SOC stands for more than one thing in our industry, so it’s no wonder that we get a lot of questions about it at Marco! SOC can stand for security operations center or service organization controls. Either way, SOC is pronounced “sock.” And if you really want to get in the weeds, SoC stands for System on a Chip and is also pronounced like what you put on your feet.
But for the purposes of this blog, let’s keep this simple! Small to midsize business owners typically will only hear about the two fully capitalized SOCs. We explored service organization controls and why they’re important in another blog, so let’s take a deeper dive into security operations centers.
What Are SOCs in Business?
Security operations centers are like command centers for cybersecurity. These centers will be staffed by skilled cybersecurity pros who are tasked with identifying and mitigating threats to your systems and data. Many large businesses are able to maintain an in-house SOC. However, it’s also possible to outsource these responsibilities to a third-party provider.
How Does a Security Operations Center Work?
In order to be effective against criminals who are always evolving their tactics, a SOC will constantly collect data from an organization’s cybersecurity tools and then analyze that data using security information and event management (SIEM) tools. If a potential security incident is detected, it will be triaged based on severity and potential impact and thoroughly investigated.
Depending on what the investigation uncovers, a SOC may need to take additional steps to contain and mitigate the threat. Any significant cybersecurity incidents will then be reported to leadership, along with any new recommendations to keep the organization’s systems and data well protected.
What Are 5 Key Benefits of Having a SOC?
Cybercrime is predicted to cost the world $9.5 trillion in 2024, and unfortunately, hackers have shown a preference for small to midsize organizations, which are far less likely to have sophisticated defenses in place. So, regardless of an organization’s size, there are a number of benefits to having a SOC.
1. Reduced Risk
Business technology moves fast, but cybersecurity tools move faster. No single cybersecurity solution is 100% effective, and cybersecurity pros will have a better understanding of which tools will provide the most effective protection for your organization.
2. Quicker, More Effective Responses
Even if your organization experiences a serious cybersecurity incident, your SOC team can work quickly to contain it and resume normal operations, which improves your disaster recovery plan (DRP) and business continuity plan (BCP).
An effective response can also deter future incidents. Hackers have also shown a preference for returning to previous ransomware targets that paid up.
3. Reduced Long-Term Costs
Top cybersecurity professionals aren’t cheap. But if a SOC seems like a luxury, feel free to compare that against the cost of an average data breach — $4.45M.
Just like in healthcare, effective prevention can often be a tough sell. However, when compared with the alternative, it’s always cheaper and far more pleasant!
4. Simplified Compliance
If your business is regulated by a state or federal agency, your SOC team will make sure your organization meets compliance. And as regulations change, your team can help you anticipate any changes that you’ll need to make to remain that way.
5. Gain More Business
Every person and every device that’s connected to a business’s network represents a potential business risk. So it’s no surprise that more and more businesses are requiring the vendors they work with to prove that they won’t bring additional risks.
Depending on your organization and who you do business with, an effective cybersecurity posture could be a significant competitive advantage.
Finding a SOC for Less
There’s no way around it — maintaining an effective in-house SOC is an investment, and those costs aren’t going to go anywhere but up in the foreseeable future. Demand for top cybersecurity talent far exceeds supply.
However, that doesn’t mean that small to midsize organizations need to remain easy pickings for cybercriminals around the world. An excellent managed IT provider will include world-class cybersecurity services in their offering. Some organizations that have a skilled in-house IT team may opt to outsource only their cybersecurity needs. For others, it may be time to consider managed IT, which can also help them save money throughout their infrastructure.
Click the link below to access our complete guide to managed IT services — including provider red flags to watch out for!
