How SIEM Protects Your Business From Fraud

Security Information And Event Management



3 Things You Need To Know About Security Information And Event Management

It’s a given fact that businesses greatly rely on data on a regular basis. Of course, the possibility of cyber threats comes with handling customers and company data. Examples of cyber threats that can occur are malware, ransomware, phishing, and more. Hackers want to deploy these threats to steal data and gain access to a business’s financial resources. They also conduct these schemes to sell business data on the dark web.

For this reason, it’s crucial to keep your business secured digitally. For one, you can use a virtual private network (VPN) and conduct cybersecurity training for employees. You can also update your business’s browsers, applications, and devices.

what is SIEM

 

Another step to secure business data is to use a security information and event management (SIEM) solution. Various managed detection and response services, such as Castra, can help you implement such a tool. This article will cover what SIEM is all about and how your organization can benefit.

What Is Security Information And Event Management (SIEM)?

SIEM is a cybersecurity solution that consolidates security data from various servers, endpoints, applications, and other sources. Its goal is to boost security awareness regarding an IT environment by mixing security event management (SEM) and security information management (SIM).
This solution looks through data from various sources, such as servers, applications, and network devices. It does this to determine unusual behaviors from security rules set by a business. This helps in identifying possible cyber threats.

As SIEM helps monitor cyber threats, it can be considered a robust defense solution. This prevents repercussions from data breaches, like fees, fines, reputational harm, and downtime.

Likewise, implementing SIEM can also help in complying with various regulations. This is the reason why many organizations incorporate such solutions. Security operation centers depend on such tools to protect a business today.



Brief History Of SIEM

SIEM was first formulated in 2005 by Gartner analysts Amrit Williams and Mark Nicolett. People initially used it for traditional log collection. Today, SIEM focuses on security events from firewalls, intrusion detection systems, and antivirus triggers.

Since then, many organizations have been using it in various levels of functionality, depending on the product or vendor they opt for.

Benefits Of SIEM For Businesses

As said earlier, your business can use SIEM as a cybersecurity measure to monitor possible threats. This allows your company’s IT team or outsourced cybersecurity service to respond appropriately. Here are some other benefits of SIEM for your organization.



1. It Helps Your Company Comply To Regulations

Large companies are just some of the ones that can benefit from compliance. Some laws necessitate all businesses across industries to comply too. Examples of regulations that one may adhere to are the Electronic Communications Protection Act (ECPA) and Health Insurance Portability and Accountability Act (HIPAA), among others.

To comply with these regulations, organizations will find it easy to monitor network traffic, system logs, and other data sources to detect unauthorized access. SIEM solutions can also provide detailed audit trails of access, helping organizations demonstrate compliance with privacy and security requirements.

Additionally, with the help of SIEM solutions, organizations can automate incident responses, allowing them to quickly resolve any compliance incident involving customer and company data. SIEM solutions can save you time and enable effortless compliance audits. It also helps your businesses retain customers and prevent legal troubles.



2. It Helps You In Receiving Security Alerts And Detecting Threats

Another advantage of SIEM is that it can detect threats and provide security alerts to a cybersecurity team. For one, SIEM solutions monitor security incidents on various devices, users, and applications within the business while identifying behaviors outside the norms.

If SIEM identifies a related security incident, it can prompt the cybersecurity team with alerts, urging them to investigate the case. This makes it possible for them to put all their energy into a potential issue and determine if there are breaches or attacks. From there, they can start to have a response plan and fix the cybersecurity issue immediately.



3. It Helps To Make Your Network More Visible

A cybersecurity team can have a better overview of a business’s network. This helps as today’s networks can easily have less visibility in servers, databases, and devices. This adds more problems for network managers and security teams to address.

Hackers can use this to their advantage as there needs to be more visibility for modern networks. For one, they can conceal their threats and exploit digital assets without being identified.

Luckily, SIEM can prevent this kind of threat. It obtains security event data from various areas of your network. From there, it can store and assess these data in a centralized location. This makes the network more visible.



Do Not Ignore Cybersecurity

The continuous existence of hackers and cybercriminals can always endanger a business’s data and information technology (IT) infrastructure. Thus, it’s ideal for implementing proper cybersecurity measures to prevent their attacks.

One solution for such an issue is to use SIEM solutions. Today, the tool enables a business to gain awareness of an IT environment by combining SIM and SEM solutions. This helps in identifying and monitoring potential threats.

Ultimately, as it monitors possible threats, a cybersecurity team can form a plan to respond appropriately. This helps maintain customers, sales, and reputation while helping you comply with various regulations.

How To Report Fraud

You can report scammers and any other suspicious activity to the Federal Trade Commission using the official FTC portal below:

Report To The FTC Here



How To Protect Yourself More

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