Last updated on September 21st, 2022

Security Information and Event Management (SIEM) is one of the most crucial security investments a business can make. It helps log, collect, and correlate security events across the organization. But, with the ever-increasing cyber threats and regulatory compliance, it’s one of the most hard-to-keep-up-with investments to have.

The global security information and event management market is projected to expand at a CAGR of 16.4% from 2021 to 2023. The growth of this industry will be attributed to the demand for real-time threat detection, mitigation and response.

The SIEM market is seeing a surge in growth due to heightened security concerns in the wake of COVID-19. Small and medium enterprises are investing in advanced SIEM technologies to lower liabilities, increase employee accountability, strengthen compliance, and increase efficiency. This is expected to drive the market’s growth in the coming years.

Elaborating on the benefits of a managed SIEM solution, this blog will help you make the right SIEM pricing per your business needs. You will learn how many features a managed SIEM solution has and how it can help your organization improve its security posture.

What is a Managed SIEM service and How Can It Help Your Business?

A managed SIEM (Security Information and Event Management) system is a comprehensive security solution that helps businesses detect, investigate, and respond to security threats promptly and effectively. It collects and analyses data from various sources, including network devices, applications, and user activity, to give businesses a holistic view of their security posture.

Monitor Cyberthreats with ACE Managed SIEM

Managed SIEM systems can be a valuable tool for businesses of all sizes, as they provide real-time visibility into potential security threats and help to identify and resolve issues before they can cause severe damage. In addition, managed SIEM systems can help businesses to comply with regulatory requirements and improve their overall security posture. 

Suggested Reading: A Guide to SIEM(Security Information and Event Management) Security

Managed SIEM Vs. Traditional SIEM

Managed SIEM is a cloud-based service that is managed by the vendor. Traditional SIEM, on the other hand, is installed on-premises and requires more technical know-how to manage. Managed SIEM provides peace of mind by ensuring that your organization can access incident details anytime.  

With managed solutions, there are fewer risks involved when compared with traditional solutions because these services are accessible 24/7 across multiple devices at one location. This makes it easier for you to respond faster if an attack occurs while you’re away from work! 

How Much Does A Managed SIEM Cost?

Generally, a managed SIEM will cost between $5,000 and $10,000 per month. However, this is just a rough estimate, and the actual cost will vary depending on the various factors:  

  • The size of the business.
  • The amount of data that needs to be monitored.
  • The level of customization.
  • The number of features required.

However, a SIEM can also be cost-effective for small and medium-sized businesses. For example, a SIEM can monitor and log all activity on your network, which can help you quickly identify and resolve security issues. Additionally, a SIEM can help you to comply with industry regulations, such as the Payment Card Industry Data Security Standard (PCI DSS). 

What are the Benefits of a Managed SIEM? 

A managed SIEM solution can provide a number of benefits for an organization, including: 

  • Improved Security

    A managed SIEM can help to improve an organization’s security posture by providing comprehensive visibility into all activity occurring across the network. This can help to identify potential security threats and vulnerabilities and take steps to mitigate them.   

  • Compliance

    A managed SIEM can also help an organization to meet various compliance requirements, such as those related to data privacy and security. A SIEM can help ensure that an organization is adhering to all relevant regulations by providing detailed logs and reports of all activity occurring within the network. 

  • Efficiency

    A SIEM can also help to improve the efficiency of an organization’s security operations. By automating many of the tasks associated with monitoring and managing a network, a SIEM can free up staff to focus on more strategic tasks.   

Overall, a managed SIEM solution can provide a number of benefits for an organization. A SIEM can help an organization protect its critical assets and resources by improving security, compliance, and efficiency. A managed SIEM can also help reduce your security infrastructure’s complexity and provide you with expert guidance on best practices for secure data management.

How to make the Right Pricing Comparison for Your Business Needs?

  • The first step to ensuring you get the right managed SIEM for your business needs is to evaluate each company’s features and pricing. Once you have done that, it is time to compare them against each other.
  • The next step is determining if the managed SIEM vendor has a good track record of delivering services on time and within budget.
  • Check on the customer support team for 24*7 availability.
  • The age of the providers in the industry.
  • The customer base that the providers would have.  
  • Industry verticals your provider is serving (e-commerce or banking).
  • Finally, make sure that they have a 24x 7 x365 security operations team.

When it comes to managed SIEM solutions, it’s important to make sure that you choose a platform that’s right for your business needs. One of the best-managed SIEM solutions on the market is ACE. We offer a comprehensive set of features and capabilities that can help you streamline your security operations and improve your overall security posture. With us, you can benefit from real-time event correlation, threat detection and response, and much more. ACE Managed SIEM is a great option to consider if you’re looking for a managed SIEM solution that can help you take your security to the next level. 

Suggested Reading: How to Choose the Right Managed Security Service Provider?

Conclusion

To summarize, irrespective of the type of organization, there are many benefits to implementing a managed SIEM solution. One of the most important things you should remember is that the managed SIEM pricing should not be the only factor you look at when making your purchase decision. There are a lot of other factors that should be taken into consideration. Security Information and Event Management (SIEM) Software is essential and beneficial to the ongoing security infrastructure and protection of a business.

To get a pricing plan for your business, request a custom quote today!

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