How Does SoC as a Service Help with Compliance Requirements?

Cybersecurity compliance is a big deal for businesses in every industry. But you’re not just trying to protect your organization’s data. Just as important if not more, you need to follow laws and regulations that are becoming stricter by the day.

When a company fails to comply, the consequences can be harsh. Fines, lawsuits, and reputational damage are just a few of the risks. That’s why solutions like SoC as a Service exist. A dedicated security operations center (SoC) can help your business stay on top of compliance obligations without having to build a massive in-house security team.

Norton shared that 68% of business leaders feel their cybersecurity risks are increasing. And with the rapid increase in cyberattacks, meeting security requirements has never been more important. The cost of non-compliance is high. But as we’ve implied, managing cybersecurity in-house can be overwhelming and expensive.

This article will explore how SoC as a Service simplifies compliance and protects your business from potential threats and regulatory failures.

Understanding Compliance Requirements in Your Industry

Every industry has its own set of security requirements that guide how data should be handled, stored, and protected. Whether you’re in healthcare, finance, retail, or government, there are laws that define the minimum standards of digital security.

For instance, healthcare providers need to comply with HIPAA, financial institutions must follow PCI-DSS standards, and businesses that deal with the European Union are subject to GDPR.

What happens if your business fails to meet these standards? You’ll face hefty fines, and your customers’ trust in your ability to protect their data may be damaged.

As an example, GDPR fines can reach up to €10 million or 2% of global revenue of the preceding fiscal year, whichever is higher. In the US, you have to deal with the likes of the Dodd-Frank Act and the Sarbanes-Oxley Act (SOX). Both of these regulations facilitate financial transparency and accountability. This makes compliance a necessity, not a luxury.

Now you know that understanding the specific rules for your industry is critical. But more than that, maintaining security requires ongoing monitoring, reporting, and adjustments to your security strategy. This is where SoC as a Service proves its value. The right SoC provider stays on top of the latest regulations and keeps your company compliant. As a result, you avoid paying for costly penalties.

How SoC as a Service Strengthens Data Protection and Compliance

The main role of SoC as a service is to monitor your systems around the clock. This means 24/7 surveillance for potential threats, vulnerabilities, or suspicious activity.

What makes SOCaaS solutions so powerful for security is that they strengthen your data protection efforts while keeping an eye on the specific rules that govern your industry.

SoC providers normally use advanced technologies like security information and event management (SIEM) systems to detect threats in real time. These systems track anomalies, log suspicious activities, and keep a detailed record of events — all of which are crucial for demonstrating compliance during audits.

In fact, many compliance frameworks, including NIST and ISO 27001, specifically require continuous monitoring, which SoC providers excel at.

What’s more, an effective SoC provider will also manage access control to make sure only authorized personnel have access to sensitive data. This is a critical part of protecting personally identifiable information (PII) or financial records.

If there’s ever a data breach, having an audit trail through a SoC service provider can identify what went wrong and prove to auditors that your company has the necessary security measures in place.

Streamlining Regulatory Audits with Advanced Monitoring and Reporting

Many companies find preparing for regulatory audits stressful. Auditors need to see that your data security practices remain consistent. Plus, gathering all the necessary data manually is tedious and time-consuming.

Working with a managed SoC provider simplifies this process. They can generate detailed reports on security incidents, network health, and compliance activities with constant monitoring and automated reporting.

These reports match your industry’s audit needs, so instead of scrambling for logs and documents, the data is always ready for review. This cuts down on audit prep time and keeps you compliant year-round.

A strong SoC team also helps speed up audits. Auditors love organized, detailed records. A good SoC partner gives them exactly what they want.

How SOCaaS Helps Prevent Breaches that Could Jeopardize Compliance

A data breach costs more than money. It can ruin your company’s reputation and put your compliance status at risk. One breach might expose system weaknesses that could lead to security failures.

SoC as a service helps prevent breaches by identifying vulnerabilities before hackers can exploit them. For example, Statista revealed that the average breach worldwide costs over US $4.88 million and takes around 64 days to contain. Businesses with continuous monitoring and proactive defenses spent much less.

If you outsource to experts, you can continuously scan for risks and alert you to potential problems concurrently. You can fix issues before they escalate.

Ensuring Continuous Compliance with 24/7 Monitoring

Compliance isn’t a one-time thing. You need to follow data security standards all the time. By outsourcing to a reliable SOCaas team, they can offer 24/7 monitoring, making sure your network stays secure around the clock.

Most businesses, especially small and medium-sized ones, can’t afford a full-time in-house cybersecurity team. SoC solutions can fill that gap. With a dedicated team monitoring your systems, you’ll have constant protection and stay updated on your security status.

Moreover, continuous monitoring does more than stop cyberattacks. It also ensures you stay on top of changing compliance rules. Regulations like GDPR and PCI DSS evolve, and a reliable SoC provider will help you stay current.

Building a Long-Term Compliance Strategy with SoC as a Service

Compliance shouldn’t be reactive either. You need a plan that stays ahead of new risks and regulations. That’s where outsourcing SoC services excels.

Good SOCaaS providers help you create a strategy for the long-term. They continuously update security policies, train your team on best practices, and strengthen your security infrastructure to handle new threats. A strong and trusted partner works with you to develop this roadmap.

It’s also not just about meeting today’s standards. Your business needs to be ready for tomorrow’s challenges. As we’ve said, compliance regulations are getting stricter, and cyberattacks are growing more sophisticated. Leveraging SoC as a service helps you build a future-proof plan.

10 Tips to Keep Your Business Compliant with SOCaaS

We’ve shown you how having a SoC as a service provider can be a game-changer. But you also need to play an active role to make sure everything stays on track. Here are more tips that will help you keep your business compliant when using SOCaaS:

1. Regularly Review Your Security Policies. Compliance is also about policies. Make it a habit to review and update your internal security policies. Collaborate with your SoC partner to make sure these policies align with your overall security strategy.
2. Train Your Staff on Best Practices. Even the best SoC provider can’t protect you from human error. Regularly train your staff on cybersecurity practices and compliance protocols. A well-informed team will minimize mistakes and strengthen your security posture.
3. Leverage Threat Intelligence. A great SOCaaS provider will use threat intelligence to stay ahead of emerging issues. Use this to your advantage by having regular briefings or reports on the latest cybersecurity trends. Knowing what’s out there lets you adjust your strategy in real time.
4. Set Up Alerts for Compliance-Related Incidents. Ask your SoC firm to configure alerts for any relevant issues, such as unauthorized access or data breaches. Immediate notifications give you the chance to act quickly and reduce any potential non-compliance penalties.
5. Keep Documentation Well-Organized. Proper documentation plays a huge role in regulatory audits. Keep a clear record of compliance-related activities, including security updates, staff training, and incident reports. Your outsourcing partner can assist with maintaining audit-ready reports, but staying organized on your end will speed up the process.
6. Implement Multi-Factor Authentication (MFA). Strengthening access control through multi-factor authentication is essential for meeting security standards. Ask your partner firm to help you implement MFA across your entire network to reduce the risk of unauthorized access.
7. Test Your Incident Response Plan Regularly. Compliance often depends on how well you handle security incidents. Work with your SOCaaS team to regularly test your incident response plan. These simulations help you stay prepared and ensure your team knows exactly what to do when something goes wrong.
8. Perform Regular Penetration Testing. Don’t assume your system is airtight. Regular penetration testing, aka “pen tests,” simulates attacks on your network to identify weaknesses. Work with your external partner to schedule these tests and address any vulnerabilities before they lead to relevant issues.
9. Incorporate Data Encryption. Data encryption verifies that both data at rest and in transit are encrypted. Your SOCaaS provider can help you implement encryption protocols that align with industry standards.
10. Establish Clear Vendor Risk Management Policies. If you work with third-party vendors, their security practices can affect your compliance. Set up a clear vendor risk management program to assess and monitor the security measures of any external partners. A SOCaaS team can assist by flagging potential risks from these vendors and ensuring they meet your criteria.

Outsourcing: The Smart Move for Compliance Management

As you can see, SoC as a service takes the complexity out of compliance management. It frees you to focus on other aspects of your business without worrying about falling behind on regulatory standards. With continuous monitoring and audit-ready reporting, SoC services help you meet and exceed compliance standards.

When choosing a SoC provider, find one that understands your industry’s needs and hurdles. A tailored solution, backed by 24/7 monitoring and proactive security, will keep you compliant while protecting against new cyber threats.

STAFFVIRTUAL offers top-tier SoCaaS solutions to keep your business compliant and secure. Our SOCaaS goes beyond just providing security. We deliver peace of mind by making sure your business stays compliant with ease and efficiency.

To learn more, book a meeting with us and see how we can help simplify your compliance process and protect your most valuable data.

---

Sources:

115 cybersecurity statistics + trends to know in 2024 | Norton

Fines / Penalties | General Data Protection Regulation

Data breach global cost by cost segments 2024 | Statista

Time to identify and contain data breaches global 2024 | Statista