What is SIEM (for non-IT pros)?
Security information and event management (SIEM) is a field within the field of computer security, where software products and services combine security information management (SIM) and security event management (SEM). They provide real-time analysis of security alerts generated by applications and network hardware. Vendors sell SIEM as software, as appliances, or as managed services; these products are also used to log security data and generate reports for compliance purposes. The term and the initialism SIEM was coined by Mark Nicolett and Amrit Williams of Gartner in 2005. [Wikipedia]
Simply put, OmniSOC is a SIEM service at its core. OmniSOC hosts a SIEM for members automatically. The next question for some institutions is whether you are relying solely on OmniSOC to look at the data and keep you informed with alerts—the basic service—or if you also want the ability to use the same tools yourself for an additional nominal fee.