Launching Your Cybersecurity Firm: Strategies for Success in a Growing Industry

With more people turning to the internet for their daily needs, cybercrimes are on the rise. The financial cost of these cybercrimes on businesses is also rising at an alarming rate. Among the many risks that a company faces, a data breach is one of the most costly. According to a 2019 IBM survey, a data breach costs an average of $3.92 million. It’s no surprise, then, that cybersecurity is one of the hottest industries the world over.

The growing use of remote workers necessitates a greater emphasis on cybersecurity due to their increased cyberattack risk. This is evident, for example, in the finding that 47% of people fall for a phishing scam when working from home. Cyber attackers consider the COVID-19 pandemic an opportunity to expand their criminal operations by targeting employees who work from home and capitalizing on people’s intense interest in coronavirus-related news. The average cost of a data breach connected to remote working is now upwards of $137,000.

The Growing Need for Cybersecurity Firms

Because so many organizations are looking to protect their sensitive data and systems from intrusion, hackers have become quite innovative in their attempts at breaking into them. As a result, businesses are turning to experienced cyber security firms for help. This high level of financial exposure is propelling significant demand for cybersecurity services.

Large corporations have the financial resources to hire cybersecurity staff. On the other hand, small and midsized companies are generally unable to pay for full-time cybersecurity specialists. This is where your security skills may help you establish a successful security solutions firm.

Your business will provide customers with cybersecurity expertise on demand, a service that more potential customers are looking for, improving your chances of making it profitable. According to PayScale data, IT consultants with extensive cybersecurity experience charge $150 per hour or more to assist companies in battling cybercrime.

There are several variations in terms of what a cybersecurity firm does. The bottom line is that you must be able to provide what’s needed, such as firewalls, anti-virus software, dark web scanning services, alien vault systems, monitoring log management tools, and so on. In reality, you’ll need every tool you can get your hands on.

If you’re considering establishing a cybersecurity business, now is the time to put your skillset to good use and get a piece of the lucrative market. Here’s how you can lay the groundwork for a successful security practice.

Make a Cybersecurity Business Plan

The first thing to do is research to develop an excellent plan to help you reach your goals. If you lack an in-depth security background, consider hiring one or two security professionals as partners to lead the company.

It would help if you researched the demand for cybersecurity services and statistical data that shows how much companies are spending on cyber protection. You can use this information to define the scope of your cybersecurity business, including whether you should focus on smaller companies, larger enterprises, or both.

Define the Target Market for Your Security Practice

Do some homework to understand which industries are most affected by increasing data breaches. For example, law firms tend to have high rates of cybercrimes because many contain sensitive information about their clients that hackers would love to get their hands on. Your target market will help you develop a list of the security products you’ll be selling.

The most common cybersecurity products sold today include anti-virus software, firewalls for an organization’s network, malware monitoring systems, and cloud security services. In addition, consider exploring any emerging cybersecurity tools that could help further a niche for your practice.

Develop Your Sales Strategy and the Costs of Getting Started

You must have a concrete sales strategy to help you identify potential clients who might want to buy your security solutions. Start by creating detailed customer profiles of companies that would benefit from using the cyber protection services you plan on offering at your company.

You must also figure out how much money you’ll need for legal fees and costs associated with establishing your company’s website before you can begin selling your security products and services. Make sure that everything on your plan is feasible so that you don’t waste time on unimportant things once your business is up and running.

Get the Right Professional Certifications

Gaining the right security certifications is the first step towards getting potential businesses to trust your security practice. The following are some of the most sought-after cybersecurity credentials available:

• Certified Information Systems Security Professional (CISSP) — The CISSP is recognized as a global standard for cybersecurity professionals.
• Offensive Security Certified Expert (OSCE) — This certification teaches offensive strategies and techniques that hackers use to exploit computer systems.
• GIAC Reverse Engineering Malware (GREM) — This security credential focuses on malware analysis and reverse engineering to help businesses protect their network from being hacked by cybercriminals who create malicious programs.
• GIAC Certified Incident Handler (GCIH) — The GCIH credential provides credentials in the security field by teaching individuals how to handle security incidents.
• GIAC Security Leadership Essentials (GSLC) — This certification is for cybersecurity leaders who need to gain leadership skills to manage their team and company’s information security programs.

Carefully Draft Your Contracts

A security practice should include several different contract templates specific to the type of security services you’ll be offering. For instance, if you want to provide onsite service for organizations that need help configuring their network firewall systems, make sure this is clearly stated in your contract.

What’s more, it’s essential to have a privacy policy included in every contract which details how the information will be protected from other cybersecurity companies and cybercriminals. Your clients should agree with your company’s policies before they sign up with you.

Conclusion

As the cybersecurity industry continues to grow, businesses are struggling to cope with all of the threats unleashed on their networks. The time to build a sustainable security practice is now because it delivers significant benefits, including adding a fresh revenue stream and establishing you as a trusted cybersecurity advisor.

A cybersecurity business will need to earn certifications to be trustworthy. It’ll also need to develop a sales strategy and draft contracts to make sure everything is clear between all parties involved before selling security products and solutions. If done correctly, building a successful cyber-security practice will be both rewarding and profitable!