That’s the amount Cybersecurity Ventures forecasts global cybercrime will cost by 2025. For an organization, the solution may seem obvious: invest in a security operations center (SOC).
Unfortunately, that’s simply not feasible for most enterprises.
According to Ponemon Institute’s The Economics of Security Operations Centers report, the average organization spends $2.86 million on their in-house SO—some exponentially more.
What it Takes to Build a SOC
It’s not hard to see why SOC spending can quickly spiral out of control.
To fully staff a SOC for 24x7 protection, you’re looking at hiring 8 to 12 employees. The entry level salary for a tier one SOC analyst? $85,612. That number can increase greatly depending on experience and title.
This is considering an organization can even find qualified staff to hire. That’s because it takes 8 months, on average, to hire and train a SOC analyst. On top of all that, add in a high turnover rate within the industry means just finding the right talent at all can be a struggle.
Find Your Savings with The SOC-as-a-Service ROI Calculator
In total, staffing a SOC to full capacity can cost your organization up to 9x as much as a SOC-as-a-Service. But every organization is different in terms of scope and size. That’s why we’ve developed the ROI Calculator. We want you to quickly find out how much money you can save by entering in some information:
- The number employees in your organization
- The number of servers (physical or cloud)
- How many workstations in your organization
- The number of internet facing firewalls
Once you’ve selected this data, you’re a quick calculation away from taking the first step in improving your security posture. Easy and efficient.
Check out the ROI Calculator and find out just how much money your organization could be saving on cybersecurity.
And if you’re looking for more information on SOC-as-a-service, reach out to our team to schedule a demo and find out why Arctic Wolf is the leader in security operations.