Cybersecurity is vital to the success and survival of any company in today’s market, so it’s not surprising that many companies actively attempt to deploy in-house solutions to keep their corporate infrastructure safe. Your company should make cybersecurity a priority— but they should also consider the cost of every element associated with this important undertaking before building it alone. Below, we’ve outlined the components and relative cost of building a cybersecurity monitoring solution in-house.
Hardware and Licensing
Before you think of hiring personnel to run your cybersecurity processes, you must purchase the hardware to run your SIEM (Security Information and Event Management) function. This will require your staff to execute the configuration, which is time consuming due to the amount of planning and implementation it requires. Constructing a minimum viable product could take anywhere from 4 to 6 months to complete— and up to a year before it is running properly. For a mid-size company, the hardware cost alone will cost roughly $10,000-$50,000. You also need to think about licensing costs. LogRhythm will cost up to $48,000 annually— on top of the hardware costs! Add into the equation the fact that you need to hire a professional security engineer and you’re adding a yearly cost of about $100,000 to the previous figure. We’re not done yet, though.
Security Monitoring Assuming your SIEM is set up and you have employed a security engineer, you’ll need to further build out your SOC staff to keep your assets safe. Bear in mind that we are giving you a rough estimate of what to expect when it comes to staff pricing; you might find you need to hire additional staff to run your operations to account for vacation time, sick or bereavement leave, etc. Minimally, you need at least two security engineers and three security analysts to triage alerts, do threat hunting, and maintain the platform, along with other operational tasks, to keep the SOC running. Keep in mind that this amount of staff will not be able to monitor 24/7 so there still may be a gap in your security monitoring. These associates are highly specialized, in high demand and may become easily bored by the same operating environment, so they aren’t easy to find, hire and retain. After doing all the legwork to find your team of analysts and engineers, you are then spending in the region of $35,000 a month plus the fixed hardware costs. This brings the total price up into the hundreds of thousands annually.
Cutting down on staff really isn’t an option if you want an effective security monitoring system; if you’re not protected around the clock, then you’re never truly safe— yet still spending exorbitant amounts of capital on a cybersecurity setup.
TBConsulting doesn’t offer anything less than 24/7 coverage, because anything less simply doesn’t merit the effort! TBConsulting’s 24/7 monitoring service can be up to 7 times less expensive when compared to the estimates of an in-house cybersecurity solution. We mentioned earlier that it would take 4-6 months to build a minimum viable product and a year to have it running perfectly— TBConsulting finds the year point of product value in only 6 months. When building this in-house you have to pay for the process, find the people, and find the people with the right skills to run your SOC. TBConsulting makes it all seamless by providing everything for you.