The healthcare industry is facing a growing wave of cyber threats, making robust defensive measures crucial. One solution is a security operations center (SOC), which is quickly becoming an integral part of every business’ cybersecurity strategy due to its effectiveness. However, providers joining this trend will need to grapple with a difficult choice – is it better to create an in-house team, or opt for managed SOC as a service?
And for that matter, what is a managed SOC?
What is a Managed SOC?
Managed SOC services are provided by external cybersecurity experts to assist in monitoring, threat detection, and incident response.
Managed SOC as a service typically includes:
- Real-Time Threat Monitoring: Continuous analysis of system activities to identify suspicious behavior.
- Incident Response: Immediate action to contain and mitigate threats.
- Compliance Support: Services designed to help healthcare organizations meet regulatory standards such as HIPAA.
A Closer Look at In-House SOC
An in-house SOC is built and operated within the organization’s infrastructure. It requires hiring and training a dedicated team of cybersecurity experts, deploying necessary tools, and maintaining a physical space for operations.
While an in-house SOC provides complete control over cybersecurity efforts, it comes with significant challenges:
- High Costs: Salaries for a skilled SOC manager and analysts, coupled with investments in tools and training, make this approach costly.
- Talent Retention: Cybersecurity is facing a talent shortage, making it difficult to attract and retain qualified staff.
- Evolving Threats: Healthcare organizations must constantly update their defenses to keep pace with the latest cyber threats.
Managed vs In-House SOC: Key Comparison Factors
- Managed: Managed SOC pricing is subscription-based, providing predictable cost and making it easier to budget for long-term security needs. This also reduces the need for upfront infrastructure investments.
- In-House: Requires significant capital for infrastructure setup, staffing, and continuous training.
- Managed: Frees up internal IT teams to focus on core operations by leveraging external expertise.
- In-House: Demands a full-time team, dedicated space, and extensive management resources.
- Managed: Offers compliance-focused services tailored for healthcare organizations, ensuring adherence to regulations and preventing legal consequences.
- In-House: Relies on internal knowledge of relevant regulations.
- Managed: Managed SOC’s pricing model ensures easy scaling to accommodate organizational growth, new technologies, and expanding threat landscapes.
- In-House: Scaling requires significant investments in new staff, tools, and infrastructure.
ROI Analysis of Managed SOC Solutions for Healthcare Organizations
The return on investment (ROI) of managed SOC solutions is clear. Not only is it vastly cheaper than hiring an entire in-house team, due to economies of scale, but it also provides long-term savings. The average cost of a data breach in 2024 is $4.88 million USD, which many organizations will not be able to afford. When implementing a SOC, managed services remove the guesswork and make it much easier to avoid experiencing a breach. Service providers will also often identify inefficiencies in the organization’s current approach that may be raising costs.
SOC Managed Services to Secure Your Organization
When comparing the benefits of in-house staff vs managed services, organizations must carefully weigh the pros and cons against their individual needs. In this case, one offers more control, while the other delivers cost-effective and scalable solutions. Choosing between the two will depend on which approach best suits each provider.
Secure your business today with CyOp cybersecurity’s fully managed SOC services. We specialize in the unique security challenges faced by the healthcare industry, providing us with the experience needed to protect you and your patients. Explore how our managed SOC services can make your organization safer.