SOC - Security Operation Center

A SOC is a formalized function in a company that is staffed with domain experts (either in-house or outsourced) and focuses on preventing, detecting, analyzing, and responding to cybersecurity incidents.  

The development of a formal SOC is a typical step a company takes in order to improve the maturity and effectiveness of their cyber defense program.  Many regulations require a 24/7 security monitoring program which can be fulfilled through the development of a SOC with either internal staffing or the utilization of outsourced resources.