A Managed Security Operations Center (SOC) is a service that provides round-the-clock monitoring and management of your business’s cybersecurity. As the term “managed” refers to, it involves a team of experts who use advanced tools and techniques to detect, analyze, and respond to potential security threats.
We know it all sounds like a huge technical jargon. But there’s no simple way to put this, honestly. As business owners, you don’t want to spend time understanding complex cybersecurity concepts, do you?
Coming back to the point, the key components of a SOC include people, processes, and technology working together to protect your digital assets.
As you may have guessed, we’re not talking about an in-house SOC. A managed SOC is outsourced to a third-party provider who offers you the expertise and resources without the need to build and maintain your own security infrastructure.
Needless to say, this setup keeps your costs low. At the same time, you get continuous protection and quick response to any incidents. Win-win, right?
How Does a Managed SOC Work?
As you’re spending money, you should know how the system works. It’s only fair. Here’s a simplified breakdown of how a managed SOC operates.
Monitoring and Detection
The most basic part of the job description. The team continuously monitors your network, systems, and data for any suspicious activity. They use advanced tools to help them detect potential threats in real time. If you miss an unusual activity, you may open yourself up to threats.
Incident Response
When a threat is detected, the SOC team quickly investigates and responds. As they already have a structured process to identify the nature of the threat and contain it, they don’t waste any time.
From a business perspective, that’s lots of money saved dealing with data breaches and reputation damages.
Threat Intelligence
It sounds more complex than it is. Threat intelligence involves gathering data on the latest cyber threats and vulnerabilities. Experts analyze this information so that they can anticipate and prevent attacks before they happen. It’s a proactive approach that goes a long way if you have plans to grow your online presence.
Reporting and Compliance
The last component of a managed SOC involves regular reports on the security status of your business. These reports include details of detected threats, responses, and overall system health.
Thankfully, they make the reporting easy to understand for business owners instead of their technical language. If you still have any difficulty understanding their reports, don’t hesitate to ask for clarification.
What Are the Benefits of Managed SOC
So, why should you consider a managed SOC for your business? Don’t you have a security expert taking care of things?
Well, let’s take a look at the benefits of a SOC managé through a different lens.
Expertise and Experience
Managed SOCs are staffed by skilled cybersecurity professionals who have extensive experience dealing with various threats. If you try to recruit the same individuals for an in-house SOC team, it’s going to break the bank. However, with a subscription model, managed SOC can provide top-tier expertise to protect your business.
Cost-Effective
We’ve already established that maintaining an in-house SOC can be expensive. Besides the personnel, you also have to invest in the hardware.
A Managed SOC, on the other hand, offers a more cost-effective solution by spreading these costs across multiple clients. You get the service but don’t have to go broke in the process.
Proactive Threat Management
Instead of just reacting to incidents, a managed SOC proactively identifies and mitigates potential threats before they can cause harm. This proactive approach helps prevent attacks and reduces the overall risk to your business.
Scalability
As your business grows, so do your cybersecurity needs. A managed SOC can scale its services to match your expanding requirements. If you were dealing with an in-house SOC, it would mean hiring more people and buying more hardware.
Cost Considerations of a Managed SOC
We know what’s going on in your mind since the very beginning of this article. How much is it going to cost to have a managed SOC of your own? Well, it depends on quite a few factors, actually.
Let’s see if we can help you break them down.
Pricing Models
In most cases, managed SOCs offer various pricing structures. Common models include subscription-based, usage-based, and tiered pricing. Subscription-based plans charge a fixed monthly fee, while usage-based models bill based on the amount of data or number of devices monitored.
Tiered pricing, on the other hand, offers different service levels at varying prices. You may also see a hybrid of subscription-based and tiered pricing for some providers.
Factors Influencing Cost
So, what are the things that determine what kind of pricing model you should go for? Let’s find out.
- Size of Your Business: Larger businesses with more extensive networks will generally incur higher costs.
- Complexity of the IT Environment: More complex systems require more intensive monitoring and management. In these cases, the size of the team is ignored by the service provider.
- Level of Service: Enhanced services, such as advanced threat detection and response, can increase costs.
How to Choose the Right Managed SOC Provider
Selecting the right Managed SOC provider is crucial for strengthening your cybersecurity. Here’s how to make an informed choice and how Exeo fits the bill.
Assess Your Needs
Start by understanding your business’s specific security needs. Consider the size of your network, the types of data you handle, and any industry-specific regulations you must follow. If you have no idea about any of these, a consultation might be due.
Evaluate Providers
Once you have an idea of what you need, start evaluating managed SOC providers. Of course, consider their experience and reputation before anything else. Look for providers with a proven track record in your industry. Exeo, for example, has extensive experience across various sectors, ensuring they can handle diverse security challenges.
Service Level Agreements (SLAs)
SLAs are crucial in defining the level of service you can expect. Ensure the provider offers clear SLAs with guaranteed response times and performance metrics. Exeo provides transparent SLAs, ensuring you know exactly what to expect.
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