SOC as a Service can help keep your company safe from potential cyber-attacks, with its ability to constantly monitor your networks, systems and data. But it’s not just discovering the threats that is important. It is reacting to them and reacting quickly that truly protects your company. When outsourcing your SOC as a Service (SOCaaS) to a third-party expert firm, it can help improve your organization’s incident response because they are committed to and able to respond to potential threats right away 24/7/365.
Can you afford to lose $3.9 million? According to the Ponemon Institute’s annual data breach report, the average cost of a data breach in 2019 was $3.9 million! That equals out to about 150 per record, so even if you are a small or midsized company, a breach can cause a great deal of financial damage. By outsourcing your SOC to a third-party, you can more quickly mitigate the threat of breach and protect your company’s bottom line.
The expert SOC as a Service analysts will contain and respond to incidents quickly without the need of a company’s internal IT personnel. Instead of simply collecting the data, the SOCaaS provider’s cybersecurity experts will detect and respond to incidents as quickly as they can, often in minutes not hours, days, weeks or months like may occur with your bogged-down internal team. This drastic increase in response times makes your organization that much more secure – and saves a lot of money! According to the Ponemon Institute report, a data breach with a life cycle of less than 200 days costs $1.2 million less than a breach with a higher life cycle.
Additionally, utilizing a SOC as a Service provider allows your company to monitor your networks, servers and workstations, applications and databases in real time. Therefore, dwell time, the time between when an attack occurs and when the company is aware of the incident, is drastically reduced by using SOC as a Service. In 2018, the average dwell time for a business was six months, according to the Verizon Data Breach Investigation Report 2018. The expense to a company for that length of time could cause significant damage. However, by outsourcing your security operations center, you have access to continuous, ongoing monitoring by a team of security experts to safeguard data and mitigate potential risks.
Data breaches have the potential to cause a great deal of damage to a company’s bottom line and reputation. With cyber-threats ongoing and cyber criminals becoming more and more sophisticated in their approach (and broader in their target demographic), companies need to do everything they can to mitigate the risk. Increasing your incident response time is a surefire way to protect your data, save money and gain respect from customers/clients. The best way to do that is by utilizing SOC as a Service.