10 tips when choosing a Cyber Security partner

CYBER SECURITY FOR THE FINANCIAL SERVICES SECTOR

10 tips when choosing a Cyber Security partner for Financial Services2021-04-07T14:46:59+00:00

Gartner warns that the risk landscape and external influences regarding Cyber Security are changing with COVID-19. This is significantly affecting security plans and is particularly relevant to those organisations in the Financial Services sector amongst others.

Security teams who were already challenged to keep up with the changing Cyber Security risks in the finance sector, compliance requirements, GDPR and IT landscapes are being stretched even further. Increased remote working and ability of cyber criminals to take advantage of data being used for more business purposes, in more places by more partners has resulted in organisations looking to outsource their cyber security consulting services or to for a specialist cyber security company to help manage their Cyber Security frameworks.

Finding an experienced Cyber Security Consultancy company to give your organisation peace of mind that data is safe is one objective – the other is to find a partner who continues to lead your business through future Cyber Security minefields.

Here are ten useful tips to consider when selecting the right Cyber Security Consultant for your organisation:

1. Do they understand the real value of Cyber Security?

Your Cyber Security consultant is there to advise and set the direction for your organisation’s Cyber Security journey – their focus cannot just be about selling a product. Analysing their work experience with historical and potential future attack trends will be invaluable because a secure status needs to constantly be revised to stay relevant.

2. Are they proficient in Cyber Security Governance?

A Cyber Security consultant must be able to adequately manage, guide and communicate with your organisation during the process of managing your risk. This will include proactive planning, responding, recovering and reporting security incidents to provide oversight on the risk landscape within the business.

3. Do they have expertise in Cyber Security Compliance?

Compliance standards and frameworks underpin the complexity of data security regulations in the financial services sector.  Your potential Cyber Security consultant must understand and advocate for the constantly evolving legislative and regulatory environment, so that your financial services organisation remains compliant.

4. Are they a Managed Security Service Provider MSSP?

If your organisation does not have its own expert IT security team, then consider appointing a Cyber Security Consulting company such as Infinity Group to take over the responsibilities. There are a number of variants on offer that would suit your business and your monitoring and management requirement.

5. Do they have experience of working with Financial Services organisations?

Your cyber security partner will have clients across a variety of industries but they should have experience and case studies in the financial services sector. They must be able to evidence their understanding of your industry specific issues and proven expertise when it comes to  delivering an array of cyber security consulting services.

6. Do they have an advanced level of technical expertise

The hardware, software and cloud-based solutions that form the pillars that support for your Cyber Security journey will have been mastered by your partner of choice while they have been implemented in their client base.

7. What level of supply chain risk do they have?

The challenge of managing Cyber-risk is extenuated in the supply chain with your organisation managing their vendor and supplier engagements. Your Cyber Security partner will guide you with their understanding of how specific third-party risks increase your organisation’s susceptibility.

8. How do they support Cyber Security adoption and adaption?

To create your Cyber Security culture via awareness programs, training, and implementation of cyber-projects, your partner must help you get your organisation on board – to adopt Cyber Security as part of their daily lives. Adapting to changing security requirements and threat mitigation will also need your Cyber Security partner’s support with your workforce, they’ll also have proficient knowledge of the top Cyber Security Frameworks.

9. Do they provide Scalable solutions?

Your partner must be able to offer your organisation a Cyber Security solution that scales to your unique needs and is based on a robust framework. A Cyber Security assessment will indicate your starting point status and your partner will then use your existing controls to clear up confusion about how your journey must progress.

10. Are they a full service partner?

A Cyber Security partner should be a guide, an educator and a full 360° support advocate during your organisation’s Cyber-journey. The right partner will add value to your business – whether that may be in productivity, profit, improving your bottom line or helping you gain and maintain compliance.

Infinity Group are a leading Cyber Security Provider in London with clients in Finance, Retail, Care and Professional Services. We provide strategic and vetted advice across a wide range of Cyber Security solutions ranging from GDPR Consultancy, to designing a IT Security Strategy, Backup solutions and Outsourced IT Support. You may also wish to view related blogs, on the top Cyber Security Frameworks and the Cyber Security Risks in the Financial Services Sector.

References:

https://www.gartner.com/en/doc/729015-2021-planning-guide-for-security-and-risk-management

https://www.greengeeks.com/blog/top-11-ways-poor-cyber-security-can-harm-you/

https://www.ekransystem.com/en/blog/best-cyber-security-practices

https://associationsnow.com/2020/12/the-hidden-costs-of-poor-cybersecurity-practices/

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