How Cybersecurity Companies Help Protect Your Business

Hermione at Pangea.ai
Octavia Drexler
Published: 28.10.2022

Regardless of what type of business you may run, cybersecurity companies should be on your radar. Cybercrime affects everyone: large enterprises and SMBs alike, across every industry and niche, in every part of the world. Hiring a cybersecurity company is no longer an option, but a must.

Read on to find out why cybersecurity is so important, why you should consider hiring a cybersecurity company, and how to do it the right way.

Cyber Security: More Important Than Ever

Data makes the world go round.

And yet…

According to the Boardroom Cybersecurity Report 2022, cybercrime is predicted to cost the world no less than $7 trillion in 2022.

According to IBM, the average global cost of a data breach is $4.35 million in 2022.

And things have been ramping up since before the COVID-19 pandemic. With more people working remotely, more organizations are likely to fall prey to cybercriminals. It's not the remote work itself to blame, but a generally poor standardization of cybersecurity best practices across businesses.

And if you think your industry is safe, think again: cybercrime affects everyone, from small businesses to healthcare institutions, higher education facilities, government agencies, and, well, everyone else.

In other words, no matter where you are, what your business does, or how large your organization is, cyber-attacks are a risk you need to consider. Otherwise, the consequences can be devastating for your business:

  • Loss of data, which can irreparably damage your business's reputation.
  • Financial loss, through things like ransom payments or theft of customer data that can be sold on the black market.
  • Legal trouble, as more and more data breaches are met with class-action lawsuits.
  • Operational disruption, as cyber-attacks can take your systems offline, preventing you from being able to do business.
  • Loss of credibility and customer trust, as people lose faith in your ability to protect their data.

In short, cybercrime is a very real and present danger for businesses of all shapes and sizes. And it's only going to become more common and more sophisticated as time goes on. That's why it's so important to invest in the services cybersecurity companies offer.

A hand holds a smartphone with a VPN app logo on the screen, with a laptop, out of focus, in the background

What Do Cyber Security Companies Do to Protect Your Business?

Cybersecurity is the practice of protecting electronic information by mitigating information risks and vulnerabilities. Information risks can include unauthorized access, use, disclosure, interception, or destruction of data (which can include but is not limited to, the confidential information of businesses or individual users.)

Vulnerabilities are weaknesses in systems or security procedures that can be exploited by cybercriminals. Cybersecurity companies work to identify and mitigate these risks and vulnerabilities through a variety of means, including:

Security Audits

A security audit is an assessment of an organization's security posture. It identifies vulnerabilities and assesses the likelihood of a successful attack.

Security Consulting

Security consulting is the process of providing advice to organizations on how to improve their security posture. This may include identifying vulnerabilities, recommending mitigation strategies, and helping to implement those strategies.

Security Management

Security management is the process of developing, implementing, and maintaining security policies and procedures. This may include incident response plans, access control measures, and data security practices.

Security Operations

Security operations are the day-to-day tasks associated with managing an organization's security posture. This may include monitoring for threats, responding to incidents, and implementing security controls.

Security Awareness and Training

Security awareness and training is the process of educating employees on security risks and best practices. This may include providing information on specific threats, conducting phishing simulations, and teaching employees how to identify and report suspicious activity.

Different cybersecurity companies may either specialize in a particular niche or they may offer a broader array of services.

Here are some of the types of cybersecurity services you should look into:

Cyber Security Strategy

First, they help you create a comprehensive cybersecurity strategy. This includes things like identifying which systems and data are most at risk, setting up the appropriate controls and defenses, and creating protocols for how to respond in the event of a breach.

Threat Intelligence and Monitoring

Second, they provide you with the tools and information you need to stay on top of the latest threats. This includes things like real-time monitoring of your systems, identifying vulnerabilities, and providing threat intelligence reports.

Incident Response Planning

Third, they help you plan for and respond to incidents when they do occur. This includes data recovery, crisis management, and reputational damage control.

Identity and Access Management

Fourth, they help you secure user identities and manage access to your systems. This includes things like setting up two-factor authentication, creating least privilege policies, and managing password policies.

Penetration Testing

Finally, they help you test your defenses to make sure they're up to the task of stopping a real attack. This includes things like ethical hacking and social engineering simulations.

Cyber Security Insurance

Last, but definitely not least, cyber insurance companies can help cover the costs associated with a cyber attack. This can include things like litigation expenses, data recovery costs, and business interruption losses.

In addition to the aforementioned categories, it is worth mentioning that some cybersecurity companies focus on distinct niches as well. For instance, you might encounter:

  • Network security cybersecurity companies
  • IoT (Internet of Things) security cybersecurity companies
  • Endpoint security companies

Not all cybersecurity companies offer all of these services, so it's important to find one that offers the specific services you need. Furthermore, it is also very important to have at least a small internal team to intermediate between you and your chosen cybersecurity company (or companies, if you choose to buy different services from different organizations.)

Likewise, it is also important to consider working with a cybersecurity consultant as well (e.g. a consultant can help you devise a comprehensive strategy and select the right providers, whereas a managed security service provider will focus on executing the actual tasks.)

Regardless of which company you choose, investing in cybersecurity is essential to protecting your business in the digital age.

A man sits in a darkened room with headphones on, coding on a laptop and a separate screen

How to Hire a Cyber Security Company: A Quick Guide

Hiring a cybersecurity company shouldn't be done ad-hoc. Rather, it should be a strategic decision that's made as part of your larger business plan. Here are a few things to keep in mind when making this decision:

Situational Assessment

First, you need to assess your needs. What types of services do you need? What are your budget constraints? How large is your organization? Do your employees work remotely? Answering these questions will help you narrow down your options.

Research and Reference Checks

Once you have a good idea of what you need, it's time to start researching different companies. Read reviews, check out their website, and see if they offer the services you're looking for. You should also get references from other businesses in your industry. Just like you would run reference checks on hiring a PHP developer (or any other position in your company), you should run reference checks on the company that will handle your cybersecurity too.

Service Level Agreements

Before you make any final decisions, be sure to hammer out the details in a service level agreement (SLA.) This document should outline the services being provided, the price, the duration of the contract, and the responsibilities of both parties.

Constant Communication

Unfortunately, no cybersecurity strategy can work on a "set and forget" basis. The cybersecurity landscape is constantly changing, which means your defenses need to change too. Make sure you establish lines of communication with your chosen company so you can keep each other updated on the latest threats and mitigation techniques.

Hiring Cybersecurity Companies: Conclusion

Hiring a cybersecurity company is a big decision, but it's well worth making. Investing in cybersecurity can protect your business from a wide range of threats. Just be sure to do your research, get references, and sign a service-level agreement before making any final decisions.

FAQs:

Q1. How do businesses use cybersecurity?

Businesses use cybersecurity to protect themselves from online threats like hacking, phishing, and viruses. These threats can come from anywhere in the world, and they can have a devastating impact on businesses of all sizes. By investing in cybersecurity, businesses can protect their data, their finances, their customers, and their reputation.

Q2. What 3 things does cybersecurity protect?

Cybersecurity protects businesses' data and networks from cybersecurity attacks or unauthorized access, both of which can be driven by viruses, malware, phishing scams, and complex hacking schemes. Cybersecurity can also protect businesses from more traditional threats like (data) theft, fraud, and defamation.

Q3. Why do businesses need cybersecurity?

Businesses need cybersecurity because cybercrime is a real, growing danger, affecting companies from all over the world, and with the potential to drive huge losses at a global level (with some studies estimating that the losses due to cybercrime will amount to $7 trillion in 2022.) Aside from financial loss, cybercrime can also affect businesses from other points of view, such as by damaging their reputation or causing them to lose customer trust and confidence.

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