The security operations center (SOC) works in close cooperation with organizations to protect them against cyber threats. SOC teams help the military, business, and educational sectors to prevent the spread of emerging viruses by removing bugs from their systems. It comprises of a team ofcybersecurity experts, security analysts, and engineers who detect, analyze, and respond to cyber-attacks. Analytical tools and programs are designed to detect and prevent the latest online cyber-attacks. It mandates a range of technical procedures to spot system vulnerabilities and circumventfuture occurrences.
SOC-as-a-service offers numerous companiessecurity benefits over any other method as it consists of a whole third-party SOC team to monitor security networks for security events. It saves a lot of time and resources. In light of the increasing data theft and cybercrimes online, many companies have started taking steps to identify malware and combat them. Digitalization has further added to the increasing incidents of cyberattacks. With SOC-as-a-service, companies can cut down additional expenses. With the advent of cloud infrastructure and SaaS applications, the demand forcybersecurity skillshas been increasing.
Large and small business enterprises areprimarily focusing on promoting their products and services and allowing trained professionals to handle security issues. Many are hiring SOC-as-a-service experts and engineers to run third-party servicesand advanced computerized machinery to scan millions of events in real-time. Once a threat is identified, these teams alert all the companies to take preventive measures.
The global soc as a service market is expected to grow at a CAGR 7.5% during the forecast period, 2023–2031.
The present working scenario, much influenced by the novel coronavirus, is different from the conventional method where organizations held full control over the use of technology among employees. Customized laptops and cell phones given to employees to connect to the company’s network were provisioned with default configurations to meet corporate policies. Policy implementation by businesses to maintain data is significantly driving the growth of the SOC-as-a-service market. Furthermore, Digitisation and technological advancements have brought new trendssuch as Choose-Your-Own Device (CYOD) and remote working where employees are allowed to work from their own devices. This includes private networks such as mobile hotspots or broadband,which is outside the company’s security strengths. In such cases,there is a high risk of data hacks and cyber theft. Though they happen without the knowledge of the company, it can still cause potential harmto them. Thus, enterprises are adopting SOC-as-a-service for reducing the threat caused by these trends, thereby fuelling the security operations center market growth.
Enterprises refrain from relying on third-party service providers to take over the complete network architecture of a business. If things go wrong, it can prove fatal to organizations and their workforce. This scenario is significantly hampering the estimated market growth. Other expenses related to the quality of service provided, upper-level management, and data protection further add to the insecurities of business owners, which can slow the market growth during the forecast period.
Hackers and their hacking techniques are uncertain and diverse in nature. As a result, security agents need to be mindful of these threats. Cybercriminals use advanced techniques to infiltrate into organizations’ networks, steal sensitive data, which can make them vulnerable. Addressing the complexity of advanced threats within time constraints is posing a significant challenge for the SOC-as-a-service market.
Organizations around the globe are realizing the disastrous effects of cyber theft more after the COVID-19 outbreak, as all operations have to either halted or managed remotely with limited security infrastructures. Therefore, they are making deployment of SOC-as-a-service mandatory to comply with the existing governments’ data protection laws. Data protection is expected to play a pivotal role in manage risks and address the rising concerns over the privacy of an individual’s data. Global governments, especially from growing economies such as India and China, are significantly allocating budgets to improve their IT landscapes. If the enterprises fail to meet these standards, they have to pay hefty fines to the authorities. Such initiatives and practices are anticipated to open new doors for the growth of the SOC-as-a-service market in the near future.
The BFSI sector is expected to have significant growth in the SOC-as-a-service marketon account of the large volumes of sensitive data they deal with. Banks are more vulnerable to cyber-attacks and data theft than other sectors.There have been various incidents of information hacking and manipulations around the world, which has made the sector one of the prime seekers of SOC-as-a-service. According to a 2017 study report by Accenture, the financial services industry accounts for the highest cost from cybercrime at an average of USD 18.3 million per company surveyed.
The BFSI sector is demanding a SOC-as-a-service solution to ensure irreversible security on the premises. The BFSI industry complies with many security requirements and is highly regulated. Therefore, many companies have come up with affordable SOC solutions tohelp various financial services organizations. For instance, Cygilant'sSOCVue services offer a suite of subscription-based services to deliver increased security visibility and guidance to detect and prevent cyber risks.They allow organizations to meet compliance requirements and regulatory laws. Despite this, many small financial organizations are still struggling to provide advanced security technologies, leaving more entry points exposedto malware
The 2019 SARS coronavirus outbreak has hampered businesses forcing them to think of working environments, operations, and the nature of internal control systems. There has been a sudden shift to the new normal with immediate concerns of how to keep employees safe and shift operations remotely.The pandemic is also severely impacting SOC reporting as the workforce has been scaled down and employees sent home. The demand for Security Operations Centers (SOC) staff is witnessing an exponential increase due to the COVID-19 outbreak as the number of cyber threats has risen. The U.S. Department of Homeland Security’s Cybersecurity& Infrastructure Security Agency (CISA) is advising businesses to enhance their system security protocols, therebymanaging risks. However, companies and organizations need to formulate new security guidelines and measures to keep operations safe and running during this unprecedented period.
Strong economic conditions, presence of key vendors in the region, and increased focus to enhance enterprise protection system are the factors driving the North AmericaSOC-as-a-service market growth. On the other hand, technical advancements, early adoption of new technology,and increasing need for data security in organizations are boosting the regional market growth.Therefore the government is taking the necessary initiatives to deal with the problem. The U.S. president Donald Trump earmarked more than USD 19 billion for cybersecurity-related initiatives due to the increasing number of cyberattacks in the nation.Also, the National Institute of Cybersecurity Careers and Studies (NICCS) is playing a proactive role in increasing awareness by providing training programs to the stakeholders
The strong presence of several market players, coupled with recent security threats in the region, is driving SOC adoption in Europe. The region has been witnessing increasing cyber incidents, cyberattacks, and new ransomware detections have been more dominant owing to higher numbers of internet-connected populations. This is compelling governments and security providers to incorporate SOC-as-a-service solutions across infrastructures.
Key players in the global SOC-as-a-service market include
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