How to Demystify a Crowded Tech Marketplace
Security solutions aren’t one-size-fits-all and evaluating the options can be a challenge. Here’s where to begin.By: Secureworks
In today’s connected world, trust is one of your business’ most valuable assets and when you lose customer trust, it can be costly. Data compromises dominate the news, and while many organizations understand the importance of data protection, creating a secure environment can be daunting, especially for growing businesses with limited resources.
Businesses seeking information for security products and new technologies are often overwhelmed by the volume of messages bombarding them from an ever-changing marketplace. From the explosion of cloud providers to endpoint security products, it is a very confusing marketplace for organizations trying to evaluate the options and determine what best suits their needs. One of the biggest drivers of market confusion is the sheer amount of new start-ups in the space. With so many new players, it can be difficult to differentiate one product from another; and though it’s tempting to invest in the hottest new product, securing your business isn’t something that can be solved with an impulse buy.
When the Next Best Thing Becomes Yesterday’s News
Cybercrime continues to evolve, and to combat the threats, the marketplace has become flooded with new technologies, new products, and new companies. While more options isn’t necessarily a bad thing, an oversaturated marketplace can often result in more than just confusion – businesses need protections in place, and the urgency to choose often leads to an inefficient use of resources that may or may not protect assets effectively.
If you’ve recently walked the floor of an industry trade showroom, you’ve seen a lot of different companies, touting similar promises – if you’ve walked the showroom a couple of years back-to-back, you might have noticed that some of the rising startups haven’t returned. The marketplace is constantly shifting due to mergers, acquisitions, and insolvencies. Evaluating the long-term viability of a new company or product is only the first step businesses must take when conducting vendor due diligence reviews.
Vendor Evaluation Checklist
If you’re considering new technologies or products to support your security program, a thorough vendor evaluation should be top priority. Though different messages may sound like they do the same thing, it is likely there are key differences that will impact your ability to protect your data and your customers. The latest may be the greatest, but without diving into the details, you could be investing in style over substance.
- Is the vendor financially viable? What is its market share? Will it be around in the next 36 months?
- What do the analysts say? What is the vendor’s reputation amongst industry experts?
- What are the hidden costs? A product may have a nominal fee but how much TLC does it need over time?
- How does the solution work with other technology? Can it easily talk to a third-party SIEM? Can it be integrated to work seamlessly with your existing systems?
Don’t Let Panic Pressure You into a Poor Decision
When you aren’t sure what you need and are inundated with options, it can be nearly impossible to make heads or tails of what products you should be deploying. Figuring out the right investment that is going to be viable, effective and compatible with your business can take time initially but ultimately saves you from headaches down the road. One of the reasons we have always been vendor agnostic is because the products change, the organizational structures change, and the threats change – but we don’t care what technology you use. That flexibility is part of what allows us to help you make sense of it.
Bottom line – push your prospective vendors (including us) to answer the hard questions. Before you rush into a decision, make sure it isn’t based on fear. Slow down and watch the market evolve. It might seem counterintuitive, but if you take your time, you’ll be able to more efficiently use your resources to better protect your customers and your business.