Managed SIEM, or cloud SIEM, is provided by a third-party vendor. On-premises SIEM solutions are owned and managed in-house, from installation to operation. On-premises SIEM gives organizations complete control over their data, the security team, and the SIEM platform. The downside of on-premises is that complete operation of SIEM requires a huge financial commitment. Costs involve expenditure for purchasing, installing and maintaining the software; collecting, storing and analyzing vast amounts of data; hiring and training cybersecurity professionals. Such costs are prohibitive for most businesses. The advantages of managed SIEM are its cost-effective nature, easy scalability, and instant deployment. Additionally, your organization gains access to an expert knowledge pool.