications that show they can be trusted to handle your sensitive data. Here are a few to look for:

• Certified Information Systems Security Professional (CISSP): This certification designates that a vendor can effectively design, install, and manage comprehensive cybersecurity programs.
• Global Information Assurance Certification (GIAC): This designates that a vendor has the necessary practical skills to manage your penetration testing and incident response requirements.
• Certified Information Security Manager (CISM): A CISM certification highlights a vendor’s risk management and governance abilities. 
• ISO/IEC 27001: Lastly, these two credentials indicate that vendors follow international standards when managing information security systems. 

Evaluating vendor certifications is one way to protect your business, but you should also ensure they have experience with your industry’s specific needs. 

Industries like finance and healthcare often have strict industry requirements. A single breach can jeopardize compliance. This makes it especially important to hire a vendor who is experienced in navigating these regulations effectively.

Real-time monitoring and threat detection 

After you determine a vendor’s certifications and experience, drill down on their technical capabilities. Businesses today remain susceptible to various cyberthreats. Vendors who have the following capabilities should be part of your selection process: 

• Penetration testing: Vendors should be able to simulate real-world cyberattacks to proactively discover and mitigate vulnerabilities. 
• Threat intelligence: They must offer real-time monitoring and prevention of emerging threats.
• Comprehensive protection: You will want a vendor who can provide you with strong firewalls, endpoint protection, and encryption to cover all attack surfaces.

Cybersecurity vendors that check these boxes will provide your company with a competitive advantage, not to mention the ability to prevent, detect, and respond to threats as they emerge. 

Employee security awareness training

It’s an unfortunate reality, but not even the best security solutions in the world can prevent all cyberthreats. Attacks often get past a business’s defenses due to human error, making it essential that vendors also offer robust employee security training as a first line of defense. 

When selecting a vendor, take the time to inquire about what types of training they offer, which may include:

• Phishing awareness: Educates employees about how to detect phishing attempts and prevent potential data breaches from occurring.
• Incident response: Teaches staff how to respond during a cyberattack, including how to mitigate damage and restore security. 
• Password management: Instructs employees on the benefits of creating strong, unique passwords. It may also include password management tools for increased security.

By finding a vendor who can train your team and not just implement new technology will ensure you gain a holistic approach to security and limit your overall risk. 

The value of third-party evaluations

Assessing these highly technical and often complex questions about a vendor can be a tall order for many businesses. That’s where third-party vendor evaluations can help. 

Third-party evaluators often have the expertise to provide an informed and unbiased perspective of a vendor’s security capabilities. Here are the top ways third-party assessments can help you test vendor credibility and gain a well-rounded perspective into which company is right for your business: 

• Security audits: Evaluators will often run security audits to review a vendor’s security policies, procedures, and compliance controls, as well as how effectively they provide penetration testing. 
• Security maturity models: On top of that, evaluators may check for C2M2 compliance. C2M2 stands for Cybersecurity Capability Maturity Model, and it helps third parties test vendors against industry-specific benchmarks.
• Incident response: Third-party evaluators will also check a vendor’s incident response plans and gauge their ability to detect, respond to, and recover from cyber incidents.
• Customer support and satisfaction: Lastly, evaluators will examine client retention and satisfaction scores. 

Red flags to watch out for

Considering that the wrong vendor can do lasting harm to your business, there are several red flags that you should take seriously if they come up during your research or in a third-party evaluation. These include: 

• Industry reputation and peer reviews: Poor reviews and testimonials must be taken seriously, as should a vendor’s performance when compared against industry benchmarks. 
• Cost vs. value: Scrutinize a vendor’s up-front costs against long-term value, including the costs for maintenance, on-going service and any future upgrades. If the overall value does not offset the costs, factor that into your final decision. 
• Continuous evaluation: A good vendor should submit themselves to ongoing assessments – including regular security audits, reports, and simulated attacks. If they don’t or if they don’t perform well during these evaluations, they should also inform the selection process. 

Becoming aware of these potential red flags will help you make an informed decision and avoid mistakes that can be costly or detrimental to your business goals down the line. 

Make the right choice for cybersecurity success!

If you’re considering a new cybersecurity vendor, we’d love to help. Our team will guide you through the vendor selection process and give you an honest assessment of which vendor can set you up for long-term success. 

Contact us today to book a 30-minute, no hassle, consultation call.

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