What To Look For In A Cyber Risk Management Firm

Cybersecurity risk management is a top priority for businesses in nearly every industry. According to a Global Application and Network Security Report, businesses recovering from a severe cyber attack face an average loss of more than $1 million. Although most organizations are aware of the cyber threats they face, few have implemented the proper measures to protect against these risks.

Working with a reputable cyber risk management firm is one of the best ways to protect a business from cyber events that could potentially impact the business’s finances and reputation.

How To Choose The Right Cyber Risk Management Firm

Every company requires a robust cybersecurity strategy that considers all possible risks that the organization faces while performing normal business operations. A cyber risk management firm brings deep knowledge, experience and resources in a very complex area that needs oversight at the executive level. Cyber risk management services aim to mitigate current and emerging risks to protect businesses against severe cyber threats.
When selecting a management firm, there are several things to keep in mind.

Ensure They Understand Your Industry And Your Company’s Cybersecurity Needs

No two businesses are exactly the same, so each organization must assess their cybersecurity processes and determine where they are lacking. When looking for a risk management firm, ensure that the company chosen understands the business’s unique cybersecurity needs and knows how to approach industry requirements and compliance.

Evaluate Their Independence

Another aspect to consider when looking for a cyber security firm is their level of independence. A firm that is independent won’t sell any products or represent third-party vendors. When working with an independent firm, companies benefit from receiving unbiased advice and guidance that isn’t financially motivated. This is a key differentiator.

Ensure They Can Assist With Implementation Of The Plan

Cyber risk management services can significantly vary from firm to firm. Some cyber security firms focus solely on guiding how to best protect the business from data breaches and other cyber security events. Other firms are more hands-on and provide CISO leadership to help businesses put this advice into action by implementing strategic plans. When choosing a management firm, choose the firm that can help develop, roll out and monitor a cyber risk management program.

See How They Can Train Your Employees On Cyber Risk Management

Employees often act as the first line of defense against malicious online hackers. Ongoing cybersecurity training is key to keeping employees updated on the latest cybersecurity trends and changes, using a variety of learning methods. A great cyber security will implement employee training to educate staff on how to avoid cybersecurity threats.

Compare The Firm With Other Cyber Risk Management Options

One of the best ways to determine if the right choice is being made when choosing a cyber risk management firm is to compare the firm with other cyber risk management options. Instead of hiring a third-party to manage their cyber risks, some companies try to save money by doing it themselves. However, this often results in security gaps that put the business at risk for financial and reputational losses. Hiring an experienced management firm ensures that objectives are met without interfering with business operations.

Get Started With Cyber Risk Management Today

Hartman Executive Advisors is an IT advisory firm that has worked with countless businesses and nonprofit organizations to align technology with critical business goals. To learn more about cyber risk management and CISO leadership services or to speak with a business and IT strategy consultant, contact Hartman today.