A 24/7 SOC Is More Imperative Than Ever
In today's interconnected digital landscape, the evolution of technology has led to unprecedented opportunities - and this has given rise to new challenges, particularly in cybersecurity. Cloudwards estimated that there are over 4000 attacks per day. According to a recent Mimecast report, an estimated 33 billion electronic records are expected to be stolen by the end of 2023. However, it takes a company an average of 277 days to identify and respond to a cyberattack.
cybersecurity attacks happen per day
electronic records expected to be stolen in 2023
taken to identify and respond to a cyberattack
As attacks have become more advanced and persistent, traditional security measures have proved inadequate. The increasing frequency and sophistication of these cybercrimes have necessitated the establishment of robust defense mechanisms, a 24/7 Security Operations Center (SOC) amongst them.
Consequently, Security Operations Centers (SOCs) are evolving from being reactive, incident-driven entities to proactive, round-the-clock monitoring hubs. These 24/7 SOCs have emerged as a pivotal component in safeguarding organizations' digital assets and sensitive information, enabling companies to utilize their cybersecurity defenses to the fullest extent, and respond and react to threats in a timely manner.
Why have 24/7 SOCs grown in importance?
A primary factor of the importance of an SOC is money. The longer an attack takes to respond to, the more expensive it becomes. The earlier an attack can be discovered and stopped, the better. In a report published by Statista, it was found that the cost of cybercrime is on the rise, and between 2023 and 2028 it is estimated that globally the cost of cybercrime will increase by 5.7 trillion USD. (Cybersecurity Ventures puts that number at $8 trillion annually.)
Therefore, timely identification and mitigation of cyber threats is of growing importance to minimize the potential impact of an attack. This not only prevents financial losses, but sensitive data beaches and reputational damage.
Why you need a 24/7 SOC (either in-house or from a reliable partner)
The effective identification and mitigation of cyber threats not only helps ward off current threats. It also provides critical information to prevent future attacks. A qualified SOC team will analyze incidents after they occur, helping organizations understand the attack vectors, vulnerabilities, and tactics used. This knowledge contributes to continuous improvement in cybersecurity strategies.
Not only does a 24/7 SOC help stop attacks and mitigate damage, but the real-time threat detection and response provides continuous monitoring of an organization's networks, systems, and applications. This proactive approach enables the rapid detection of suspicious activities and the swift initiation of countermeasures.
What your 24/7 SOC should include
- Effective SOC operations require a multitude of talents, including a seamless collaboration between different teams, including IT, security, executive management and in many cases partners and vendors.
- Clear communication channels are essential for timely incident response.
- As the data show, cybersecurity itself is a rapidly evolving field, and it is essential for SOCs to be equipped with cutting-edge tools that are one step ahead of the rapidly evolving sophistication of hackers and cyber threats.
- Regular training for SOC staff is crucial for combating evolving tactics used by hackers.A well-defined incident response plan that outlines roles, responsibilities, and procedures to be followed during a cyber incident is also essential.
The relentless evolution of cyber threats necessitates a dynamic and proactive approach to cybersecurity. The establishment of 24/7 Security Operations Centers (SOCs) has become imperative for organizations seeking to safeguard their digital assets, reputation, and customer trust. By leveraging advanced technologies, fostering collaboration, and adhering to best practices, SOCs play a pivotal role in fortifying an organization's cyber defenses and responding effectively to the ever-changing threat landscape.
At UncommonX, we have created a unique technology platform and established a 24/7/365 SOC to help clients meet the evolving and increasing risks from cyber attacks and security threats. Contact us to learn about the costs of building a SOC versus the benefits of leveraging our managed service to meet your cybersecurity goals.