Key Considerations When Purchasing Cybersecurity: Time & Money

Making the right decisions in cybersecurity is critical to business today. If you make cybersecurity decisions for your company, it can be challenging to evaluate whether a solution meets your needs. Based on conversations with our clients, they look at three factors when making an investment in cybersecurity: Time, Money & Risk.

This post will focus on helping companies build a framework, around time & money, when purchasing cybersecurity and will help you become better buyers by: (a) understanding what option(s) works best for your company size and maturity; and (b) learning how to quantify time & money – asking better questions. 

All companies should look at four options when building out a cyber practice and explore the right fit for them:

1. In-house option: purchase prevention technologies, hire people & build processes;
Best suited for: Large Enterprise (5,000+ employees);

2. MSS option: purchase prevention technologies and have security companies manage this tech with their people and processes;
Best suited for: Medium & Large Enterprise (1,500+ employees);

3. MDR option – purchase a platform from a security company with its own technology stack and have people and processes to manage it. Provides a holistic perspective to security;
Best suited for: SMBs (<250 employees with critical systems) and SMEs (250-2500);

4. “Do Nothing” – keep their current set-up, as is;
Best suited for: companies that have not evaluated/correctly evaluated the risks they face from cybersecurity threats and vulnerabilities;

The “Do Nothing” option is a choice that companies make everyday. This happens because companies are okay with the status quo, they feel “secure enough” with their Firewall and AV or they do not think they are a target. No matter what size your company is, Hackers will hit you with network attacks, malware, and/or exfiltration – from large enterprises to (Read more...)

*** This is a Security Bloggers Network syndicated blog from IntelliGO MDR Blog authored by Daniel West. Read the original post at: https://www.intelligonetworks.com/blog/key-considerations-time-and-money