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Statista reports that the global average cost of a data breach was $4.45 million. The cost across several industries reached its peak in 2019 at $5.2 million. With the increasing threats of cyberattacks, SoC as a Service (SOCaaS) has become increasingly important. After all, it ensures your business remains profitable, maintains compliance, and sustains operations.
Achieving a high level of security maturity through an in-house team is time-consuming and very expensive. For this reason, more and more businesses have embraced SOC as a Service. A MarketsandMarkets survey revealed that the global SOCaaS market is projected to grow from $6.7 billion in 2023 to $11.4 billion in 2028.
The massive rise in the popularity of SOC as a Service is no coincidence. To further understand this, we will cover everything you need to know about this ingenious solution. Our goal is to help you decide if this innovative outsourcing model is right for you.
SOCaaS (also known as managed SOC (Security Operations Center)) is a modern cybersecurity solution that protects against online threats. This outsourcing model enables businesses to delegate their security operations to external providers.
SOC as a Service offers a suite of vital services. It encompasses fast incident response, real-time security monitoring, and insightful threat intelligence. Third-party providers identify and neutralize cyber threats using cutting-edge technologies.
Investing in SOCaaS provides many benefits that can enhance your cybersecurity posture. Other key reasons to consider this practical solution include:
Implementing SOCaaS requires well-thought-out steps to ensure a smooth integration. Below are some of the key steps to get your efforts off to a great start:
Determine gaps in coverage, existing vulnerabilities, and other areas for improvement. This assessment is very beneficial for your business as it helps you determine the specific services you need from a provider.
Know what you want to achieve when you work with a provider. Either you want an enhanced incident response, better threat detection, or improved compliance. This clarity can help guide your integration and selection process.
Opt for a provider that aligns with your security objectives and needs. You must consider important factors such as scalability, service offerings, and expertise. Ensure your chosen vendor can deliver the services you need and has a proven track record of success in your niche.
Identify communication protocols, points of contact, and reporting schedules. Transparency is key to coordinated response efforts and prompt threat detection.
Outline the responsibilities and roles of the provider and your internal team. This should cover point persons for certain tasks, which can include compliance reporting, incident response, and vulnerability management. When the roles and duties are clear, there is operational efficiency and accountability.
Ensure smooth integration with your existing security tools or IT infrastructure. This can involve configuring firewalls and endpoint security solutions. You can also include Security Information and Event Management (SIEM) systems.
Create a comprehensive incident response plan that details the steps required during a security incident. It should also cover communication protocols, roles and responsibilities, and recovery procedures. Update and review the plans to reflect best practices. These efforts must be parallel with the evolving security and online threats.
Ensure regular evaluation and monitoring of the service provider’s performance. Check key performance indicators (KPIs) to assess the effectiveness of the chosen provider. They should be effective in detecting and responding to security threats. Also, make sure they are meeting performance metrics and agreed-upon service levels.
Consider your SOCaaS provider as your strategic partner as opposed to just a vendor. Embrace a collaborative relationship. Mutual trust, shared goals, and open communication should be present. Treating the collaboration as a partnership enhances the success of your security efforts.
While the benefits of SOCaaS are hard to miss, it also comes with its own set of challenges. Identifying these challenges and addressing them is vital for service effectiveness. Below are some of the most common challenges and their solutions:
Ensuring the service provider meets performance expectations can be tricky at times. Even delivering high-quality service consistently can be challenging. When choosing a provider, conduct due diligence by checking reviews and references. Ensure you also include SLAs and specific performance metrics in your contract. Also, observe your provider’s performance and inform them of any shortcomings immediately.
For small to medium-sized businesses, managing the SOCaaS costs can be difficult. Define your goals and objectives to avoid paying for services you don’t need. Negotiate a pricing model that aligns with your requirements and budget. To ensure you are getting a good ROI, review the value and effectiveness of the services you are paying for.
Establishing effective communication channels between you and your provider can be difficult. That said, ensure you define clear responsibilities, roles, and communication protocols from the outset. Apply collaboration tools to have smooth and real-time information sharing and communication. Schedule routine meetings to plan improvements, discuss incidents and review performance.
To ensure a successful SOCaaS implementation, here are some best practices to follow:
Selecting a SOCaaS provider is vital for ensuring the resilience of your business. Below are effective steps and criteria to properly assess your shortlisted providers:
Check their history of managing security operations for other businesses. Check for references, client testimonials, and case studies. Opt for providers with extensive experience in your industry. They should be familiar with the unique challenges you face. Knowing how to address them is also imperative.
Assess the range of services the provider offers. It should include important ones like compliance reporting, vulnerability assessments, and incident management. Check if they can provide tailored services that suit your specific requirements.
Assess the provider’s communication process. They must have clear and open lines of communication and provide timely updates. Inquire about the availability of support services. This should include dedicated account managers and 24/7 support.
Successful implementation of SOCaaS requires identifying clear objectives and thorough planning. Once you find the right provider, you can enhance your cybersecurity defenses significantly.
If you are in search of the best provider, look no further. At STAFFVIRTUAL, we offer world-class SOCaaS that is second to none. We leverage expertise, cutting-edge technology, and round-the-clock monitoring to protect your business.
Don’t wait for a security breach to occur. Protect your business with our comprehensive security solutions. Get in touch with us right away and find out how we can enhance your cybersecurity posture. Contact us today and stay resilient against cyber threats!
Sources:
Cost of an Industrial Data Breach Worldwide 2023 | Statista
What is a Security Operations Centre? | Crest
Security Information and Event Management (SIEM) Systems | Internal Revenue Service
Best Practices for Setting Up a Security Operations Centre (SOC) | Government of Canada
When and How to Set up a Security Operations Center | Slideshare
What is a Security Operations Center (SOC)? Meaning, Components, Setup, and Benefits | Spiceworks
2024 Must-Know Cyber Attacks Statistics and Trends | Embroker