Did you know that resolving a data breach quickly can save your organization up to $1 million? According to IBM's 2023 Cost of a Data Breach report, companies that contained breaches in under 200 days saved an average of $1.02 million.
In today’s world, where cyber threats seem to multiply overnight, speed and efficiency are important —and that’s why you need an SOAR (Security Orchestration, Automation, and Response) system.
Think of SOAR as an extra set (or ten sets) of hands for your security team. It combines smart software with efficient processes to streamline operations and strengthen your defenses.
In this article, we explore the benefits of SOAR and why you should implement it in your organization.
What is SOAR?
SOAR is designed to simplify and enhance the way organizations handle security alerts.
The SOAR market valued at $1.5 billion in 2023, is expected to grow at a 15.5% CAGR, reaching $5.5 billion by 2032.
Benefits of Implementing a SOAR System
- Increases Productivity:
Let’s face it—your security team is likely swamped with alerts and manual tasks. SOAR takes on those repetitive, time-consuming jobs, like running threat queries or checking IP reputations. This gives your Security Operations Center (SOC) team the bandwidth to focus on more important things, like digging into complex incidents. Plus, with pre-built playbooks guiding the way, responses are faster and more consistent. Think of it as giving your team a productivity superpower that also improves key metrics like how quickly threats are triaged and resolved.
- Improved Compliance and Governance:
Keeping up with compliance requirements can be challenging. 52% of companies reveal that compliance certification is a top priority for maintaining security. With features like audit trails, reporting, and automated workflows, SOAR helps your organization stay compliant with regulations. For example, it can automatically generate compliance reports, saving you time on data gathering and analysis. Additionally, its workflow automation ensures security incidents are handled according to your compliance procedures, so nothing gets overlooked.
- Improved Risk Management:
Conducting cyber risk assessments can be a real headache. You're already stretched thin, and then you have to find the time and resources to identify and reduce potential risks. It's no wonder that 41% of respondents in 2023 said time was their biggest challenge, while 38% struggled with a lack of personnel. But what if you could simplify the risk management process? SOAR helps you get real-time visibility into your cybersecurity posture and automated risk assessments. It's like having a personal risk management assistant! Imagine being able to see all your security data in one place, and quickly identify risks. You can then take steps to lessen them, without having to spend hours poring over reports and data.
- Tracking Your SOC’s Efficiency:
Managing a Security Operations Center (SOC) is no small feat, and tracking performance can feel like a daunting task. But with SOAR platforms, things get a lot easier. Certain SOARs have dashboards that can be customized, allowing you to monitor metrics like Time to Respond, Time to Contain, Time to Resolve, and Time to Complete for cases and incidents. These metrics give you a clear picture of how your team is performing and where there’s room to improve.
In short, SOAR doesn’t just make your SOC team’s job easier—it transforms the way your organization approaches cybersecurity. It gives you the tools to work smarter, not harder. If you’re ready to take your SOC operations to the next level, investing in a good SOAR platform is a no-brainer.
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