SOC-as-a-service adds protection layers to defend against a cybersecurity breach
Banks leave no stone unturned when it comes to security, with alarm systems, robust vaults, threat monitoring, and biometric access control that just about require blood samples to grant access.
As a result, physical bank robberies have decreased significantly over the years, but not for lack of trying. In fact, criminals now figure it’s easier to rob a bank online. The point is, little can deter an adamant thief from thieving, which is why cybersecurity is a must-have for organisations with valuable data, finances, and online assets.
What the stats have to say
Digital banking fraud
According to IOL, although digital fraud incidents declined by 18% in 2020 and 2021, there was a 45% increase in the total gross losses in digital banking. This was due to social engineering tactics like social media and data leaks.
Cybersecurity breach
According to Forbes, cyberattacks and data breaches increased by 15.1%, while businesses worldwide had 50% more cyberattack attempts per week in 2021.
Prevention is better than loss
If you think about it, a cybersecurity breach's financial and data loss implications are much higher than the cost of implementing cybersecurity measures. In fact, threat monitoring prevents an attack from happening in the first place.
That is where a Security Operations Centre (SOC) comes in…
What is SOC?
Think online special forces. SOC comprises a team of highly skilled cybersecurity professionals using processes and technology as weapons to guard a company’s IT infrastructure against malicious activity. While they use threat monitoring to prevent cyber incidents, they also have an arsenal of tools to detect and react to threats that fall through the cracks.
So, you basically have military-level bodyguards protecting your data, finances, and business assets.
There are two types of SOCs: In-house SOC and SOC-as-a-service.
An in-house SOC is when you implement an entire SOC department into your company. SOC-as-a-service, or managed SOC, is when you outsource to an external security operations centre.
Managed versus in-house SOC
Although it seems convenient to have your own team, in-house SOCs are pricey and difficult to maintain, which means many SMEs don’t have the financial or technical resources to implement them.
The question is, should you bite the budget bullet? Or leave your data and finances exposed to the next, best hacker?
Neither.
Fortunately, SOC-as-a-service doesn’t require bullet biting or potential loss because the analysts conduct 24/7 threat monitoring to ensure complete protection on endpoints (devices), cloud services, and networks.
Benefits of managed SOC
“Can’t I just use antivirus software?”
You can, but you still won’t be 100% protected. Remember, serious hackers, don’t hack as a hobby. They are just if not more, skilled at cyber processes as the people developing these antivirus solutions.
They are constantly upskilling themselves to find new ways of bypassing security measures without detection – hence the importance of having a security team doing constant threat monitoring and security updates. Still not convinced. Here are a few benefits of SOC-as-a-service:
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Reduced in-house cybersecurity costs
Advanced cybersecurity experts are few and far between and don’t come cheap. However, SOC-as-a-service is subscription-based and offers instant protection without the need to hire more people or buy additional equipment.
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Increased detection and minimal financial impact
Cyber-attackers often dwell on a network and go undetected for months, significantly increasing the risk of financial or data loss. Managed SOCs detect dwellers within minutes, preventing incidents altogether or reducing the financial impact if an intrusion occurs.
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24/7 threat monitoring
SOCs don’t rest like regular mortals and always have someone monitoring and hunting for threats. So, while you’re asleep or relaxing on the beach, your SOC provider keeps your business safe.
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Easy integration
SOCs are an extension of your existing IT department, also supporting your existing security layers. So, if you’ve already invested in firewalls, antivirus software, and other security products, a managed SOC can consolidate your measures with theirs and provide complete cybersecurity visibility in one place.
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Layers upon layers
Products within the layers of security are threat data goldmines, so SOCs perform triaging to determine whether the threat is severe enough to be regarded as an incident. From here, the SOC analysts either give you advice on handling the threat or fix it themselves. They can even isolate and contain the threat until it’s under control.
Infinite security and support
Cybersecurity is no longer a luxury but an essential. And operating without it can mean the difference between a healthy business and significant asset loss.
Find out how Numata SOC-as-a-Service can protect your business.
