Top Business Benefits to Outsourcing SoC as Service for MSPs

by Josh Biggs in Business on 13th June 2024

Should you outsource your MSP SoC services to an external firm? Ask any managed service provider (MSP) or managed security service provider (MSSP) what their top concerns are and they’ll likely tell you it’s data security. With many businesses going online and the internet infringing on our lives, cyber attacks are increasing significantly. 

In 2022 alone, 83% of business organizations reported more than one data breach. Ransomware attacks increased by 13% according to a report from the Harvard Business Review

For businesses, cyber attacks can have significant long-term effects, such as lost revenue, a bad reputation in the market, and a downgrade of credit rating. This can limit a company’s ability to secure financing. One way MSPs are mitigating cyber threats is through outsourcing SoC (service operation center) as a service. 

What Is SoC Outsourcing? 

Think of SoC as a centralized business command system that leverages technology, human resources, and processes to protect online and physical resources from threats. As an MSP, managing a complex security system like SoC can be overwhelming. But when you outsource, you’re contracting a third-party firm to handle your security operations in a professional manner. 

In return, companies benefit from improved concentration on core business competencies and reduced cybersecurity risks with improved digital security protocol.

Below, we delve deep into the benefits MSPs experience by outsourcing SoC as a service (SocaaS) 

Benefits of Outsourcing SoC as a Service for MSPs

1. Real-time Cyber Threat Monitoring

One thing about outsourced SoC service providers is they provide support 24/7. What this means for your MSP is round-the-clock monitoring and detection of threats. The ultimate result is non-stop protection against cybersecurity even after office hours. 

By tracking your security systems 24/7, outsourced teams have better visibility of security incidents. Additionally, they can quickly implement effective cyber attack responses or risk management. 

Another advantage of round-the-clock cyber threat monitoring is reduced employee burnout. Through enhanced threat detections, outsourced teams reduce threat alerts that often overwhelm in-house SoC teams. 

Clients also notice improved configuration troubleshooting and cyber threat behavioral analysis. In short, threat behavior analysis is the detection of specific threat behavior with a focus on enhancing the risk landscape visibility and cybersecurity solutions. 

2. Improved Compliance and Regulations

As an MSP, you already know meeting compliance requirements can be complex, while non-compliance leads to costly fines and a damaged reputation. Delegating your MSP SoC to a third party gives you a chance to work with professionals who have in-depth knowledge of compliance management. This means your outsourced SoCs can follow relevant laws to ensure your business adheres to security standards. 

By remaining compliant with all your company’s IT security systems, you could avoid potential penalties and customer lawsuits. Remember, a lack of proper cyber security systems puts your clients’ data at risk and they could take legal action against your business for data breach. 

3. Cost Savings

You’re probably wondering how outsourcing your MSP security operations center can save money. First, you don’t need significant capital to purchase the tech required to streamline your security operations. That’s because outsourced SoCs already have access to a variety of security equipment. 

Second, you don’t need a huge budget to hire staff since external teams charge variable fees. Plus, you don’t need to rent space to accommodate outsourced teams, as they work remotely. The money you save through outsourcing can be reinvested back into the business to expand customer reach. 

4. Expertise and Resources

Skills, experience, and training are critical to boost an MSP’s security operations center. There’s a challenge, though, in maintaining a competent in-house SoC staff. Recruiting and training a security operations team is time-consuming and expensive. 

Outsourcing SoC to an external firm provides access to professionals who specialize in delivering high-quality services at lower costs. As reported by STAFFVIRTUAL, outsourced teams with a specialty in SoC as-a-service customize solutions that strengthen your MSP’s cybersecurity infrastructure. They help ensure your cybersecurity practices align with the organization’s strategic objectives and support your expansion efforts. 

5. Access to the Latest Security Technologies

Cyber attacks have become more complex because of emerging technologies. For this reason, both large and small businesses require bespoke cybersecurity solutions. However, your MSP may lack the finances to invest in the best hardware and software to mitigate the biggest cyber threats impacting business. Without proper security systems, your business is prone to phishing, ransomware attacks, data breaches, and cloud security vulnerabilities. 

External SoC as-a-service providers invest in up-to-date security technologies, giving their clients access to advanced solutions at low costs. Ideally, companies can leverage modern security equipment without worrying about the purchase price, license fees, maintenance, and upgrading costs. 

Conclusion: Outsourcing SoC as Service for MSPs

Outsourcing SoC as-a-service is an excellent way for MSPs to improve their cybersecurity posture while cutting costs and focusing more on core business competencies. Partnering with an external SoC team means you get access to the latest technologies designed to detect and mitigate cyber threats. 

Your business also benefits from working with experts who tailor your cybersecurity solutions to fit your organization’s unique security needs. With outsourced SoCs, your business can easily meet compliance requirements, because they stay up-to-date with changing security laws and trends.

Sources: 

Cyberattacks Have Significant Long-term Effects | Harvard Business Review

Security Operations Center | TechTarget

Data Breach Response: A Guide for Business | Federal Trade Commission

Categories: Business