Internal SOC Can Cut Down the Financial Impact of Enterprise Data Breaches, Researchers Say

• Every year, data is becoming significantly more valuable for enterprises.
• Companies of all sizes can ensure less financial damages with an internal Security Operation Center (SOC) and a dedicated Data Protection Officer (DPO).

With the increase in the number of data breaches and the amount of devastation caused by a breach, it has become important for organizations to have the right security team. Each year, data are becoming significantly more expensive for enterprises.

However, with an internal Security Operation Center (SOC) and a dedicated Data Protection Officer (DPO), companies of all sizes can ensure less financial damages due to a cyberattack.

What is the cost of data breaches?

New research from Kaspersky has revealed that the cost of data breaches has increased to $1.41 million in 2019. In the previous year, the figure stood at $1.23 million. This increase indicates that enterprise organizations are investing more in cybersecurity in 2019, with an average IT security budget expenditure standing at $18.9 million.

What is the role of SOC and DPO?

Enterprises can reduce the financial impact of data breaches by building an internal SOC and having a DPO. An internal SOC becomes the central hub of all the security operations with employees in various roles such as Security Analysts, Security Engineers, Security Managers, Threat Hunters, Chief Information Security Officer, and even teams responsible for Threat Intelligence, Incident Response, etc. Thus, the SOC is responsible for the monitoring of all security events and helping drive incident response. Furthermore, it is where all the cybersecurity policies, procedures, and technologies get shaped and implemented.

On the other hand, a DPO is involved in building and implementing data protection strategies within a company as well as managing compliance issues.

How SOC and DPO cut the financial loss?

Enterprises with an internal SOC are estimated to suffer a loss of around $675,000 from a cyberattack. This is comparatively less than half the average loss of $1.41 million incurred in 2019 for other organizations.

Furthermore, the report highlights that companies that hired a dedicated DPO did not incur a monetary loss.