In our previous blog about data center solutions and how they solve different IT complexities, we briefly mentioned the benefit of having a SIEM (Security Incident and Event Management) for data security. Here, we’ll delve into SIEM more and answer the question “Does my enterprise need it for securing data against cyber-attacks?”
What is SIEM and how does it work?
Think of SIEM as more of a cybersecurity’s equivalent to Nostradamus. It involves aggregating relevant data from several sources within an enterprise’s network, identifying deviations within that data, and taking the appropriate action against the deviations. In SIEM, all servers, computers or any device that sends and receives data is being monitored by a SIEM system, this means that every website access, file transfer or received files are under the radar.
This process became streamlined/dynamic and somewhat close to AI level with the SIEM solutions being offered today, such as the BProtect SIEM platform. It works by collecting and aggregating logs, reports, and alerts from all of your security tools, such as the Security Operations Center, firewalls, antivirus solutions, and network intrusion prevention systems. In addition, SIEM solutions also collect data from all of your enterprise network’s devices, systems, and applications.
All the information is presented in a centralized platform for better visibility. To answer specific needs and gather better insights, the BProtect SIEM platforms allow the building of custom dashboards, charts, and geographic mapping. The solution also consolidates these data into categories, such as systems accessed, processes performed, successful logins, failed logins, malware activity, and other likely malicious activity. Then, the data is analyzed and compared to rules defining accepted behavior. When the SIEM identifies a threat coming from a deviation from accepted behavior, it immediately alerts your data security team.
To paint a clearer picture of how SIEM platforms work, let’s look at login attempts. Logging into an account 5 times in 10 minutes can be considered as accepted behavior, and no action is needed as it may just be an employee simply forgetting their credentials. However, logging in 100 times in 10 minutes might be flagged as an attempt to infiltrate an enterprise’s network. Since the event is a deviation from accepted behavior, the SIEM alerts the data security team about it.
The entire process is streamlined further when outsourced to third-party data center service providers. Our BProtect SIEM platform offering, for instance, includes data security staff trained to investigate security alerts. From our The Hive data center, the BProtect SIEM data security team consistently optimizes the platform by correlating event logs, data flows, and threat intelligence to minimize false positives. This increases efficiency as it reduces the time wasted on responding to non-malicious events. Outsourcing also frees up your in-house IT team to assist in core business objectives.
Does my enterprise need SIEM for data security?
In light of the rising cost of cybercrime, a SIEM is critical in immediately detecting and responding to threats that enter your network. Due to the ever-evolving nature of cyber-attacks, there seems to be no end to the rise of cybercrime losses. According to IBM, the financial losses due to cyber-attacks are expected to reach $4.24M this year, from $3.86M in 2020.
The old adage “Prevention is better than cure” is more evident now.
With its ability to gather and analyze information from different ends across your enterprise, a SIEM platform greatly enhances your enterprise’s detection capabilities. After it aggregates data, the SIEM platform conducts security event correlation to detect potential threats. Deviant activity in one part of the network may not indicate a breach, but multiple deviations recorded in other devices suggest otherwise. This sends an alert to your data security team, which will execute appropriate measures to contain the breach. Furthermore, SIEM platforms such as BProtect possess threat intelligence, allowing it to detect and prevent cyber-attacks in real-time.
A SIEM platform also plays an important role in complying with data security and data privacy regulations. Depending on the severity, the penalty that may be imposed on you for allowing data breaches to happen may lead to up to 7 years of imprisonment and a monetary fine of up to P5,000,000 under the Data Privacy Act.
SIEM platforms such as BProtect serve as a foundation of any modern data security strategy against cyber-attacks. By providing constant monitoring and quick reaction, SIEM platforms dramatically reduce the impact of security breaches on your enterprise.