By 2021, costs incurred as a result of cyber-attacks are expected to reach $6 trillion – that is an incredibly huge number and gives a scope of just how costly breaches in cybersecurity can be for any organization. This year, the average cost of a data breach is expected to exceed $150 million.
One of the most effective approaches to preventing and combating cyber-attacks is to identify and respond to security events in real-time to mitigate the damage. This is exactly a Security Information and Event Management Software (SIEM) that comes into play, extracting actionable data from diverse sources to analyze and present security alerts in real-time. Continue reading to learn more about its benefits.
1. Improved Incident Detection
A SIEM solution analyzes and makes sense of vast amounts of event and log data faster and more accurately than any manual method. This means that incidents get detected and responded to that otherwise would have gone unnoticed by your security team.
Furthermore, since it gathers data from all sources of a network, it can reconstruct the sequence and nature of an attack to truly determine the extent of its impact.
2. Better Regulatory Compliance
Since SIEM generates reports incorporating all logged security events among an organization’s sources, it aids in better meeting the requirements of an increasingly stringent regulatory compliance environment. Manually retrieving log entries and compiling the report is an arduous task, one that SIEM helps resolve.
This year, the average cost of a data breach is expected to exceed $150 million
3. Damage Mitigation
By quickly determining the nature of an attack, the identity of compromise sources and allowing security teams to identify its route across a network, it can allow an organization to take timely measures to contain and mitigate the damage from the threat.
Furthermore, SIEM software itself contains automated mechanisms to stop identified attacks in their progress.
4. Faster Forensic Analysis
Conducting a forensic analysis can be an extremely time-consuming process, with you not only having to go through vast quantities of log data to reconstruct what happened but need to format the data a legally admissible way.
SEIM helps fastens the process by providing tools to quickly make sense of the vast data, gather key intelligence and make the information at hand court-admissible.
5. Reduced Costs
By detecting and resolving security issues early on and saving time on many of the manual processes through automation, SIEM can greater help an organization save on time and costs in terms of damage-repair, labor hours and handling speeds.
Thanks to its ability to aid in the analysis, monitoring, and detection of security, operations, and regulatory compliance issues, SIEM technology has emerged as one of the key pillars of the modern IT intelligence infrastructure and allows organizations to better combat the latest cyber threats facing them.