The cyber threat landscape continues to evolve, with attacks growing in both volume and sophistication. In fact, according to Check Point Software’s 2022 Security Report, cyber attacks against organizations worldwide increased by an average of 50% in 2021 compared to 2020.
What’s more, data breach costs rose from 3.86 million to 4.24 million in 2021 per the latest IBM Security Cost of a Data Breach Report.
Because of this, organizations are fervently seeking solutions that will improve their security posture and provide adequate protection from cyber threats. One such solution is security information and event management (SIEM).
In this blog, we’ll look at SIEM as it relates to cyber security and what managed SIEM pricing could look like, both when deployed in-house and as part of a managed security service.
SIEM Pricing & SIEM Costs
A SIEM solution is a type of monitoring system that aggregates, correlates, and investigates data across an organization’s entire IT ecosystem, providing real time analysis of security alerts generated by applications and other event sources.
SIEM has become a staple technology in most modern-day security operation centers (SOCs). With robust SIEM software that includes machine learning and artificial intelligence capabilities, organizations can identify behavioral anomalies and automate many of the manual processes associated with threat detection and incident response.
Now that we have a good idea of what SIEM does and the role it plays in an organization’s IT security solution, how much does SIEM cost? Let’s explore.
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Estimating the Cost of an In-House SIEM
More often than not, a SIEM solution is a significant investment, with associated costs getting to be upwards of $1 million. Let’s take a high-level look at the different components of a SIEM solution and the cost breakdown of each.
SIEM Cost Summary
|SIEM software||$20,000 – $1 million|
|Training||$0 – $10,000|
|Resources||$74,000 – $500,000|
|Hardware||$25,000 – $75,000|
Of course, the costs of each of the above categories will vary based on a multitude of factors, and you will want to consider what your organization requires from a security monitoring perspective. Some questions to ask may include:
- How much security data does your organization produce?
- What is the total number of servers, network devices, or other endpoints within your organization?
- How many locations do you support?
- Do you have specific performance or uptime needs?
- How many users are in your organization?
- What are your data storage requirements?
- Are there certain compliance standards you must adhere to?
- What security features do you need?
Your answers to these questions can help you narrow down what type of solution is the best fit for your organization and determine the level of support you need, ultimately giving you a better indication of the overall SIEM price.
A Closer Look at Managed SIEM Services
As evidenced by the information above, deploying and managing a SIEM solution internally can be an expensive endeavor.
Fortunately, for organizations that do not have a dedicated security team and cannot afford to maintain an in-house SIEM, managed SIEM services are a great option.
With a managed SIEM solution, you can shift the day-to-day activities surrounding network activity analysis, threat intelligence, log management, endpoint detection and response (EDR), vulnerability management, incident management, and more to a third-party provider.
This reduces the likelihood of a data breach or other security incident and helps to close any security gaps that may exist.
Additional benefits of a managed SIEM solution include:
- 24/7 monitoring from security analysts
- Cloud based solution for increased flexibility
- Gain a comprehensive view of your entire IT environment
- Regulate IT spend with one flat monthly fee
- Bypass significant software and hardware investments
- Easily scale the solution to accommodate organizational growth
- Ensure you are meeting compliance requirements
- Free up internal staff to focus on other high-priority tasks
Bring the Benefits of Managed SIEM Services to Your Business
Partner with Buchanan and get detailed information about SIEM pricing.
Is a Managed SIEM Right for Your Business?
In summary, managed SIEM services help organizations identify potential security threats and vulnerabilities before they have an opportunity to upend business operations, but it can be costly.
By outsourcing your event management SIEM solution to an MSSP like Buchanan Technologies, you can rest assured that potential security events are being detected and handled accordingly while lowering your total cost of ownership.
Buchanan’s managed SIEM solution ensures your network is as secure as possible at all times. While you and your IT staff focus on more pressing projects, our security experts monitor, analyze, manage, and protect your network from threats 24/7/365.
Contact us today for a free consultation to learn more about our managed SIEM services and see how we can help your organization achieve its IT security goals.