Running a Security Operations Center (SOC) can be a significant investment for any organisation. While the benefits of having a SOC are clear, it’s important to weigh the costs and benefits of running a SOC in-house versus outsourcing to a third-party provider.
Cost Benefits of In-House vs Outsourced SOC
One of the main benefits of running an in-house SOC is greater control over the security strategy and decision-making process. An in-house SOC can provide greater visibility into internal security processes and procedures. However, building and maintaining an in-house SOC requires significant personnel, technology and infrastructure investments.
On the other hand, outsourcing to a third-party SOC provider can offer cost savings and reduce the burden of managing an in-house SOC. Third-party providers often have access to advanced technologies, expert personnel, and streamlined processes that can help mitigate the cost of running an in-house SOC. Providers that allocate small pools of staff to individual clients can help them maintain situational awareness of their customers’ business and minimise the loss of control that outsourcing can sometimes bring.
Effectiveness of SOCs in Preventing Cyber Attacks
A well-designed and well-managed SOC can be highly effective in preventing cyber attacks. SOCs typically use advanced threat detection tools, such as Security Information and Event Management (SIEM) and User and Entity Behaviour Analytics (UEBA), to identify potential threats and respond quickly to mitigate them.
According to a study by Ponemon Institute, companies with a SOC reported an average reduction of 39% in the cost of cyber attacks. This suggests that SOCs are highly effective in reducing the impact of cyber-attacks and mitigating their associated costs.
Additionally, research from the SANS Institute found that SOCs are effective at detecting and stopping various cyber threats, including malware, phishing attacks, and data breaches. The study found that 77% of respondents reported that their SOC was effective at detecting and stopping phishing attacks, while 71% reported effectiveness in detecting and stopping malware.
While the cost of running a SOC can be high, the benefits of having an effective SOC are evident. Outsourcing to a third-party provider, such as FoxTech, can offer these benefits at a much lower cost, with only a minimum loss of control. Whether an organisation runs an in-house SOC or outsources to a third-party provider, a well-designed and well-managed SOC can be highly effective in preventing cyber attacks and mitigating their impact.
References:
- The state of cybersecurity in SMEs, Ponemon Institute 2020.
- SANS 2020 SOC survey, SANS Institute 2020.
- The pros and cons of in-house and outsourced SOCs, Security Intelligence 2020.
