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Would you like to know how hostile the cybersecurity environment is?

Cyberattacks on corporate entities are up by 50% in 2021 compared to the previous year. In the first six months of 2022, there were 2.8 billion malware attacks globally, according to SonicWall researchers. There is more data out there to illustrate the increasingly complex and hazardous world of cybersecurity but focusing on the problem instead of the solution isn’t going to be productive.

A wait-and-see approach is no longer an option because in today’s world it’s just a matter of time before your business succumbs to an attack. It’s best to plan so your business is prepared. Enter the Security Information and Event Management tool, also known as SIEM – a security solution designed to detect and analyze security threats as fast as they come so that your IT team can identify potential threats and vulnerabilities and take the necessary actions.

Before diving deeper into the benefits of SIEM, let’s understand how it adds a layer of security to your organization.

What is security information and event management (SIEM), and how does it work?

SIEM combines two functions – security information management (SIM) and security event management (SEM) – into one. Using AI, the combination of these two functions allows SIEM to perform real-time monitoring and an analysis of your network’s security events. It does this through log event collection and management from a range of sources within your network in case any abnormal activities are happening or potential threats.

What does this mean for your organization’s security? SIEM empowers your IT team to be more equipped to respond to a cyber threat quickly and proactively before it disrupts your business operations leading to downtime.

Sounds interesting so far? Here are three ways how implementing SIEM for your business can boost security so you’re more prepared to ward off incoming threats.

3 ways SIEM benefits your organization

 1. Faster incident detection: As SIEM analyzes and correlates data from different sources, it reconstructs a series of events to show how an attack happened. Your IT team will be notified immediately so that they can deploy the necessary steps. Since threats are detected faster, cybercriminals get less time within your network which means they have less time to inflict damage, reducing business interruption. But it doesn’t just stop there. With the event logs collected by SIEM, your IT team can gain insights and knowledge on how and why an attack happened so that they can prepare for future attacks.

2. Better compliance reporting: Organizations lose millions annually from non-compliance. Non-compliance costs organizations almost three times more than compliance, according to a 2018 study by Ponemon Institute. A SIEM solution is an excellent addition to compliance reporting due to its features. With detailed log collection, the compliance reporting process becomes more efficient. SIEM solutions can compile compliance reports for regulations such as Payment Card Industry Data Security Standard (PCI DSS), General Data Protection Regulation (GDPR), and Sarbanes- Oxley Act (SOX). This takes some burden off from security management for your IT team so that they can focus on work that matters and reduces the risk of human error in compliance reporting.

3. Reduced costs: The average data breach cost is $4.35 million in 2022 compared to a SIEM solution, which may cost between $20,000 to $1 million. While it still comes with a hefty price tag, SIEM’s capability to halt security breaches in its tracks helps reduce loss from cyberattacks. Which – as mentioned – costs millions per attack. Plus, you can cut the costs deployment more nowadays due to many vendors’ usage of storage-based pricing. Another option to save more is by outsourcing SIEM to managed service providers. Outsourcing removes the need for additional personnel to manage SIEM, as you will have a team of IT experts at your disposal who will implement and execute the solution.

So, does my organization need SIEM?

If your organization is looking for better data collection and monitoring, faster threat detection time and response time, and ultimately better protection from cyber threats – then probably yes. Today’s business landscape is more connected and reliant on technology than ever before, making cybersecurity a top concern for organizations of all sizes. With data breaches and cyberattacks becoming increasingly common, the potential financial and reputational damage from a successful attack can be devastating.

While SIEM sounds like a great addition to your organization’s security measures, it is still for you to decide whether your organization needs this security boost and what your priorities are. The first step you can take is to identify the security gaps within your network and look at how SIEM can close these gaps. If you could use some thoughts or insights on how to beef up your security network, talk to our experts, and they’re more than happy to help.