Businesses lost more than $3.5 billion in 2019 due to cybercrime, fraud, and ransomware, according to the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center. And while the volume and sophistication of cyber threats show no signs of letting up, many Chief Information Security Officers (CISOs) and SOC leaders continue to struggle with enabling their teams to scale better by avoiding triaging redundant alerts and executing repetitive responses, while responding with speed and accuracy, and showing a clear return on investments.
One way to alleviate this burden is by adopting the use of a Security Orchestration, Automation and Response (SOAR) platform. Gartner defines SOAR as the fusion of three technologies — security orchestration and automation, security incident response platforms, and threat intelligence platforms — allowing organizations to define and manage incident analysis and response procedures in a digital workflow.