SIEM BLOG SERIES: PART III
Now that you know what SIEM is and understand how it works, let’s dive into how your business will benefit from a SIEM solution.
In today’s digital age, cybersecurity has become a top priority for businesses of all sizes. With an increase in cyberattacks, companies need to have a comprehensive security approach to protect their data and assets. Investing in a security information and event management, or SIEM, tool allows businesses to monitor, identify, and respond to security threats in real-time.
Let’s recap
For those of you that may not have read part one, let’s recap. SIEM is a security solution that provides real-time analysis of security alerts generated by applications and network hardware. The solution collects and analyzes data from various sources, including servers, network devices, security devices, and applications, to detect security events such as security breaches, unauthorized access, and malware attacks.
The SIEM solution uses advanced algorithms and machine learning to analyze data from different sources and identify potential security threats. Once a threat is identified, the SIEM solution generates alerts, which are then sent to the security team for further investigation.
Why is SIEM so important for businesses?
Real-time threat detection and response
SIEM solutions provide real-time threat detection and response capabilities. With SIEM, businesses can identify potential security threats before they can cause significant damage. For instance, in the event of a data breach, the SIEM solution can alert the security team, allowing them to take immediate action to prevent data loss.
According to the by the Ponemon Institute and IBM, the average cost of a data breach in 2020 was $3.86 million, with an average time to identify and contain a breach of 280 days. However, companies that detected and contained a breach in less than 200 days had an average cost of $1.12 million, which is 72% less than the average cost of a breach. This highlights the importance of real-time threat detection and response in minimizing the financial impact of a cyberattack.
Remember in 2013 when Target suffered a massive data breach that affected more than 40 million customers? Hackers gained access to their payment system, stealing credit and debit card information. The breach was caused by a failure to detect and respond to security threats in real-time.
Following the data breach, Target invested in a SIEM solution that provided real-time monitoring and alerting. The solution helped Target to identify potential security threats before they could cause significant damage.
Compliance with industry regulations
SIEM helps organizations comply with regulatory requirements such as HIPAA, PCI-DSS, and GDPR. These regulations require organizations to maintain a secure IT infrastructure and ensure the confidentiality, integrity, and availability of sensitive data. Failure to comply with these regulations can result in significant fines and reputational damage. SIEM provides the necessary tools to meet these requirements, including audit trails, access control, and data encryption.
SIEM also helps businesses comply with industry regulations by providing real-time monitoring and alerting on security incidents. It can generate reports that demonstrate compliance with regulatory requirements. For example, SIEM can help organizations comply with PCI-DSS by monitoring and alerting on suspicious activity related to credit card transactions.
Cost-effective solution
SIEM is a cost-effective solution for businesses looking to enhance their cybersecurity posture. It enables businesses to consolidate their security monitoring tools, reducing the need for multiple tools and platforms. SIEM can also automate many security monitoring tasks, reducing the need for manual intervention. This frees up your security team to focus on investigating and mitigating potential threats rather than spending time collecting and analyzing data.
SIEM is an essential component of a comprehensive cybersecurity strategy. It provides real-time monitoring, analysis, and correlation of security-related events, allowing organizations to identify potential threats and vulnerabilities. SIEM also helps organizations comply with regulatory requirements and saves time and resources by automating many manual security tasks. By implementing SIEM, businesses can enhance their security posture, protect their assets, and safeguard their reputation.
If you’re looking for more reasons why your business needs SIEM, download our infographic to find out if it’s right for you. Or reach out to our experts to discuss a SIEM solution.
Related Resources
Read Part I: What exactly is a SIEM? and Part II: How SIEM Works of the three part SIEM blog series.