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What Is SOC-as-a-Service And Why Does Your Business Need It?

Sep 20, 2024 | Managed IT Services, Security, Small Business Technology

In 2024, cybersecurity is – and should be – a critical concern for businesses of all sizes. Whether you’re a sole proprietor hacking away at a growing side hustle, or you’re a multinational company with offices all over the world – you need to protect your data nowadays.

As cyber threats grow more sophisticated and frequent, organizations are turning to advanced security solutions to protect their valuable assets. One such solution that has gained significant traction in recent months is SOC-as-a-Service (SOCaaS).

Yes, another -aaS arises, but is SOCaaS for real? Or is it just a gimmick? In this article, we’ll take a look at SOC-as-a-Service, with an eye on why businesses may find it useful.

What is SOC-as-a-Service (SOCaas)?

SOC-as-a-Service, also known as Security Operations Center as a Service, is an emerging offering in the cybersecurity space that provides organizations with a comprehensive suite of security tools and services, all managed and delivered over the internet by a third-party vendor.

The main idea behind SOC-as-a-Service is a systematic approach to cybersecurity that balances the need for robust cybersecurity without extensive in-house resources.

It functions much in the same way as managed IT services. This model allows businesses to access advanced security expertise and resources without the need to build and maintain an in-house security operations center. It seeks to unify many different aspects of cybersecurity in one centralized place, simplifying the process of monitoring your own security.

Normally an organization puts together pieces of cybersecurity infrastructure one by one; SOCaaS aims to take all of those disparate pieces and package them together into a piece of software companies can then purchase to use for their operations.

Key Components of SOCaaS

A typical SOC-as-a-Service offering includes:

Network Monitoring

  • Continuous real-time surveillance of an organization’s network traffic to detect anomalies, potential threats, and suspicious activities using advanced tools and algorithms.
  • Businesses use network monitoring to identify potential threats quickly, allowing for immediate response to mitigate risks and maintain network integrity across both internal and external communications.

Threat Detection

  • Employs sophisticated algorithms, machine learning, and behavioral analysis to identify potential security threats by analyzing patterns and distinguishing between normal operations and potential attacks.
  • Organizations leverage threat detection to proactively identify and address vulnerabilities before they can be exploited, significantly reducing the risk of successful cyber attacks.

Threat Intelligence

  • Gathers and analyzes information about emerging and existing cyber threats, including data on threat actors, their tactics, techniques, and procedures (TTPs) to provide context and actionable insights.
  • Businesses utilize threat intelligence to prioritize security efforts based on the latest threat landscape, adapt their defenses proactively, and stay ahead of potential attackers.

Log Management

  • Collects, stores, and analyzes log data from various sources across the organization, enabling forensic analysis, compliance reporting, and maintaining a centralized repository for all security-related events.
  • Companies use log management to maintain a comprehensive audit trail, aid in incident investigations, support compliance requirements and gain insights into their overall security posture.

Incident Investigation

  • Conducts in-depth analysis of detected security incidents to determine their scope, impact, and root cause, using advanced forensic tools and expert analysis.
  • Organizations rely on incident investigation to understand the full extent of security breaches, learn from incidents, and improve their security measures to prevent similar occurrences in the future.

Incident Response

  • Develops and executes comprehensive plans to address and mitigate security incidents effectively, coordinating with relevant stakeholders to contain and eradicate threats.
  • Businesses implement incident response strategies to contain threats quickly, minimize damage, reduce recovery time, and maintain business continuity in the face of cyber attacks.

Reporting

  • Generates regular, detailed reports on security posture, incidents, and trends, providing dashboards and visualizations for easy interpretation of complex security data.
  • Companies use reporting to keep stakeholders informed about their security status, track key performance indicators, and make data-driven decisions regarding security investments and strategy.

Compliance Management

  • Ensures adherence to relevant industry standards and regulations (e.g., GDPR, HIPAA, PCI DSS) through regular audits, assessments, and documentation of security practices.
  • Organizations leverage compliance management features to maintain regulatory requirements, avoid penalties, build customer trust, and demonstrate their commitment to data protection and security best practices.

The Need for Managed Security Operations

The cybersecurity landscape is constantly evolving, with new threats emerging regularly. In 2020, the FBI’s Internet Crime Complaint Center (IC3) received 791,790 cybercrime complaints, with reported losses exceeding $4.1 billion.

For many organizations, especially small and medium-sized businesses, maintaining an in-house security operations center can be challenging due to several factors:

  • Cybersecurity talent shortage: According to (ISC)², the global cybersecurity workforce gap is 3.12 million professionals, meaning 3.12 million jobs are currently unfilled.
  • High costs of security infrastructure: Building and maintaining an in-house SOC can cost between $1.5 million to $5 million annually – which is why businesses are looking at SOCaaS as a solution.
  • Rapidly changing threat landscape: Symantec reported blocking 142 million threats per day in 2019 – a whopping five years ago. Surely they’re facing 5-6x the amount of threats now with AI and machine learning.
  • Need for 24/7 monitoring and response: Cybercriminals often strike outside of regular business hours, necessitating round-the-clock vigilance. This is only possible through managed IT services, an in-house team, or SOCaaS.

SOC-as-a-Service addresses these challenges by providing access to skilled security professionals and advanced technologies at a fraction of the cost of building an in-house SOC.

SOCaaS operates like many managed service models – loaning all the experience and equipment of a full IT team out to organizations for a subscription fee.

What Are The Benefits of SOC-as-a-Service To Businesses?

1. Enhanced Security Maturity

SOCaaS provides a “shortcut to maturity,” offering organizations access to the latest, most advanced solutions, processes, and highly skilled staff.

This accelerates the evolution of a customer’s security program, fostering faster and more accurate detection and response while concurrently lowering overall risk.

2. Cost-Effectiveness

From tools to training and licenses, there are many expenses associated with deploying and maintaining an in-house SOC, let alone a more robust IT and cybersecurity department.

SOCaaS providers try to solve this problem by spreading these expenses over their entire customer base, allowing individual clients to pay less overall. A study by Deloitte found that organizations can save up to 40% on security costs by outsourcing their SOC operations. That’s obviously a massive savings.

3. Scalability

As your business grows, your SOC solution needs to grow with it. SOC-as-a-Service vendors have the resources and infrastructure to scale up or down to meet your needs, regardless of how those needs evolve, without having to add more infrastructure, absorb more costs, or do anything that could derail a successfully scaled business.

This flexibility is particularly valuable for businesses experiencing rapid growth or seasonal fluctuations in their operations, where it’s hard to predict or forecast the future.

4. 24/7 Monitoring and Response

SOCaaS operates continuously, providing round-the-clock monitoring, detection, and response capabilities. This ensures that potential threats are swiftly contained and neutralized, regardless of when they occur.

According to IBM’s Cost of a Data Breach Report 2021, organizations that were able to contain a breach in less than 200 days saved an average of $1.12 million compared to those that took longer.

5. Access to Specialized Expertise

SOCaaS providers employ teams of security experts with diverse skill sets. This gives businesses access to specialized knowledge and experience that is difficult and/or expensive to maintain in-house.

Real-World Case Study: Trusource Labs

Let’s take a quick look at SOCaaS in action. Via Arctic Wolf, a leading SOCaaS provider, they looked at the success that Trusource Labs, a tech support company, was able to accomplish.

Trusource faced challenges in managing its cybersecurity needs while experiencing rapid growth. The company implemented Arctic Wolf’s SOC-as-a-Service solution, which resulted in:

  • 50% reduction in false positives
  • 66% decrease in time spent on security operations
  • Improved compliance with industry regulations
  • Enhanced visibility into their security posture

This case study demonstrates how SOCaaS can provide tangible benefits to organizations, allowing them to focus on their core business while maintaining robust security.

Emerging Trends in SOCaaS

Several trends are shaping the future of SOC-as-a-Service:

  • AI and Machine Learning Integration: As you’d probably expect, #1 on the list here is Advanced AI and ML technologies being incorporated into SOCaaS offerings, in order to enhance threat detection and response capabilities. According to Gartner, by 2025, 50% of SOCs will have integrated AI and ML technologies into their operations.
  • Cloud-Native Solutions: As more businesses move their operations to the cloud, SOCaaS providers are developing cloud-native solutions to better protect these environments. IDC predicts that by 2024, 80% of enterprises will have shifted to cloud-centric infrastructure and applications.
  • Increased Focus on Compliance: With evolving regulatory requirements, SOCaaS providers are expanding their offerings to help businesses maintain compliance with various industry standards and regulations. The global compliance market size is expected to reach $64.27 billion by 2025, according to Grand View Research.
  • Enhanced Threat Intelligence: SOCaaS providers are investing in advanced threat intelligence capabilities to stay ahead of emerging threats and provide more proactive protection to their clients. The global threat intelligence market is projected to reach $20.28 billion by 2027, as reported by Allied Market Research.

10 Most Popular SOCaaS Providers (2024)

Conclusion

In an era where cyber threats are becoming increasingly complex and frequent, SOC-as-a-Service offers businesses a powerful solution to enhance their security posture. By providing access to advanced technologies, expert personnel, and round-the-clock monitoring, SOCaaS enables organizations to defend against cyber threats more effectively and efficiently than ever before.

For businesses looking to strengthen their cybersecurity defenses without the substantial investment required for an in-house SOC, SOC-as-a-Service presents a compelling option for businesses now and in the future, helping to wrangle often-massive IT costs in a way that makes sense for your business.

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