What is SOC and why do banks need SOC-as-a-Service?

What is SOC?

Security Operation Center (SOC) basically monitors, detects, analyses and responds to any cyber threat round the clock. SOC teams take the responsibility to shield an organization’s network from any malicious activities and security breaches. SOCs nowadays have become more of a distributed models, helping the organizations to optimize the use of existing security resources

SOC-as-a-Service

It’s a cloud-based model where the service provider hosts SOC infrastructure and supports SOC operations. This eliminates the need for the organizations to invest in building such infrastructures.

Its need in the Banking Sector

The BFSI sector is the skeleton of a country’s economy hence its also highly prone to security breaches. SOC service providers ensure a round the clock monitoring of the network and makes the banks compliant to the necessary regulations. This reduces the chances of data breach and elevates customer’s trust.

Some Challenges:

• Enterprise Data Security- For effective actions to take place against security threats, organizations need to give access to their sensitive data to the SOC-as-a-service providers. This could be risky.

• On boarding Process- The security solutions provided by the Managed SOC providers need to be configured within the customer’s environment. This on-boarding process is time-consuming. Data is left vulnerable during this transition.

• Regulatory Considerations- With increasing rates of cyber attacks happening in various new ways, businesses need to comply with the ever-updating regulations. Use of third-party provider to mean that it would have to be trusted to fulfil such duty.

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