In the rapidly evolving landscape of cyber threats, financial services, banking, and insurance organizations (FSI) are under constant pressure to protect sensitive data and comply with strict information security regulations set by governments. Investing in cybersecurity solutions, particularly in endpoint protection, data encryption, and safeguarding sensitive information, is essential to mitigate the increasingly sophisticated risks associated with cyberattacks.

 

However, the decision-making process for investing in these solutions is not solely dependent on technology; it also involves several other factors. Below are the key aspects that influence this process:

 

 

1. Reputation and Credibility of the Vendor

The reputation and position of the cybersecurity solution provider play a crucial role in the purchasing decision for FSI organizations, as indicated by being the top-ranked consideration in the Dentsu Superpowers Index 2024 report. Specifically, vendors with solid experience and a proven track record in implementing reliable security solutions are often prioritized. This is not only due to their demonstrated deployment capabilities but also because they understand the unique requirements of each sector, especially in finance, banking, and even government agencies.

 

Furthermore, vendors with multiple international certifications from reputable organizations like CREST or ISO have a significant competitive advantage, as these certifications clearly demonstrate that they meet the highest safety standards in the industry.

 

2. Reputation and Effectiveness of Cybersecurity Solutions

For FSI organizations, selecting a reliable cybersecurity solution or product is considered as important as the reputation of the vendor. Factors such as the ability to prevent threats, early detection of attacks, response speed, and threat resolution must be thoroughly evaluated. The solutions and products must demonstrate effectiveness in stopping complex attacks that target the financial sector, such as zero-day attacks, ransomware, or DDoS.

 

For instance, one of the key considerations for financial institutions is the ability to quickly respond to attacks targeting large volumes of data stored on endpoints. Solutions like CrowdStrike's Endpoint Protection Platforms (EPP) can detect threats in real-time, provide detailed reports of suspicious activities, and automatically neutralize these threats to ensure service continuity.

 

(Ranking of Factors Influencing B2B Purchasing Decisions. Source: Dentsu)

 

3. Meeting Specific Business Needs

As outlined in the Dentsu Superpowers Index 2024, organizations, particularly in sectors like finance and banking, seek personalized solutions that address their specific challenges and regulatory requirements, rather than relying solely on off-the-shelf products. FSI organizations face unique threats, such as risks related to regulatory compliance (GDPR, PCI DSS) and strict requirements for customer data security. Therefore, B2B buyers in these sectors expect vendors to understand these challenges and provide tailored features such as real-time monitoring of financial transactions, internal threat detection, and regulatory compliance solutions.

 

(Percentage of businesses expecting solution providers to offer more than just off-the-shelf products. Source: Dentsu)

 

In addition, there are other equally important factors that directly influence business investment decisions:

 

 

4. Diverse Solution Options

When investing in cybersecurity solutions, having various options helps organizations make flexible decisions that best suit their specific needs. Solution providers must be able to offer a wide range of products, from firewalls and intrusion detection systems to endpoint protection tools and SOC services, to match different sizes and requirements of organizations at various stages.

 

For example, Radware offers solutions like WAF or DDoS Protection that help protect the web applications of organizations, ensuring the system runs smoothly and preventing hackers from overloading it, which could disrupt internal management systems and customer communication.

 

5. Comprehensive Expert Support

Another important factor in the decision-making process is the level of expert support from the vendor. Organizations need partners who can provide not only technical support but also strategic security guidance, particularly when dealing with complex cyberattacks.

 

VNCS understands this need, and has trained and developed a team of experts ready to assist customers in deploying and operating systems, ensuring the safety of information security systems 24/7.

 

6. Cost and Return on Investment (ROI)

The cost and ROI are crucial factors affecting the decision to invest in cybersecurity solutions. Organizations need to assess the cost of implementing and maintaining security systems compared to the benefits they bring in mitigating security risks and protecting critical data.

 

For instance, an optimized security solution like BeyondTrust PAM, Splunk, or VNCS SOC that can prevent a major attack, such as ransomware, could save the organization from incurring massive financial recovery costs and avoiding disruptions that could lead to losses in the tens of billions.

 

7. Regulatory Compliance

Regulatory compliance is an indispensable factor when organizations and businesses evaluate cybersecurity solutions. Regulations such as GDPR, PCI DSS, or Basel III set stringent standards for data protection and information security. Complying with these requirements helps businesses avoid heavy fines while building trust with customers, partners, and regulatory bodies.

 

Cybersecurity solutions must ensure that the organization can meet information security requirements, from data encryption to detailed reporting on security incidents. The vendor should also support the business in creating compliance reports and provide tools to quickly monitor and detect regulatory violations. Therefore, the vendor's ability to ensure compliance is often a decisive factor in choosing the right cybersecurity solution.

 

About VNCS

Established on November 9, 2011, Vietnam Cyber Security Technology JSC (VNCS) aims for sustainable growth under the D-S-D model (Distribution – Service – Development), with a highly skilled information security team, enthusiastic young leadership, and a firm position as a leader in the security and information protection market in Vietnam.

 

With the aspiration to "Reach the world," VNCS has gradually ventured into the international arena, starting with the establishment of VNCS Global in 2020, in collaboration with Japanese cybersecurity company Terilogy. VNCS Global is the first cybersecurity company in Vietnam to attract foreign investment, notably from Japan, known for its thoroughness and caution in seeking investment and joint venture partners. This investment deal was valued at tens of millions of USD by one of the world's leading Big 4 auditing firms.

 

VNCS has the capabilities to meet all critical requirements for selecting cybersecurity solutions for financial institutions. With extensive experience in implementing comprehensive security solutions, VNCS offers not only trusted products certified by international organizations like ISO and CREST but also provides deep support, ensuring full regulatory compliance.

 

VNCS understands the challenges faced by FSI businesses, from meeting strict regulatory compliance to providing customized security solutions tailored to specific needs. With a team of experienced experts and comprehensive services like SOC and real-time monitoring, VNCS is ready to accompany businesses in protecting data, optimizing operations, and meeting strict regulatory requirements.

 

 

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