In this blog, we will explore what a Managed SOC (Security Operations Centre), also known as SOC-as-a-service or SOC managed service, entails. We’ll discuss the benefits and drawbacks of outsourcing a SOC and highlight key factors that cyber risk owners should consider when deciding whether to invest in a Managed SOC Service.
Today, most cyber risk owners are familiar with the term Security Operations Centre (SOC). However, not all have integrated this operation into their current cyber strategy. In the present threat landscape, where AI is rapidly reducing the cost and increasing the speed of cyber-attacks, can UK businesses truly afford to operate without it?
Definition of SOC Managed Service
A Security Operations Centre (SOC) Managed Service is a dedicated facility that continuously monitors, detects, analyses, and responds to cybersecurity incidents. It plays a crucial role in the cybersecurity framework by utilizing expert staff, processes, and technology to protect organisations from potential threats.
This operation requires a specialized skill set. The people and technologies necessary to run an effective 24/7/365 SOC are niche. Thus, cyber risk owners should carefully consider this when choosing a partner to outsource their SOC—more on this later.
Importance for Businesses
For businesses lacking in-house cybersecurity capabilities, SOC Managed Services provide a critical line of defense. These services ensure that threats are identified and addressed swiftly and efficiently, safeguarding sensitive data and maintaining operational continuity.
What is a SOC Managed Service?
A SOC Managed Service involves 24/7 surveillance of an organisation’s security posture. This includes monitoring networks, analyzing security alerts, executing incident responses, and conducting ongoing cybersecurity assessments. This comprehensive service is designed to detect and mitigate threats before they escalate into significant breaches.
Components of SOC Services
Typically, a SOC Managed Service includes:
- Real-time threat monitoring to identify unusual activities that could signal a security threat.
- Skilled analysts and detailed response procedures that enable the managed provider to act swiftly to contain and remediate threats.
- Regular vulnerability assessments and monthly reporting to ensure defenses remain robust against evolving threats.
Role in Cybersecurity Strategy
Incorporating a SOC Managed Service into your cybersecurity strategy offers continuous protection, which is essential for defending against both known and emerging security threats. This integration is crucial for maintaining the integrity and confidentiality of critical business data, as well as reducing the risk and impact of an attack.
While a cybersecurity budget can buy the latest technologies, these tools are of little value without the correct analysis and interpretation of the data they produce. A managed SOC service provides this value by continuously tuning the system to filter out noise and convert meaningless alerts into valuable information points. Expert cybersecurity analysts then analyze this data to detect and respond to potential malicious activity, preventing long-lasting financial, productivity, and reputational damage.
Pros of Using a SOC Managed Service
Enhanced Security Posture:
SOC Managed Services strengthen your organisation’s security posture by offering sophisticated monitoring and rapid threat detection capabilities. This is crucial in today’s fast-paced threat environment.
Managed SOC services use advanced technologies, such as artificial intelligence (AI) and machine learning (ML), to quickly detect and respond to threats based on industry-specific threat intelligence. This leads to faster identification and mitigation of risks. For example, a Managed SOC service might identify a zero-day exploit targeting your industry, allowing for immediate containment and response before significant damage occurs.
Cost-Effectiveness:
Outsourcing SOC services can be more cost-effective than developing and maintaining an in-house SOC. It eliminates the need for extensive capital investment in technology and specialized personnel, making it a viable option for many businesses.
Access to Expertise:
As mentioned earlier, operating a Security Operations Centre requires specialized skills and significant time to set up efficiently. SOC Managed Services provide access to a pool of cybersecurity experts dedicated to monitoring and defending against cyber threats.
This is a key consideration when evaluating potential partners. The recent growth in the cybersecurity market has led to many start-up SOC and MDR service providers. Cyber risk owners must ensure the service provider they choose is truly an expert in SOC services and not just adding it to their broader portfolio.
Scalability:
These services are inherently scalable, adjusting to the size and complexity of your business operations without significant additional investments. By partnering with a flexible supplier, businesses can quickly scale their service level up or down to match their current needs, something that is much harder with an in-house team.
Cons of Using a SOC Managed Service
Potential for Limited Customization:
One downside is that SOC Managed Services may offer less flexibility in customizing security operations to fit specific organizational needs, especially for smaller companies with limited budgets. In such cases, an in-house operation might seem more beneficial. However, a hybrid solution could be a good option, providing access to expert cybersecurity knowledge while allowing in-house teams to handle specific business details.
Dependency on External Providers:
Relying on external SOC providers may raise concerns around licensing ownership and the ability to switch providers. Some managed SOC providers require that technology licenses be procured through them if they have relationships with key vendors. While this can lead to reduced license costs, it also ties the customer to that service provider. However, this is not the case with all providers. Cyber risk owners should thoroughly research and find a solution that aligns with their strategy and budget.
Potential for Communication Gaps:
Working with an external SOC provider can sometimes lead to communication gaps or delays, which might affect the speed and efficiency of threat response. That said, not all managed SOC providers have these issues. Many offer contractual SLAs on communication response times and may have seamless communication channels, such as e2e-assure’s SOC Channel App for Microsoft Teams.
What a Cyber Risk Owner Should Look for When Procuring a SOC Managed Service
Provider’s Expertise and Reputation:
It is critical to select a provider with a solid reputation and proven track record in offering a managed SOC service. As previously discussed, this service requires a significant investment in time and resources to offer effective threat detection and response.
If a provider offers a SOC as part of a broader portfolio, be sure to question how much dedicated resource is being put into the SOC service. Cyber risk owners must ensure their business will be a priority in the event of an incident and that the provider has the necessary skills to assist.
Service Customization and Flexibility:
Ensure the SOC service is flexible enough to adapt to your specific needs and security requirements. The ability to tailor services is crucial for aligning with your organisation’s unique environment.
Traditionally, managed SOC contracts were long-term commitments with little flexibility or a clear roadmap for the growth and maturity of the customer’s cyber posture. With the rapid advancement of cyber threats, such contracts are no longer feasible. If confronted with such a contract today, cyber risk owners should question whether it will meet their business’s needs in the next 3-4 years.
Alignment with Business Goals:
Choose a SOC Managed Service that aligns with your overall business and cybersecurity goals. This ensures that the service supports, rather than hinders, your organizational objectives.
An expert specialist should help cyber risk owners create a future roadmap, working collaboratively to continually improve the business’s cyber posture. If your current provider isn’t offering this level of support, it might be time to explore other options or align your requirements with the SLAs and contractual agreements.
