According to estimates, the cyber security services market in India is expected to grow from USD 1.97 billion in 2019 to USD 3.05 billion by 2022, at a compounded annual growth rate (CAGR) of 15.6%—almost one and a half times the global rate. The United Nations expects the total cost of all cybercrime damages in 2021 to amount to about $6 trillion worldwide. This makes more sense when read in the context of data that suggests a 600% increase in malicious emails during the pandemic (source: the United Nations).
The cyber security market plays a crucial role in enhancing India’s stature as a leading investment hub. Cyber security breaches are happening across organizations at an alarming pace. Government initiatives like the Digital India program make the role of cyber security more pronounced.
AN IBM research, Cost of Data Breach Report, 2020 says, ‘’it takes 280 days to find and contain the average cyberattack, while the average attack costs $3.86 million.’’ This is where the role of a cyber security services provider comes in. They can help address the concerns of businesses regarding information security comprehensively. Here are a few points to note while choosing a provider:
A provider needs to learn your IT environment to properly shield it. Hence choose the provider who strives hard to understand your business needs and goals. Prepare a comprehensive “needs” report which outlines the company’s requirements. Once the fundamentals are established, you can evaluate each vendor’s strength and choose the one that aligns with the organization’s requirements.
There are many companies that provide cyber security consulting services. Before outsourcing the cyber security to a third party always get feedback from existing customers about the provider’s service and reliability. Since the relationship with the service provider would be a long-term one, ensure you choose one that will continue to grow financially.
Do a comparison of pricing plans before you narrow down to one provider. Know the charges for every service and choose a provider who is willing to be flexible in providing a solution.
Know-how of privacy laws
Your provider must have the tool and technical know-how to assist you to comply with all privacy and security laws aside from helping you protect the business data. The cyber security consulting services provider must know what laws apply to each business and the provider also should explain the laws to the clients.
Customer service is a significant aspect of partnership with a provider. A service provider needs to be responsive and ready to respond to inquiries related to threats or related issues. Training the clients on how to detect a threat or on how to react when a threat is detected is also equally important and hence it is wise to select a cyber security consulting service provider who provides effective customer service, if not go for a third party that trains.
According to a Statista survey, it was estimated that in 2017, consumers in India collectively lost over 18 billion U.S. dollars due to cybercrimes. With the number of cybercrimes swelling, there is a bigger urge among businesses to tighten the security.
Finding the right service provider can be difficult but it can go a long way in saving costs, enhancing staff function, and accelerating the progress of your business. Apart from keeping in mind your business requirements and budget while choosing a provider, ensure that it gives a prompt response when you have a query.
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