Does your Financial Institution Need a SOC?
By Krystal Rennie / Adlumin, Inc.
Can you remember a time this year when your IT department was under pressure to keep up with new industry demands and emerging cybersecurity threats? If this sounds more like your current reality than a distant memory, and your IT department is still at risk of burning out, continue reading. Within the financial industry, risk management solutions are in high demand as the need for continuous network monitoring has only grown. A security operation center (SOC) could be the ideal cybersecurity solution that your financial institution needs.
In an article by MSSP Alert, a study found that “73 percent said their SOCs are essential” to their overall business and cybersecurity strategy in organizations. While it is clear that these operation centers are growing in popularity within the cybersecurity industry, the question remains – what makes them so essential? Below, we explore what a SOC is, various capabilities, how it benefits your financial institution, and more.
What is a SOC?
defines a security operations center as “both as a team, often operating in shifts around the clock, and a facility dedicated to and organized to prevent, detect, assess and respond to cybersecurity threats and incidents, and to fulfill and assess regulatory compliance.”
In general, SOCs are responsible for monitoring and analyzing all activity on networks, servers and more. The service center is consistently looking for anomalous activity, which could indicate a potential breach, security incident, or malicious activity in your network. Also, a SOC detects harmful attempts to compromise your network and assists with the Incident Response Lifecycle, allowing you to respond more efficiently and work towards preventing security threats altogether. In the end, a SOC service is a key component of any organization looking to work smarter, not harder. The goal is simple: get the job done quickly and accurately.