Almost half of all global cyberattacks are aimed at small businesses, Cybersecurity Magazine reports.
In fact, in the past decade, 60% of small organizations went out of business within six months of falling victim to a data breach.
Big or small, businesses must proactively safeguard their internal and external data and operations because you can never be too careful.
Security Operations Center (SOC) as a service can be a game-changer for businesses looking to combat evolving cyber threats, directly leading to financial benefits, risk mitigation, and operational efficiency.
Having recently launched SOC as a service to enhance real-time cybersecurity for businesses at a time when they need help the most, BlueGrid highlights that cybersecurity should be a top priority for companies of all sizes.
In this interview, BlueGrid co-founder and CEO Ivan Dabic joins us to discuss:
- The major risks associated with external SOC as a service and how businesses can effectively mitigate them
- Key strategies for secure data handling
- Ways to establish secure communication channels
SOC as a service can help control everything from threat detection and incident response to managing security information and event management (SIEM) systems.
Watch our video to discover the major cybersecurity types and threats:
But what is SOC as a Service exactly?
“SOC as a Service is essentially a subscription-based offering where an external provider manages and monitors your security infrastructure round-the-clock.
Think of it as outsourcing your security team to experts who eat, sleep, and breathe cybersecurity.
With SOC as a Service, you get access to top-tier security expertise without the overhead of hiring, training, and retaining an in-house team,” Ivan explains.
A SOC provider can make a huge difference in the battle against cybercrime while strengthening your security infrastructure and freeing up your team to focus on core business operations.
This approach results in cost savings, better risk management, and enhanced productivity, all of which positively impact your company’s bottom line.
Major Risks Associated with External SOC as a Service
Working with a SOC company may leave businesses a tiny little gap for one huge concern: Can you trust them?
According to Ivan, there are three major risks when working with an external SOC as a service provider:
1. Data security
One of the biggest concerns is how your sensitive information is handled. When an external SOC monitors your data, it moves beyond your direct control, potentially exposing it to unauthorized access or breaches.
2. Privacy
With an external SOC, you share a lot of personal and corporate information. This raises questions about how this data is stored, who can access it, and how it's used. Mismanagement of such information can lead to severe privacy violations, hurting trust with clients and stakeholders.
3. Compliance
Regulations like GDPR, CCPA, and industry-specific standards require strict data protection measures. Make sure that your SOC provider strictly abides by them because mistakes could result in heavy fines and legal troubles.
While these risks are real, Ivan says that businesses can effectively mitigate them by partnering with a trustworthy provider that is SOC-compliant, utilizes end-to-end encryption, and keeps security equipment on the client’s premises.
“To reduce these risks, choosing a SOC provider that is SOC 2 compliant is essential. SOC 2 compliance means the provider meets high standards for security, availability, processing integrity, confidentiality, and privacy.
It's a mark of approval that reassures you about the provider's commitment to protecting your data,” he says.
View this post on Instagram
Additionally, Ivan explains that end-to-end encryption ensures that data is encrypted from the moment it leaves its source until it reaches its destination.
This way, even if intercepted, the data is unreadable to unauthorized parties.
“Using strong encryption protocols protects your data from prying eyes, ensuring confidentiality and integrity.
Why is this important? Some tools don’t guarantee 100% end-to-end encryption, so make sure to check with your vendor their tools as well as their standard of operations,” he adds.
Ivan also highlights that an effective strategy to enhance security is deploying all equipment on the client’s side, rather than at the vendor’s location.
“This minimizes the risk of data export and ensures that sensitive information never leaves your premises.
The external SOC team can then remotely manage and monitor your security infrastructure, providing expert oversight without direct access to your data,” he says.
Top 3 Strategies for Secure Data Handling
From controlling who gets access to encrypted on-the-move and at-rest data, every business should have a strategy in place to protect its valuable information.
Ivan shares some key tactics to bolster your data defenses and keep your sensitive data secure:
1. Implement robust access controls
You can ensure that only authorized personnel have access to sensitive information. This involves multi-factor authentication, role-based access controls, and regular audits to identify and fix any unauthorized access attempts.
2. Have encryption protocols for data transmission
Data in transit is especially vulnerable to interception. Using advanced encryption protocols for data transmission strengthens your defenses. Technologies like SSL/TLS encrypt data packets traveling between your network and the external SOC, ensuring that any intercepted data is unreadable to attackers.
3. Secure storage practices
These involve encrypting data at rest, using secure data centers with physical and virtual safeguards, and implementing regular backup protocols. Even if storage systems are compromised, data remains protected and recoverable.
Protecting sensitive information is an ongoing process and these strategies can help minimize vulnerabilities and reduce the chances of unauthorized access or data loss.
Protect Business Data with Secure Communication Methods
According to Ivan, all weak links take advantage of communication, so they need to be relentless in ensuring secure communication using the latest technology and standards.
BlueGrid.io, is deploying a range of tools to secure its communication within the company as well as outside.
Its typical checklist for safeguarding the communication channels to lower the risk of exposing sensitive data to the very minimum consists of:
- Tools: VPN, MDM, anti-virus, WAF, and DDoS systems with IDSs
- Equipment: Faraday cages for conference meetings, shredding all printed documents and emails containing confidential information
- Implementing SOC2 and ISO27001 procedures and high-intensity security training because, at the end of the day, people are always the weakest link in data flow security chains.
Ivan shares three key ways businesses can establish and maintain secure communication channels:
- Establish secure data transfer protocols: Crucial in keeping the confidentiality and integrity of your communications with the SOC provider. Protocols like SFTP and VPNs create secure channels for data exchange, protecting it from potential eavesdroppers and ensuring it reaches its intended destination safely.
- Use encrypted communication tools: Tools such as encrypted email services, secure messaging apps, and encrypted voice calls to ensure that your communications remain private and secure, stopping any interception attempts by malicious actors.
- Apply authentication and authorization procedures: These are the gatekeepers of secure communication channels. Implementing multi-factor authentication, single sign-on, and strict authorization policies ensures that only verified individuals can access your systems and data, significantly reducing the risk of unauthorized access.
In a previous podcast, NordLayer Head of Web Engineering Martynas Paskauskas shared how to achieve online security in a hybrid work environment. Watch the video to learn more:
Understanding SOC as a Service, addressing data security and privacy concerns, and employing effective strategies for secure data handling are all essential steps in protecting your digital records.
The possibility of either a hacker attack or a third-party cybersecurity risk affecting your network and causing damage is very real and ever-present.
Partnering with an external SOC as a Service can revolutionize your approach to cybersecurity driving your business continuity and long-term success.
BlueGrid positions itself as a great partner for its deep technical knowledge, client-focused approach, and commitment to delivering sustainable results.
By leveraging trustworthy experts who provide continuous monitoring and advanced threat detection, you can focus on your core business operations with peace of mind.
