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SOC Analyst Tier 1 analysts are responsible for real-time monitoring of security alerts, doing triage on them, and deciding whether an alert is serious enough to be escalated to a Level 2 analyst. Level 1 analysts set rules for filtering out noise and determining which alerts get bubbled up to Tier 2 analysts.
SOC Tier 2 analysts are responsible for drilling down into the alerts they receive from Level 1 and correlating them with other information to see if a security incident might have occurred and determine the appropriate responses. As part of this exercise, they understand the potential impact of the security incident on enterprise assets and help guide incident response.