Present competitors' quotes as alternative options to leverage better pricing or terms from Sophos. Highlight the differences in pricing and functionality if Sophos wants to keep your business.
Negotiate to remove any auto-renewal clauses in the contract. Emphasize that your finance team requires this change to proceed with renewal, which will give you the necessary leverage in future negotiations.
Challenge any proposed uplift in renewal by stating that your finance team does not approve such increases. Make a case for capping uplifts based on contract history and current budget constraints.
Offer to provide a reference or participate in a case study as a value-add to Sophos. In exchange, request a discount on your current renewals or new purchases reflecting this commitment.
If any additional security features are proposed that increase costs, point out that similar competitors provide certain features at no extra cost. If necessary, state that budget approvals are difficult under current financial conditions.