November 7, 2024
What Are the Business Benefits of Outsourcing SoC as a Service?
Marsy Narce
Marsy is a content writer for STAFFVIRTUAL. She’s been a dedicated SEO content writer since 2012, ...
Are you confident about your ability to handle the rising tide of cyber threats? With cyber attacks occurring every 39 seconds, the pressure to safeguard your networks and data has never been greater. Yet, many businesses struggle to maintain the resources required for incident response and 24/7 monitoring. This is where SoC as a Service can come in handy.
When you outsource your security operations, you can tap into top-tier cybersecurity expertise, reduce cost, and focus on your core functions. If this is an option you are considering, you have come to the right place. In this article, we will examine closely the remarkable benefits outsourcing SoC services offer so you can decide if this option is right for you.
Reducing Operational Costs and Maximizing Resources
Outsourcing SoC services can reduce operational costs significantly. Here’s how:
Eliminating High Upfront Costs
An in-house SoC requires significant investment in personnel, infrastructure, and technology. Additionally, you also have to secure physical space, lease (or purchase) software and hardware tools, and create a strong operational framework.
The cost of building an SoC can vary, depending on your desired SoC end state and your current maturity. According to a Ponemon Institute study, organizations spend an average of $2.86 million on their in-house SoC annually. The total cost covers training, technology, facilities, and staff salaries.
Outsourcing spares you from paying exorbitant upfront costs. Instead, you only need to pay a fixed subscription fee to the Managed Security Services Provider (MSSP). Clearly, the amount you will pay is significantly lower than the cost of building your own in-house team.
Reducing Staffing Cost
Hiring and retaining skilled professionals is considered one of the most pressing challenges of establishing strong cybersecurity measures. Over the years, the demand for cybersecurity specialists has surged considerably. This is fueled by the sophistication and escalating frequency of cyber threats.
A Cybersecurity Workforce study revealed that skill gaps and staffing shortages are consistent challenges in the cybersecurity landscape. This talent shortage has resulted in high demands and higher-than-average salaries. For instance, a cybersecurity specialist has an average annual salary of $92,000.
To mitigate staffing challenges, consider outsourcing SoC services. This smart solution gives you access to experience and specialized knowledge without the costs associated with hiring full-time employees. You also get to leverage expertise without paying for recruitment and retention.
Improving Operational Efficiency
Managing your operation in-house can divert attention and resources away from your core business activities. A holistic cybersecurity program requires threat analysis, incident response, and constant monitoring – all these demand significant time, effort, and resources.
When you delegate SoC services to a trusted provider, you can give your internal teams more time to focus on core functions and strategic business initiatives. A Deloitte survey backs up this claim with 65% of organizations citing focus on core functions as one of the main drivers of outsourcing.
Access to Advanced Threat Detection and Security Tools
With cyber threats becoming increasingly sophisticated (and prevalent), access to advanced security and threat detection tools has never been more important. A Gartner Inc. forecast revealed that the worldwide end-user spending on information security can reach $212 billion by 2025.
This projection shows the financial commitment needed to build and maintain in-house security operations. Outsourcing this function gives you access to advanced technologies without the upfront capital expenditures.
To respond to threats in real-time, outsourced SoC providers use contemporary threat detection tools. These tools can analyze vast amounts of network traffic and data. Protecting your business against these threats can be difficult without the right resources and expertise.
Continuous system monitoring is a critical aspect of advanced threat detection. Outsourced SoC services often include 24/7 monitoring. This guarantees suspicious activities are detected and addressed swiftly. Quick response is crucial in minimizing potential damage from cyberattacks.
24/7 Monitoring Without Additional Overhead
Outsourcing SoC as a Service lets you enjoy round-the-clock monitoring without the added overhead. Let’s explore some of the enticing benefits of 24/7 monitoring:
1. Continuous Threat Detection and Response
Vigilance against potential threats is one of the most significant advantages of 24/7 monitoring. Cyberattacks can occur anytime and without round-the-clock oversight, your system can become vulnerable during off-hours. According to Cybercrime magazine, the global cost of cybercrime can reach $10.5 trillion by 2025. This highlights the importance of having 24/7 threat detection and response.
Outsourcing guarantees you have a dedicated team of experts that’s constantly monitoring your system for suspicious activities, system anomalies, and potential breaches. Also, since they can quickly identify threats, they can start the mitigation process right away. This ensures business disruption is kept to a minimum.
2. Eliminates the Need for 24/7 In-House Staffing
If you have a fully operational SoC, you will need multiple shifts to cover weekends, nights, and holidays. With talent shortage becoming a persistent concern in the industry, hiring qualified staff has become challenging and expensive. Outsourcing eliminates the need to hire, train, and retain specialists for continuous monitoring. This means you also won’t have to pay for recruitment, salary, and benefits.
3. Enhanced Incident Response Times
Speed is critical when responding to cyber threats. Delays in threat detection or response can sometimes lead to massive reputational and financial losses. When you outsource, you can expect faster threat detection and incident response. This minimizes any possible damage and lessens recovery costs.
4. Reduced Risk of Human Error and Burnout
Maintaining an internal team for 24/7 monitoring can sometimes result in employee burnout. This is especially true if your team is understaffed. When your employees work long shifts, they can become overwhelmed and fatigued, increasing the risk of human error.
Outsourcing your operations ensures that you have alert people working on rotating shifts. These specialists have also mastered the demands of 24/7 security operations. This setup enhances your operational efficiency and reduces the risk of committing costly mistakes.
Faster Incident Response and Mitigation
Faster incident response and mitigation offer many benefits. Some of the most notable include:
Lowers Recovery Costs: Quick response and mitigation can reduce recovery cost significantly. When attacks are detected and addressed right away, you are spared from its costly aftermath. This means you won’t have to deal with reputational damage, legal fees, and data recovery costs.
Reduces Downtime: Faster response means minimal disruption and revenue loss. SoC service providers provide fast detection and response. In the process, they reduce downtime that can impact business operations negatively.
Limits Potential Damage: When incident mitigation is fast, cyberattacks won’t be able to spread through networks and cause massive damage. When threats are identified and isolated promptly, the extent of the damage is minimized dramatically.
Enhancing Scalability and Flexibility for Growth
There are various ways outsourcing can drive flexibility and scalability. Let’s take a look at some of them:
Adaptability to Business Growth
As your business grows, your security needs increase as well. When you are introducing new products, expanding your infrastructure, or entering new markets, your cybersecurity requirements will also evolve. Outsourcing allows you to adjust your security requirements without the logistical burden associated with expanding your internal team.
SoC service providers can scale their services up or down based on your changing demands. For instance, if you experience seasonal growth, your outsourcing partner can quickly adjust to cater to your security requirements. This level of flexibility allows you to maintain a strong security posture without overextending your internal resources.
Flexible Service Plans
Typically, outsourcing partners have flexible pricing models that allow you to only pay for the services you need. This is especially beneficial if you are a growing company. You can start with basic monitoring and include more advanced services as you grow. With flexible service plans, it’s easy to align your security budget with the growth of your business. This also ensures you don’t invest in unnecessary services when you are just starting out.
Rapid Expansion Into New Regions or Markets
When you expand into new markets, you will encounter data protection laws, regulatory requirements, and security challenges that are specific to that region or country. Outsourced SoC partners can help you comply with the regulations and protect your data across different jurisdictions. When you outsource, you can enter new markets without needing to modify or build your security infrastructure.
Boosting Business Focus by Delegating Security Operations
Outsourcing SoC as a Service gives you the option to delegate the management of your security operations to experts. This gives your internal team more time to focus on their core functions. When you are no longer burdened by the intricacies of security maintenance, incident response, and threat detection, your team has more time (and resources) for functions that drive growth and innovation.
Outsourcing also helps reduce burnout and stress among your internal IT staff. Without external help, they can get overwhelmed by the constant need to respond and monitor security incidents. This results in a healthier work environment where employees can focus on core and high-value tasks. This also improves job satisfaction and overall productivity.
Delegating security operations also makes the decision-making process easier. With your outsourcing partner providing real-time reports and timely insights, you can make faster and more informed decisions that align with your broader business objectives. This also ensures that you can swiftly address any risks and maintain a competitive edge in the market.
Why Outsourcing SoC Services is a Smart Business Move
Outsourcing SoC as a Service is more than a cost-saving strategy – it is a smart investment in your business’s growth and security. When you partner with experts, you will enjoy faster incident response, reliable threat monitoring, and access to cutting-edge tools and technology.
STAFFVIRTUAL is your ideal partner for outsourced SoC services. Our team of experienced cybersecurity experts can deliver world-class service and comprehensive protection. Don’t wait for a cyber threat to strike – schedule a call with us today and take the first step towards a more secure and successful future.
Sources:
Ponemon Report The Economics of Security Operations Centers | Scribd
Cybersecurity Salary Guide: How Much Can You Earn? | Forbes Advisor
Outsourcing and Shared Services 2019-2023 | Monitor Deloitte
Gartner Forecasts Global Information Security Spending to Grow 15% in 2025 | Gartner
Cybercrime to Cost the World $10.5 Trillion Annually By 2025 | Cybercrime Magazine
Cybersecurity: A Global Priority and Career Opportunity | University of North Georgia