Reported losses in the US, on account of cybercrime, exceed the 4.2 billion dollar mark — The annual FBI Crime Report recently revealed. Complaints have increased in, less than a year, by 300,000. And, the kicker, the average cost of a breach to a company is about 4.2 million dollars — that includes the breach itself, as well as the cost of repairing it, and the loss of income due to downtime. These are just some of the reasons why having a sound cybersecurity strategy is of utmost importance to a company. At the heart of that strategy, is your SOC team. The professionals are tasked with monitoring, analyzing, and responding to threats. In this article, we’re going to give you a look at the two ways you can approach the organization of a SOC team. Either have an in-house SOC team or outsourced it to a SOC services provider.
What are the main functions of SOC?
SOC stands for Security Operations Center. The main function of this team of professionals is to monitor, prevent, detect, investigate, and respond to cyber threats. This is an around-the-clock responsibility that is both defensive as well as offensive.
A SOC team is generally broken up into departments — each with a role to fill.
They configure tools and monitor your software as well as hardware. Identify threats, classify them, and, ultimately, prioritize them.
They ID affected hosts and devices. Evaluate the process, perform threat/risk analysis, and craft eradication strategy.
Advanced Security Analyst
This branch of your department, whether is in-house or SOC Services, reviews past threats, assesses product health, as well as deals with vendors. This wing of your department is responsible for recommending new products, tool changes, updates, and services.
The head-honcho of your SOC team. They communicate strategies, manage the team, and are familiarized with each tier and their concurrent responsibilities.
Ensures that everything is working at top-notch speed and efficiency. This branch is responsible for testing products and maintaining them at peak efficiency.
Each of these departments, depending on the size of your operation and needs, is composed of multiple employees, which themselves are backed up by state-of-the-art software, as well as AI tech.
Presently there are two ways you can meet the cybersecurity demands your organization demands. Either create an in-house SOC team, one that you control, that is stained within your infrastructure and will probably need physical housing. OR you can outsource this department and hire out a SOC as a service — otherwise known as SOCaaS.
The challenges of having an in-house SOC team
One of the biggest issues when it comes to hiring out SOC security services is SOC’s pricing. In many cases, companies would rather invest in creating their own team. One they can control and manage on their own. There are a couple of challenges to take into consideration.
It’s not just a question of square footage - in other words where you’ll house this branch of your corporation - but a question of overall capabilities. Before you decide to invest in an in-house SOC team you’ll have to understand your unique requirements and what your business demands. Only then can you start to diagram the type of tools and expertise you’ll need to fund. It’s also important to note that this will be something you’ll have to do regularly — you’ll continuously have to invest in new tools, new software, new personnel, new updates, etc.
The backbone of your SOC team isn’t going to be software, let alone hardware, let alone AI — it’s going to be the people you hire. They are the lifeblood of your SOC team and will determine who successful you are. Why? Software isn’t creative, it isn’t intuitive, it can learn, but it needs a teacher. The people you hire will know how to analyze data, stay up-to-date with current threats, and future-proof your organization.
There’s a difference between the needs of a small e-commerce site, with few vulnerabilities, from those of a company like NIKE or Apple or a Federal Institution. It’s critical to understand the type of attacks you might be subjected to and what your company model demands.
The final factor, and in any case the one that yips the scale one way or another, is your budget. You’ll need to properly fund your requirements, otherwise, you’re on a fool’s errand, destined to fail.
SOC services pricing and benefits
The truth is that unless you have the budget to back your play, you’ll be better off with a SOC as a service option. Why?
- You won’t have to bother with training let alone with re-training. Staff changes won’t bother you.
- Updates, new tech, new investment, all those costs won’t come out of your pocket. It’s the service’s responsibility to stay at the vanguard of technology — part of why you’re paying them is on account of that promise.
- Finally, they’ll future-proof you. That’s one of the biggest benefits of a SOC as a Service, the fact that it’s their role to stay up-to-date with today’s threat, and imagine how they will evolve as time goes by.