Cybersecurity has never been more important for high velocity or high growth companies.
Attackers know this, and they know that rapidly growing companies may not have invested in the supplemental security measures necessary to properly detect and respond to the latest threats.
As a company with ambitious growth plans, your future depends on making a great impression with investors, clients, and partners. These stakeholders need to be confident that you can operate your business without interruption. And they need to be able to trust that sensitive information shared with you will be kept confidential and protected.
Another critical element for establishing trust with partners and customers is ensuring regulatory compliance with various industry and geographical standards such as PCI, GLBA, CCPA, ISO27001, SOC 2 Type II, etc. A data breach or attack for your high velocity business can be devastating, both in terms of financial losses and loss of trust with key stakeholders. On the other hand, you will be able to stand out in a crowded market by demonstrating compliance and proving that your security defenses are as robust as more established companies and implemented to continue to resist attackers as you achieve rapid growth. You will position your company as a trusted partner to all key stakeholders.
The Importance of Cybersecurity for High Growth Businesses
You want to spend your time, energy, and money focusing on business goals, including growth. Data breaches can derail you from those plans, slowing down your growth for many reasons:
- Time: If your business is hit by a data breach, you’re spending time responding to that instead of focusing on business development.
- Money: The average data breach costs $4.24 million according to the latest IBM Cost of a Data Breach report. If ransomware is involved, that average cost rises to $4.62 million. This is real money that you could instead spend on reinvestment into growth.
- Reputation: Data breaches erode trust. A data breach could damage your reputation enough to make companies or customers think twice about working with your business, putting limits on your ambitions.
Instead of letting a cyber incident disrupt or shut down your business before it has a chance to reach its full potential, building security in from the start will allow you to defend yourself as well as grow your business with data security precautions in mind throughout.
The Importance of SOC
Yes, it’s essential to deploy the appropriate security controls in your organization. Anti-virus, perimeter defenses (firewalls, intrusion detection/prevention, VPN), are all important elements of a layered defense strategy. As are patch management and employee training and awareness. But still, these are not 100% effective. Attackers can evade these measures.
A security operations center (SOC) that can detect and respond to threats around the clock, and minimize the effect to business operations if an attacker strikes, is increasingly regarded as a crucial part of a comprehensive security strategy.
In addition to detection, a SOC can also help you understand your security baseline and make smarter, more impactful security and infrastructure investments, thus optimizing that aspect of infrastructure growth.
SOCs are guided by standard frameworks that inform their understanding of attacks and defense strategies for managing and reducing cyber risk. The SOC applies this framework to assess, improve, and deliver on key security metrics and establish a mature approach to securing your business and building your cybersecurity strategy.
However, most high velocity businesses are not in a position to establish and operate their own SOC. It requires expertise, staff, technology licenses, integration, space, and... time. All of that risks diverting precious resources from growth initiatives.
Fortunately, you can still realize the benefits of a SOC without having to build your own.
SOC-as-a-Service Makes Security Accessible
SOC-as-a-Service uses a SOC technology platform with an experienced staff of experts to remotely deliver 24/7 threat monitoring, triage, and incident response services.
SOC-as-a-Service is cloud-native and scalable. One of the major reasons that businesses are moving to the cloud is that cloud services give businesses the flexibility to expand services when necessary. It saves time and money to be able to scale in the cloud instead of having to purchase infrastructure and hire experienced on-premise staff. As your business grows, SOC-as-a-Service is ready to grow with your business to provide it with the security foundation it needs now and in the future.
When evaluating SOC-as-a-Service providers, make sure to choose a provider that can provide best-in-class features. Characteristics to look for in a SOC-as-a-Service provider include:
- A modern SOCaaS platform that is cloud-native, heavily leverages data science and automation, and that provides complete transparency to clients
- Vendor- and data source-agnostic native support for a broad range of critical data sources and telemetry
- A team of experts that includes data scientists and engineers, analysts, threat researchers, and threat hunters that collaborate and operate as a seamless extension of your IT/security team
- Subscription-based billing, with flexible and predictable options, and without the need for long-term contracts
By bringing these security features within reach of your rapidly expanding business, SOC-as-a-Service allows you to build a strong security foundation, better resist cyber attacks, maintain the confidence of customers, investors and partners, and focus more resources on things that will build the business.
Don’t Put Off the Benefits of SOC
Your company is laser-focused on fast growth. For every decision you make, you need to know exactly how that will help you attract funding, grow your clientele, and become the new leader of your industry. Cybersecurity is a critical element, both to build trust and to avoid expensive, time-consuming roadblocks that can grind your business to a halt after an attack.
SOC-as-a-Service is an essential part of reaching your high-growth company’s security goals. It gives you access to a cloud-native SIEM, cutting-edge data science, and a full range of security expertise, all ready to scale at the speed of your business.
Learn more about SOC-as-a-Service, and how to build the business case for it, with our detailed white paper. It includes detailed information about how SOC-as-a-Service benefits your business, and a worksheet that can help you compare costs with building an on-premises SOC. And, when you are ready to bring the benefits of SOC-as-a-Service into your business, begin the conversation today.