Cyber attacks are on the rise, and businesses are the most at risk.
Of the 5,258 confirmed data breaches worldwide in 2020, 86% of them were financially motivated. With losses from cyberattacks exceeding $4.1 billion in the first year of the pandemic, it’s clear that there’s a direct correlation between increased online usage and increased security threats.
The majority of businesses are conducting work from home, and all those personal devices remain woefully unprotected, security experts agree.
But, that’s where a Security Information & Event Management (SIEM) system comes into play.
In this article, we’ll look at SIEM solutions as they relate to cyber security and what managed SIEM pricing might look like, both when deployed independently and as part of a managed security service.
What is a SIEM, and How Much Do SIEMs Cost?
A SIEM is a type of monitoring system that aggregates, correlates and looks at log data over a wide span of different networks and computing systems, usually encompassing the entirety of an organization’s IT stack.
It’s often used in very large organizations that must adhere to various, strict regulatory compliances, or have a lot of sensitive information they must keep secure. It’s a system that is proactive rather than reactive, as its primary function is to act as a preventative measure before engaging in incident response.
Even large organizations tend to outsource their SIEM needs to managed service providers with their own SIEM software and Security Operations Center (SOC) because the cost of deploying and managing a SIEM in-house can reach exorbitant heights.
Average Costs of In-House SIEMs
|Item||Average Price Range||Reason|
|The SIEM Software||$20K to $1M||Based on the software vendor, but expect to pay at least $50k on average for this one-time cost.|
|Consulting on Deployment||$50K||Also a one-time cost, the amount of niche expertise required to correctly deploy a SIEM is substantial, and as such the price for the right help is high.|
|Employee Training||$1K to $10K||Depending on the educational background, and the number of employees.|
|Salary for Database Administrator||$74K||The average salary for this entirely requisite position.|
|Administration Personnel Salaries||$74K to $500K||Depends on staffing needs, but usually needs at least three admins to cover 24 hrs.|
|Hardware||$25K to $75K||Again, varies based on the size of the organization, but the high-performance needs of the SIEM increase the total cost of ownership for custom hardware.|
|Infrastructure||$10K||For necessary additions like switches, storage and servers.|
|Total Range of Cost for the First Year: $254,000 to $1,719,000|
What is the Difference Between Managed SIEM Pricing & the Non-Managed Version?
The difference between managed SIEM pricing and the in-house version is substantial.
Naturally, the cost of managed SIEM services depends on the type of provider and size of your business, but expect the cost to be around the equivalent of one to two full-time employees or $60,000 to $120,000 a year.
In general, managed SIEM pricing is almost always vastly cheaper than the in-house option.
|Want to Learn More About Best-in-Class Cyber Security? Read these Articles!|
What are the Benefits of Managed SIEM Services?
The benefits to choosing a managed SIEM service compared to an in-house option is, again, substantial:
- You can significantly reduce your costs
- There’s no need to put up your own infrastructure
- Access to cyber security engineers with years of experience
- The IT and admin experts handle everything
- You automatically get SOC 24/7 monitoring
- You will stay compliant with any regulatory body
Choosing a Managed SIEM Services Provider
If you require the use of a SIEM, but don’t want to go bankrupt setting one up yourself, take a look at our SIEM solution.
It’s all-inclusive, comes out as one, flat monthly fee and includes our state-of-the-art security as well as ongoing improvements.