Why invest in a SOCaaS team

Warren Buffet once said “it all comes down to what makes you money. And knowing where to focus your efforts.” The truth of the matter is that your time has to be invested in other things, not the mundanity of cybersecurity. It is estimated that for every dollar spent on a professional SOCaaS team, a company makes $11 in return. Why? Simply put, you’re following Buffet’s advice.

The Net Cost of Cybercrime

Cybercrime is really a growth industry. You have huge returns and due to a bunch of red tape, a criminal has little to no risk. Criminals in general are hard to nap, and even if you do happen to single them out, depending on where they are perpetuating their attack from it will be near impossible to prosecute them.

A conservative estimate done by various organizations has shown that the losses due to cybercrime can reach the trillion-dollar mark by 2021. That’s more than the national income of most countries and governments.

And it’s not just net cost.

• It includes hundreds of people getting their information stolen.
• It includes a shift in employment. More employees are either losing their jobs or getting transported into security teams. In 2020 it was estimated that as many as 200,00 American jobs would be lost to cybercrimes.
• Theft of Intellectual property.
• damage to a company’s performance and brand.
• It reduces the rate of return to innovators by slowing the pace of investing.

And these are just some of the many reasons why a SOCaaS is necessary for today’s market. The cost of cybercrime will continue to increase as businesses continue to expand their reach on the internet and try to connect with more consumers worldwide. A SOCaaS is a team dedicated to protecting your company from all those types of planned attacks. They are a team of multiple individuals each with a key function.

The Worth of SOCaaS.

Studies have shown that the Internet economy generates between $2 trillion and $3 trillion a year, as of 2018. That’s a value that will grow exponentially as the world continues to break new digital ground. Extracting from that estimate, the same study determined that between 15% and 20% of the value created by the Internet will be “robbed” by cybercriminals. And that’s not even taking into account the issues of the way an attack affects your infrastructure, your net worth, your brand value, other intrinsic factors.

SOCaaS Security As A Service.

Enterprises around $2.86 million on their in-house security experts. It’s not just the technician but all the hardware they have to buy, not to mention ownership costs.

Many firms are now outsourcing those services. Why? Mainly because it helps them have predictable operating costs and access to top-talent professionals. It also allows them to have the most advanced analytics available, one that recognizes patterns faster. SOCaaS has much more input from other companies under its purview. What does that mean? Well, a SOCaaS has dozens of companies under contract, when one attacks all others are updated to that possible attack. It has more real-time information.

What does a SOCaaS do?

Monitoring

They redefine your goals and your visibility. SOCaaS monitors your company 24/7 and has real-time detection software. More importantly they manage to categorize alerts, read logs, and track suspicious activity. A SOCaaS team discovers your weak points and secures your network assets and access.

Analyzing

SOCaaS updates their threat database constantly. They manage to build real-time analysis and criteria based not only on the latest exploits assailing your company but those attacking their other clients. This streamlined investigation, in turn, makes time-consuming tasks far easier to perform and ultimately update.

Responding

A good SOCaaS doesn’t just react, it counterattacks and in many cases goes on the defensive before an attack is even made. A SOCaaS team knows and responds to your security events and starts to fill gaps in your firewalls. They are an extension of your own team and help you secure and maintain your security policies.

The main task of a SOCaaS is to enable deep analysis of your system and integrate emerging technologies into it. They manage the way you respond to threats and fill gaps in your infrastructure.

The Main Goal of a SOCaaS

Aside from protecting your business, the ultimate objective of a SOCaaS is to give you peace of mind. To allow you to scale up your business without having to waste precious time and neurons on security issues. They are the grunts that take the lead in this field so you can invest your resources into what truly matters, making your business grow.

Outsourcing security or hiring a SOCaaS team will permit you to spend time thinking about the big picture. About what really matters to you. At the most, you will have to think about security in general, not the drawback or gaps you might possess. A great SOCaaS invests out of pocket, trains its personnel, and makes sure it has all the best tools available in the market right now to protect you. You won’t have to worry if they are up to snuff or if their tools or skills are right on the cutting edge.