What is the cost of keeping your businesses’ data secure? Could online negotiations unlock hidden savings in your company’s outgoings?

Keeping your business safe from cybercrime has never been a more necessary, yet costly expense. Over the last 13 years, the cybersecurity market has grown roughly 35X and by 2022, it is predicted to be worth a staggering $170.4 billion according to Gartner.

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Despite the growing costs of preventing cyber-attacks, the fines associated with repairing the damage are far greater.

Just this month, Hong Kong airline, Cathay Pacific, was issued a maximum of £500,000 fine by the Information Commissioners Office (ICO), after hackers were able to access the personal details of 9.4 million global customers. The UK’s introduction of GDPR saw British Airways leveled with the world’s largest security fine last year, of £183m.

The business of avoiding fines and keeping data secure has created a hugely profitable opportunity for those in the know. But like with any purchase, are their savings to be made when investing in cybersecurity?

Here are top 5 tips for negotiating on cybersecurity purchases, by Nic Martin, CTO of UK based Tech company Market Dojo:

Know what you want

Before considering quotes, buyers should issue detailed questionnaires, to filter the supplier pool. This process will ensure you are only dealing with suppliers who can meet your requirements and avoid any red herring pricing. Questionnaires can be sent directly through an eSourcing platform, which will also save time when it comes to comparing quotes through structured and detailed comparisons. The more detail you can add to your questionnaire the better.

Be fruitful with your invites

Cybersecurity is a truly global marketplace. Don’t limit yourself to local or even national providers. If someone possesses the equipment, the desired experience and can pass your questionnaire, they are worth considering. Identifying a solo professional or a smaller organization could mean they are more flexible with their pricing.

Set accurate deadlines throughout the process

Give enough time for your suppliers to complete your questionnaire and submit their quotes. However, it is worth considering that many will leave it until the last 24 hours before replying. Using a centralized platform will keep all communication in one place, so you don’t miss any emails or quotes submitted through PDF attachments.

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Centralize your communication

Negotiating with suppliers across different time zones can be challenging. Ideally, you want to manage all your suppliers in one centralized platform that records everything for you. You could even use a reverse auction to improve competitiveness, allowing suppliers the clarity of seeing where they compare in pricing, at any given time.

Don’t stop saving

eAuctions and other online negotiation processes, such as a multi-stage RFQ, have proven to be incredibly flexible in the categories they can generate savings in. From audits and compliance legislations to the purchasing of new hardware, software or virus protection, have you considered where else you could be saving in your cybersecurity spends?

Ensuring you are updated with these, could go a long way in saving on cybersecurity surprises.