Cybercriminals are continuing to seek new methods to exploit organizations as technology evolves and grows more sophisticated. A cyber attack may cause catastrophic and irreparable damage in a number of ways, namely financial damage, reputational loss, and legal implications. It is imperative for organizations to put effective strategies in place in order to minimize risks.
As digitization has accelerated, so have cybersecurity requirements, exposing businesses to the risks of data loss, manipulation and theft. Medium to large-scale businesses, in particular, with complex organizational structures and more intricate IT infrastructures, are more vulnerable to exploitation. Due to the increasing dangers, medium to large-scale enterprises face difficulties in sourcing security solutions that are affordable yet effective to their cybersecurity requirements and business needs.
With greater budgets and resources than their smaller counterparts, medium to large-scale organizations should be capable of preventing more sophisticated attacks. On average, organizations allocated 12.7% of their total IT budget to IT security in 2022. However, just having budgets allocated is not enough to strengthen cybersecurity protection. Organizations must be able to utilize the budget to procure and implement a set of cybersecurity solutions that are tailored to their specific needs.
To ensure an effective budget utilization and the right procurement, businesses must have a thorough understanding of their cybersecurity needs, resources, potential threats and their overall security posture. It is not always possible to provide resources and expertise from in-house to cover all contingencies. As a result, organizations seek external support from experts to identify the right cybersecurity solution that meets their requirements in line with any budget restrictions.
Re-evaluating cybersecurity needs in 2023
Faced with new socioeconomic concerns, such as persistent economic uncertainty and the Russia-Ukraine conflict, the implications on the cyber environment have been unprecedented. Indeed, cybercrime activity frequently outpaces enterprise security efforts, necessitating ongoing adaptation by teams to an ever-changing threat landscape.
A cybersecurity strategy or a solution that was appropriate for a business the year before may not be equally effective in the present due to the evolving threat landscape. Businesses need to re-evaluate their cybersecurity needs based on the environment they operate in. There is no denying that this assessment of cybersecurity needs of medium to large organizations requires top-tier expertise in the field. Therefore, seeking external support to boost effectiveness can help organizations identify crucial gaps and vulnerabilities with appropriate recommendations.
Nehal Thakore is Country Head of UKI at Bosch CyberCompare.
Outsourcing cybersecurity procurement to identify right solution
The cybersecurity market is a highly fragmented and rapidly evolving one with customers facing a multitude of challenges when trying to identify the right service or product. Medium to large scale organizations should take external help by outsourcing their procurement of IT security solutions. This provides them with a high level of expertise in the area which may not be available in-house and also allows them to procure affordable yet tailored cybersecurity solutions. This is vital in today’s economic environment when organizations are looking to minimize their expenditures.
Business success today is mainly defined by how organizations use new technological breakthroughs. Enterprises rely extensively on digital technology to sustain, adapt and enhance their operations. However, digital assets are more vulnerable to compromises and errors. Outsourcing cybersecurity services assists in securing an organization by delivering cutting-edge security solutions as well as the expertise of highly qualified individuals. The question remains how can businesses identify the right partner to outsource cybersecurity procurement? Organizations must look for third party firms that are independent in nature and assure a bias-free comparison.
The role of independent comparison in navigating appropriate vendor
The cybersecurity environment might seem overwhelming. When it comes to selecting a cybersecurity partner, numerous solutions may appear comparable, have excellent track records and offer varied levels of value. To select the best cybersecurity solutions provider for the business, enterprises first need to evaluate how best the solution meets their needs, and specific security requirements. Not all the solutions are a fit for each organisation, so an independent comparison of cybersecurity vendors and solutions is necessary to prioritise effectiveness over bias.
When an outbreak or targeted attack occurs, the organization's reputation becomes compromised, regardless of the solutions provider chosen. For an impartial ranking of the top effective cybersecurity providers, organizations should look to independent testing. The right procurement service providers compare cybersecurity solutions for organizations through an anonymized tendering process which allows them to stay bias-free and independent and identify the right set of solutions.
Looking ahead
Cybersecurity has become an integral part of the businesses today. Especially for the medium to large scale businesses who possess huge amounts of sensitive data, it is necessary that they have appropriate cybersecurity solutions, strategy and best practices in place. The comparison while partnering with a cybersecurity solution provider must not just be led by their company name, relationship or pricing - rather it must be product driven and should ensure the effectiveness for the business. Therefore, organizations must outsource their cybersecurity procurement wisely.
