Cybersecurity Ventures predicts “global cybercrime costs to grow by 15 per cent per year over the next five years, reaching $10.5 trillion USD annually by 2025.”
That said, chief information security officers (CISOs) are in the state of constant cybersecurity warfare as hackers and cybercriminals go bonkers with their attack techniques. Deciphering and combating ever-increasing cyber threats depend on how well-versed and equipped you are from a security standpoint. The fact that antivirus solutions or outmoded perimeter defenses can no longer provide advanced protection against unknown threats calls for the adoption of security operations centre (SOC) as a service across the cyberworld and businesses operating within.
Are you relatively new to this term?
SOC-as-a-Service is a cloud-based SaaS offering or rather a concept of bringing in a next-gen managed security service provider (MSSP) to leverage a comprehensive set of security and threat management services. From monitoring to the management of security systems such as firewalls, virtual private networks (VPNs), antivirus, endpoint detection and response (EDR), and intrusion detection system; — SOCaaS is fully equipped for all these security operations.
Let’s take a look at the emerging threats of choice of every cybersecurity attacker that has made SOCaaS a pressing priority for businesses:
1) Endpoint Attacks on Remote Workforce
Ever since the global pandemic has driven businesses and their workforce to go remote, establishing a data-protected, secure work environment has become the topmost priority. This paradigm shift towards workforce digitalisation is rapidly expanding the surface of potential security attacks.
Employees working from home inevitably have to stay connected to the internet and use VPNs, remote desktop protocols (RDPs), and various accessibility tools, thus exposing the enterprise network to internet-specific vulnerabilities.
According to the Cybersecurity and Infrastructure Security Agency (CISA), “attacks on unsecured RDP endpoints (i.e., exposed to the internet) are widely reported online, and recent analysis has identified a 127% increase in exposed RDP endpoints. The increase in RDP use could potentially make IT systems—without the right security measures in place—more vulnerable to attack.”
While small-and-medium businesses are at an early stage of security risk assessment and management, large enterprises are trying to build their own SOC to deter remote infrastructure threats. But, building an in-house security operations centre can be very challenging for the following reasons:
❖ Shortage and availability of skilled resources 24/7: Security experts and analysts are an essential part of a SOC, and makeshift IT resources usually do not possess the right skills needed for proactive analysis, detection, and response to potential threats.
❖ Budget allocation becomes a major concern when maintenance costs and operational overheads to run the in-house SOC get unpredictable and superfluous.
❖ As vulnerabilities keep on multiplying, your IT resources can easily drown in thousands of security events and alerts (including fake alarms), unable to prioritise them efficiently.
❖ Piecing together documentation and reporting processes in a streamlined manner is one of the biggest headaches of owning a SOC.
Hence, turning to a competent, well-equipped SOCaaS provider should be your first step towards strengthening security governance across the remote work environment.
2) Ransomware will rule the cyberthreat landscape
One of the well-known threats cybersecurity attackers devise is ransomware that continues to develop and become highly sophisticated. The malware that intrudes into a user’s system locks all data files through data encryption and demands a heavy ransom (payment) for releasing the infected data.
In 2021, you can expect to receive enticing emails and schemes containing nefarious, malicious links that leverage trending issues or topics to deliver ransomware payloads through phishing techniques. These infectious messages may seem genuine to lucrative targets, emotionally pulling them to open the mail or link without suspicion.
Implementing an integrated SOCaaS solution into your existing IT environment will help detect potential ransomware events in real-time and also enable you with security orchestration and automation response (SOAR) for augmented protection.
3) Data breaches and social engineering attacks will be on the rise
Social engineering attacks like phishing, scareware, tailgating (also known as piggybacking), baiting scams, quid pro quo, etc., can easily trick you into clicking malicious links, opening infected emails or downloading harmful files, leading to compromise of sensitive data.
Gone are those days when your traditional security management system was competent enough to block known malware or unauthorised entity trying to infiltrate your network. Leveraging fully managed threat detection and response services help you assess security risks and respond to social engineering threats proactively.
According to Gartner's fifth annual Market Guide for Managed Detection and Response (MDR) Services, “by 2025, 50% of organisations will be using MDR services for threat monitoring, detection and response functions that offer threat containment capabilities.”
However, to prevent advanced persistent cyberattacks (lurking online), you need an evolved version of MDR and MSS — a next-generation SOC-as-a-Service for your IT infrastructure.
4) Lack of cybersecurity skills and expertise itself is a security threat
Companies that lack cybersecurity awareness can quickly become the approach vector for emerging information security risks and threat actors.
So, what should be your next step as a chief information security officer? Bringing a cloud-based MSSP into play that not only provides 24/7 SOC-as-a-Service but also helps you extend your IT security capabilities is the ideal move to make.
Deployment of SOCaaS is the turnkey solution for preventing all types of known-unknown cyber threats as it enables your organisation with:
❖ 360-degree visibility into your entire network and IT ecosystem with integrated monitoring services.
❖ Real-time threat detection and incident response, including cloud-based SIEM, threat intelligence, vulnerability assessment, and compliance reporting.
❖ Enhanced security posture with 24/7 access to a team of skilled security analysts, incident responders, and threat hunters.
❖ No hassle of managing false positives and alerts.
By leveraging the benefits of a scalable, cloud-native SOCaaS, you will not only empower your business with a secure infrastructure but also your remote workforce
In Conclusion:
The exponential increase in cybersecurity attacks and risks is indispensable, especially when cloud technologies are booming.
Many organisations are struggling to manage the evolving threats and sophisticated malware/malicious activity in-house. Investing in and building your own IT security system end-to-end can be very expensive to run or maintain and significantly impact the company’s bottom line. LGA's SOC-as-a-Service in place could be invaluable for businesses trying to accelerate the digitalisation process while ensuring that their entire IT ecosystem is secure.