Top 7 Mistakes Finance Companies Make when Hiring Cybersecurity Consulting Services

Unfortunately, the risks are only growing with the increased use of AI and the fact that cybercriminals aren’t afraid to use a wide range of tactics—from ransomware to traditional exploitation—in hopes of making a big payday.

Combine these challenges with the need to deliver for customers that expect fast, always-available access and it’s no wonder why cybersecurity teams can quickly become overwhelmed. 

In response, many finance companies turn to cybersecurity consulting services for extra support, but not every company providing these services is created equal.

This article highlights the most common mistakes financial companies make when choosing a cybersecurity consulting service partner and how your team can avoid them.

Unlike traditional security solutions that rely solely on rules-based systems or signature detection, cutting-edge threat detection tools leverage advanced technologies such as artificial intelligence (AI) and machine learning (ML) to amplify their network protection capabilities.

Taught from historical trends, "normal" network behavior, and known actor tactics, techniques, and procedures (TTPs), AI and ML engines allow these tools to analyze vast amounts of data in real time—from network traffic and user behavior to system logs.

By doing so, they can:

• Reocgnize patterns and establish baselines for faster triage by security teams.
• Identify anomalies that may indicate potential threats.
• Enable faster and more accurate detection and mitigate of risks.

Ultimately, these tools empower security teams to shift their focus away from manual alert investigation and ongoing monitoring toward more strategic initiatives.

Financial institutions increasingly rely on cybersecurity consulting services to address critical security challenges, ranging from a lack of manpower to surge support in the wake of an incident or for a one-time initiative. 

Other common reasons include:

• Rising Cyber Threats: The financial sector is a prime target for cybercriminals due to the amount of sensitive data it handles. The consulting services companies bring in additional tools and staff to help mitigate the risk from ransomware, phishing, and data breaches.
• Alignment with Regulations: Finance companies must comply with strict industry-specific regulations such as PCI DSS, GDPR, and SOX, making compliance expertise that outside cybersecurity consulting services companies bring essential.
• Access to Specialized Expertise: Finance companies frequently turn to cybersecurity consulting services to provide additional expertise and manpower to prevent, mitigate, and respond to cyber threats or support new security initiatives. This can be cheaper than finding and hiring staff internally.
• Scalability & Cost-Effectiveness: Maintaining a large internal cybersecurity team can be costly and difficult to scale. Consulting services provide a flexible and cost-effective alternative that is easier to adjust to meet operational needs.

There is no shortage of cybersecurity consulting services companies out there looking to win your business.

Here are 7 common mistakes finance companies make when hunting for consulting services support so you can find the best of the pack to support your work:

The financial industry has unique security requirements, systems, and regulatory obligations. 

Hiring a generalist consultant without deep financial sector experience can lead to gaps in security and compliance or even long ramp-up time, slowing progress. Finance companies should prioritize specialists who understand the nuances of their industry, their systems, and their business drivers so they can implement best practices tailored to the industry.

A consultant's past performance is a strong indicator of future success. 

That’s why financial companies should make sure they make time to validate the consultant’s resume, request recent case studies, and collect feedback from previous clients and industry peers. Failing to have success stories to share from previous engagement should in itself be a warning sign.

Without this due diligence, finance companies risk hiring a firm that lacks the necessary experience to effectively secure their operations or deliver on their objectives.

Financial institutions must adhere to strict regulatory frameworks like PCI DSS, GDPR, and SOX. Consultants should have real-world experience and deep in-house experts able to navigate these rules and ensure compliance with these regulations. 

Failure to prioritize compliance expertise can lead to regulatory violations, penalties, and reputational damage.

While cost is always a consideration, selecting a cybersecurity consulting service solely based on price can lead to more costs down the road.

Cheaper options may lack the necessary expertise, staffing, or access to industry partners, which can ultimately result in higher costs due to delays or compliance failures. 

To help, finance companies should identify key performance indicators (KPIs) and ensure payment is tied to well-defined security outcomes.

When hiring external cybersecurity consultants, finance companies should also inquire about the potential partner’s security policies and incident response capabilities. 

A poor security posture or lack of preparedness on the part of the consulting services partner can introduce additional risk once they gain access to sensitive systems or learn internal policies. 

Therefore, companies should ensure that their consulting partners have proven methodologies for detecting, mitigating, and recovering from their own cyber incidents.

Cybersecurity is a constantly evolving field, and threats change rapidly. 

That’s why another key selection factor should be identifying a partner that prioritizes ongoing learning, development, and training of their own staff. 

Without continuous updates, the consulting firms risk sharing outdated security measures, which will leave them and their customers vulnerable to emerging threats

Unclear goals can lead to misalignment on outcomes, performance, and overall effectiveness. 

Similar to Tip #4, finance companies must establish measurable cybersecurity objectives upfront that define what success looks like. The consulting firm can then determine if they will be able to meet those needs and provide the expertise to align their staff with internal teams. 

Without these clear expectations, financial companies and consulting teams can get bogged down with misunderstanding of expectations, acceptance criteria, oversight, and accountability.

Hiring a cybersecurity consulting services firm is a big decision for finance companies, especially given the increasing sophistication of cyber threats and stringent regulatory requirements in which they operate. 

That’s why finding a partner like Cipher, who is able to demonstrate their ability to deliver for their financial industry customers, enhance security with comprehensive support, and ensure compliance with industry standards, can make all the difference.

Want to learn more about why Cipher is the best choice for you to make when considering cybersecurity consulting services for your financial services company?

Speak to a Cipher Expert