How SoC as a Service Can Transform Your Day-to-Day Operations

According to a special report in Cybercrime Magazine, cybercrime will cost the world around $10.5 trillion annually by 2025. While cyberattacks don’t discriminate based on the size of the business, small and medium-sized businesses are more at risk due to their perceived vulnerabilities.

In today’s digital age, defensive security is a priority. This is where SoC as a Service (SOCaaS) comes into play. In this article, we will cover all there is to know about SOCaaS, and explore how this game-changing solution can enhance your business operations.

What is SoC as a Service?

SoC as a Service is a contemporary cybersecurity solution. Third-party security providers deliver this cloud-based subscription model as a service. SOCaaS includes a diverse set of key security functions that  include threat detection, network monitoring, and risk compliance.

SOCaaS vendors provide the processes, technologies, and people you need to enable security services and 24/7 support. Additionally, SOCaaS can be a stand-alone service but it is typically a part of a broader security package. It is often integrated with other components in the organization’s security architecture.

Cyber attacks can impact a business in different ways, with consequences that can range from minor disruptions to huge financial losses. What’s more alarming is that cybersecurity incidents can affect your business for months, if not years. Below are some of the key areas where your business can take a hit:

• Legal liabilities
• Financial losses
• Reputational damage
• Loss of productivity
• Business continuity problems

Businesses turn to SOCaaS to strengthen their security posture. Different factors can impact how an organization operates an in-house SoC (Security Operations Center). For instance, cybersecurity talent shortage makes it difficult to hire skilled personnel. Conversely, effective cybersecurity entails investment in various security solutions that mitigate potential threats.

SOCaaS allows businesses to outsource their security responsibilities. So instead of having a full in-house SoC, you can delegate tasks to a trusted vendor. The service vendors provide round-the-clock monitoring and robust protection against modern cyber threats.

The Importance of SoC as a Service for Businesses Like Yours

For billionaire and philanthropist Warren Buffet, cybercrime is humankind’s number one problem. As technology evolves, new threats and vulnerabilities emerge. For instance, cloud computing and the Internet of Things (IoT) provide a bigger attack surface for cybercriminals. 

At least 43% of cyber attacks target small businesses, yet only 14% of them can readily defend themselves. These cyber threats often appear as denial of service (DoS), malware, and phishing. Other forms include smishing, credential theft, and ransomware. 

Cyber attacks do more than just disrupt normal operations, and the long-tail cost of a data breach can last for months or years. These costs can include data and revenue losses from system downtimes. If not addressed right away, cyberattacks can also lead to reputational damage. 

Compared to conventional in-house SoC, SOCaaS offers more notable benefits. This includes:

• Fast Identification and Repair: Advanced tools and expert staff ensure swift resolution of IT issues. Speed is critical when ruling out “false positives” so you can focus on the real threats and address them quickly.
• Lowers Security Risks: With 24/7 monitoring, SOCaaS enables fast response after a machine gets breached. This ensures threat containment before it moves into the network. 
• Improves Security Staffing: Many businesses struggle to attract and keep skilled security staff. A managed SoC provider supplements and fills the gap in your own cybersecurity team.
• Access to Specialized Security Expertise: At times, businesses need help from security experts. This includes malware analysts, incident responders, and cloud security architects. These skills are difficult to maintain in-house. A SOCaaS provider gives you access to these specialists when needed.
• Lowers Security Cost: Deploying and maintaining an in-house SoC is very expensive. SOCaaS spares you from spending money on licenses and equipment. This minimizes your operational and capital expenditures.
• Increases Security Maturity: Creating a mature cybersecurity program is a long process. When you partner with a provider, you can expedite the process. You will also have quick access to the provider’s security experts and solutions stacks.
• Up-to-Date Security: Keeping up with the latest SoC tools can be tricky. It can slow you down if you have a limited IT and security budget. A SOCaaS vendor lets you enjoy the benefits of up-to-date cybersecurity without spending a fortune.

How SoC as a Service Enhances Day-to-Day Operations

SOCaaS enhances your day-to-day operations by reducing risks. It also simplifies the security process and enables you to focus on your core activities. With that, let’s take a detailed look at how it impacts your daily operations:

Streamlines Your Security Management

SOCaaS simplifies security management. It consolidates response and detection under one managed service. The simple process makes managing several processes and tools easier. Your business can benefit from this cohesive cybersecurity approach. With a trusted provider handling your security operations, you enjoy efficient protection.

Expedites Threat Detection and Mitigation

One of the key benefits of SoC as a Service is fast detection and response to threats. Vendors use tools like machine learning and advanced analytics to track potential dangers. When there’s a suspicious activity, they can immediately address it before it causes significant damage. This minimizes the risk of prolonged exposure while maintaining the availability and integrity of your business systems.

Minimizes False Positives

The high volume of alerts is one of the challenges of conventional security monitoring. Unfortunately, many of the alerts are false positives which can overwhelm your security team and distract them from the real threats. To aid this, SOCaaS has advanced filtering techniques to reduce false positives. Focusing on real alerts enhances the total efficiency of your security.

Enhances Communication and Collaboration

Effective cybersecurity entails communication and collaboration. SOCaaS has a centralized platform for sharing insights, information, and updates. This collaborative approach enhances your business’s ability to respond to incidents immediately. 

Increases Focus on Core Activities

In-house cybersecurity is resource-intensive, taking your attention away from the core activities of your business. When you outsource security operations, your teams can focus on important business functions. These include customer service, strategic growth, and innovation. With cyber security in expert hands, you can operate with more confidence.

10 Key Considerations When Choosing a SoC as a Service Provider

The following are key considerations when choosing a SOCaaS service provider:

1. Experience and Expertise: Choose providers with a proven track record in the industry. The ideal partner should have a deep understanding of the regulatory requirements.
2. Tailored Solutions: Look for offered services that align with your unique requirements. Ensure that the provider can accommodate your specific needs with ease.
3. Cost and ROI: Assess the pricing structure to ensure it aligns with your budget. Evaluate the long-term benefits they offer to get a tangible return on investment.
4. References and Testimonials: Ask for testimonials and references from current and former clients. Reviews and testimonials can give you an insight into a prospect’s reliability.
5. Incident Containment and Response: Assess the provider’s incident response process. A well-structured response plan ensures fast resolution. It also minimizes the impact of the security threat.
6. 24/7 Support and Monitoring: Threats don’t follow a 9 to 5 schedule. Neither should your security monitoring. Choose a provider that offers round-the-clock support and monitoring. This gives you peace of mind knowing experts are actively protecting your assets.
7. Threat Intelligence and Analysis: The best SOCaaS provider has access to threat intelligence. This ensures they can determine and address threats before they impact your organization.
8. Scalability and Flexibility: Pick a partner that can keep up with your security needs and growth. Outsourcing can be beneficial whether you are a multinational organization or a small startup. Your chosen partner should be able to tailor their services based on your needs.
9. Compliance and Certification: Adherence to industry regulations and standards is non-negotiable. Industry certifications show their commitment to the best practices in the industry.
10. Technology Stack and Capabilities: A robust stack is key to tracking security threats. You must invest in proactive threat hunting and a swift response. These can bolster the security posture of your business. 

When to Leverage Soc as a Service

SOCaaS provides significant benefits that are hard to miss. This subscription model is the best option in the following scenarios:

• When your IT and InfoSec is small, investing in SOCaaS is ideal. It is also the best option if you don’t have 24/7 protection or you lack specialized cybersecurity skills.
• Your business does not have a secured physical space to run a full-service SoC.
• You have not invested in technology for an on-site SoC.
• You don’t have highly developed cybersecurity practices. 
• Your cybersecurity needs change often.

Strengthen Your Cybersecurity with STAFFVIRTUAL

In an era where cyber threats are constant, SOCaaS is a game-changer. It is the smart option if you’re seeking robust cybersecurity measures that won’t break the bank. By embracing SOCaaS, you dramatically improve your security posture. You also position your business to thrive amidst ongoing cybersecurity threats.

If you are in search of the best SOCaaS provider, we are your best option. When you choose STAFFVIRTUAL, you have a partner that’s committed to your cybersecurity success. We have been providing world-class cybersecurity solutions to leading MSP providers since 2009. Schedule a call with us and enjoy peace of mind without spending a fortune.

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Sources:

Cybercrime to Cost the World $10.5 Trillion Annually By 2025 | Cybercrime Magazine

Buffett: This is the Number one Problem with Mankind | Business Insider

2024 Must-Know Cyber Attack Statistics and Trends | Embroker

What is a Cyber Attack? Definition, Types & Prevention | Forbes 

What Do Cloud Security Architects Do? | Franklin University

Security Operations Center as a Service (SOCaaS) | Kuppingercole Analysts