How SoC as a Service Increases Business Security

The world has embraced digitalization more and more. With this advancement, cyber threats have become one of the prevalent business issues. In fact, a statistic by Forbes revealed that 2,365 cyberattacks in 2023 alone saw 343,338,964 victims. Also, experts expect the total cost of cybercrime damages will reach $10.5 trillion by 2025.

As companies continue to rely on digital platforms, more businesses face the risks of modernization. They encounter breaches and various cybersecurity risks despite the accessibility. The good news is you can safeguard your company from cyberattacks with SoC as a Service.

This article explains how outsourcing STAFFVIRTUAL‘s SoCaaS could increase a company’s cyber security. We will discuss its features and benefits, and why your business needs it.

What is a SOCaaS and How Does it Work?

SoCaaS provides the benefits a business owner can enjoy with an external 24/7 team. It comes without any of the high costs of housing, staffing, and managing an in-house one. It’s a subscription-based service of a security operations center (SoC). It’s composed of a team of IT professionals with expertise in information security who track, analyze, and protect your company from cyberattacks. 

The transmitted data goes to a centralized SoC, where a team of specialists conducts thorough analysis. Upon identifying any suspicious activities, analysts enact measures to mitigate the threat. They try to reduce its impact and restore normal system operations.

Dangers of Cyberattacks and Data Breaches

Financial Implications

Following a cyberattack, significant financial ramifications can be enormous to a business. It may include the immediate losses resulting from pilfering funds or disrupting operations. Costs related to cleanup efforts, regulatory fines, and legal fees also add up to this. 

IBM’s Cost of a Data Breach Report 2023 shows an increase in data breach cost. The average total cost globally reached $4.45 million, a 15% increase over three years. This number will only continue to soar as businesses further rely on technological advancements to operate and grow. 

Reputational Damages

Reputational harm might arise from a data leak. Once lost, trust is hard to regain, affecting consumer loyalty and how people perceive a brand. High-profile breaches have shown that even well-established organizations are vulnerable. Consequences range from loss of market share, leadership changes, and diminished investor confidence.

The Identity Theft Resource Center’s Data Breach Analysis tallied 841 data compromises. This data represents the first quarter of 2024 alone, with data breaches affecting 28,596,892 victims across several industries. 

Case in Point

In 2023, the New York-based Real Estate Wealth Network’s database, which had 1,523,776,691 records, was exposed. It held realty ownership data of millions of people, including celebrities and politicians. The published data included details about investors, sellers, and property owners. It also included internal user logging information, such as name, phone number, and even physical address.

Exposure to such information posed security risks like safety threats and invasion of privacy. With this, bad apples could identify property assets with large equities. They could then use these to forge documents for wider-scale crimes.

This colossal blunder exposed the complexities of the real estate industry. Imagine how devastating the repercussions of breaches across different industries would be.

Advantages of SoC as a Service

• Cost-Effectiveness: Outsourcing SoC as a Service reduces upfront costs. This big advantage eliminates hardware and software investments and an in-house SoC. 
• 24x7x365 Monitoring: SOCaaS ensures that your data is always under a watchful eye. Your outsourced team’s round-the-clock surveillance lessens the impact of potential breaches or attacks. Also, companies leverage immediate detection and response by keeping everything to a tee. This mitigates and troubleshoots potential security breaches in real time.
• Access to Expertise: When opting for SoCaaS, you gain access to a specialized team. Cybersecurity experts in threat detection, incident response, and security management are at hand. Your SoC team’s structure will cater to your company’s needs for utmost efficiency.
• Scalability and Flexibility: Business growth and the need for cybersecurity are directly proportional, thus, SOCaaS is an adaptable service for your business. It adjusts your cyber security needs without delays or breaking the bank to boot. This scalability allows owners to crank up cyber security services at peak seasons. At the same time, having the flexibility to downsize during lean periods. 
• Compliance and Governance: A SOCaaS entails enjoying the services of highly-trained IT professionals. They follow industry regulations and standards through robust security practices, audits, and reporting.

Hurdles of Handling an In-House SoC

• High Initial Costs: An in-house team would need an upfront investment in skills and tools. This may be prohibitive for smaller businesses or those with limited budgets.
• Resource-intensive: It demands ongoing resources for training, maintenance, and updates. Your company must keep pace with relentless cyber threats and regulatory requirements.
• Scalability Challenges: In traditional SoC security, businesses struggle with adjusting to cybersecurity threats. Expanding the infrastructure to handle frequent new dangers requires much effort and money.
• Limited Round-the-Clock Coverage: Conventional SoCs may find it difficult to offer round-the-clock responsiveness. Due to this restriction, organizations may be more susceptible to cyberattacks after hours. Moreover, cybersecurity attacks happen at any time, making a 24/7 SoC more important.

Who Could Benefit From SoC as a Service?

Firms that have or are considering an in-house SoC may reap benefits from outsourcing SOCaaS. Whether it’s a stable company or a startup with limited resources, outsourcing is key. The scalability of SoC as a service can cater to companies of any size and form.

Small Businesses and Startups

SoC as a Service provides tremendous benefits for small companies. It allows them to leverage modern technology without incurring huge costs or difficulties.

Small companies and startups that outsource SoC can better concentrate their resources. Outsourcing allows focusing on primary competencies like product design, marketing, and customer service. This reduces the financial risks of initial investments, allowing startups to be more competitive. 

But more importantly, SOCaaS improves flexibility and scalability for small businesses and startups. It allows quick adaptation and flexibility to market demands. Production numbers increase with business growth minus the constraints of a complicated infrastructure. 

Large Corporations

Large corporations can use SOCaaS to integrate direct security measures into their infrastructure. This is not limited to hardware-based encryption, secure boot methods, and security features. These are critical for protecting sensitive data and intellectual property. Such measures surpass software-based solutions. They provide greater protection against cyber threats and unauthorized access. 

Ultimately, SoC as a Service not only enhances the capabilities of large companies. It also fortifies their business security posture. Safeguarding critical assets and maintaining trust among stakeholders and customers alike is indispensable.

5 Factors to Consider When Choosing the Right SOCaaS Provider

Cybersecurity might be an overwhelming element for some business owners to tackle head-on. As a result, choosing the right partner from a vast selection of providers can be daunting. Fortunately, STAFFVIRTUAL has your back, and we have some essential details for you to consider when choosing the right SOCaaS provider:

Expertise and Experience

It is always a good idea to pick service providers with a track record of success in cybersecurity. These credentials include experience with threat detection, incident response, and regulatory compliance. Always check their references, qualifications, and standing in the field.

Assess the design expertise, deployment speed, ongoing support, and robust security features. Evaluating these provides a holistic view of the long-term benefits of SoCaaS solutions.

Integration Capabilities

Ensure your current platforms, security tools, and IT infrastructure are compatible. Seamless integration should be possible with their systems. This is to reduce interruptions and maximize operational effectiveness from the start.

Bang For Your Buck

Always compare and contrast price arrangements and make sure pricing models are transparent. Consider the entire service value, experience, and security features compared to the cost.

References and Reviews

There’s nothing wrong with seeking references from existing clients or industry peers. Testimonials gauge the provider’s customer satisfaction and performance. Online reviews can be potential illustrations of their reliability and service quality.

Service Versatility

Assess and determine the provider’s scalability per your company’s changing security needs. Ensure service offerings are adaptable to changes in operational settings or requirements. Remember, the scalability of SOCaaS can accommodate whether the company grows or leans out.

SoC as a Service Acts as a Bulwark for Business Security

With the constant threat of cyberattacks, SOCaaS acts as your company’s first and last line of defense. Its diverse capabilities safeguard your business from cybersecurity attacks every second.

SOCaaS enables continuous analysis of your internet traffic, networks, hardware, and servers. Other assets include endpoint devices, databases, apps, and other systems. They track these for indications of a possible or actual security event.

With STAFFVIRTUAL‘s SOCaaS, outsourcing cybersecurity intricacies will bring more benefits to your business. You can concentrate on core competencies while having scalable solutions. This strategy improves resilience and reduces risks and potential damages from cyber threats.

Don’t waste another minute being vulnerable to cybersecurity attacks. Contact and partner with us today to discover how our personalized cybersecurity solutions can bolster your company’s defenses.

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Sources:

ITRC Q1 Data Breach Analysis | Identity Theft Resource Center

1.5 billion records leaked in Real Estate Wealth Network data breach | Jeremiah Fowler

Cybersecurity Stats: Facts And Figures You Should Know | Mariah St. John

Security software – statistics & Facts | Statista