Security Operations Center as a Service (SOCaaS) is a cybersecurity solution that allows organizations to outsource their security monitoring and incident response to a third-party provider, much like MindPoint Group’s MPGSOC.
In 2022, organizations spent an average of $1.85 million recovering from ransomware attacks, and dedicated in-house security operations are often prohibitively expensive. Comparatively, SOCaaS can provide the best value to organizations looking to improve their cybersecurity posture. Utilization of a SOCaaS can help prevent ransomware attacks, identify insider threats, stop malware in its tracks, along with many other security concerns.
There are several ways in which SOCaaS can help your organization save money:
- Reduced upfront costs: Implementing an in-house Security Operations Center (SOC) can be expensive, as it requires the organization to invest in specialized tools, technologies, and cybersecurity personnel. With SOCaaS, an organization can outsource these functions to a provider, reducing the upfront costs of setting up and maintaining a SOC. For example, while MPGSOC offers 24x7x365 monitoring by an entire team of cybersecurity experts and can cost less than the standard annual salary of a single Senior Security Engineer.
- Improved efficiency: A SOCaaS provider typically has a team of trained cybersecurity professionals who are dedicated to monitoring networks and systems for threats, investigating alerts, and responding to incidents. This can free up the IT team to work on more pressing matters that enable your organization to grow. By outsourcing security monitoring, an organization can reduce the time and resources required to manage its cybersecurity efforts, resulting in both cost savings and increased effectiveness of IT efforts.
- Flexible pricing: Many SOCaaS providers offer flexible pricing options, allowing organizations to pay for the level of service that they need. This can help organizations save money as they grow or contract by avoiding the costs associated with maintaining an in-house SOC that may not be fully utilized.
- Scalability: SOCaaS providers can typically scale their services to meet the needs of an organization, which can help organizations save money by avoiding the costs of hiring additional staff or purchasing additional equipment as their security needs change. No matter if your organization is consolidating or growing, scalability means you only pay for what you need.
Remember, ignoring cybersecurity threats or insisting that you aren’t at risk is arguably the most expensive long-term option. Utilizing a SOC to create a more robust cybersecurity posture can possibly save your organization millions in recovery costs, make your IT team more efficient, and can help harden your organization from future cybersecurity threats.
If you’d like to discuss how SOCaaS can reduce costs for your organization, connect with the experts at MindPoint Group and our MPGSOC services.