Cybersecurity has become a top priority for business leaders as data breaches continue to occur at an alarming rate and IT security threats evolve at a breakneck pace. The total number of data breaches identified in the U.S. rose to a record high of 1,579 in 2017, a 44.7 percent increase from the previous year, according to the Identity Theft Resource Center.
No one is safe from cybercrime. Plenty of large organizations have had their systems compromised. The recent Facebook breach – which affected nearly 50 million users – is just one example. Hackers aren’t exclusively interested in large corporations either. The majority of cyberattacks actually target small businesses, according to Verizon’s 2018 Data Breach Investigations Report (DBIR).
“Most attacks are opportunistic and target not the wealthy or famous but the unprepared,” the DBIR states.
As a result, it’s imperative for organizations of all sizes to implement a comprehensive cybersecurity strategy to minimize their risk of experiencing a data breach. There are a wide range of IT security solutions and services available for businesses looking to safeguard their IT environments and prevent cybercriminals from gaining access to sensitive data.
An effective IT security strategy involves a multi-layered approach. If you’re interested in learning how to properly secure your IT infrastructure, check out our step-by-step guide.
One tool you should consider adding to your cybersecurity arsenal is a security information and event management (SIEM) solution. Here’s everything you need to know about what SIEM is, how it functions, and how it can benefit your organization.
What is SIEM? SIEM solutions – which have been around for more than 10 years – combine security event management (SEM) with security information management (SIM), according to the CSO article “What is SIEM software? How it works and how to choose the right tool.” SEM allows for event correlation, threat monitoring, and incident response by analyzing log and event data, while SIM gathers, analyzes, and reports on log data, the article explains.
Essentially, SIEM solutions perform real-time collection and historical analysis of events from a wide range of data sources, which enhances threat detection and incident response, according to Gartner’s IT Glossary. SIEM software also helps with compliance and investigations of security incidents due to its analytical capabilities. Its most notable ability is analyzing and correlating events, Gartner explains.
How does it work? SIEM solutions basically gather data from a bunch of different sources and examine it for anything that seems abnormal or suspicious, according to TechTarget SearchSecurity. If the software identifies an aberration, it might collect more information and alert other security controls to stop the potential threat.
SIEM software analyzes data from lots of different places in an organization’s IT infrastructure, such as network and security components like antivirus solutions and firewalls, according to CSO. The two main purposes of this type of cybersecurity solution are to generate reports about security events and to generate alerts about possible issues and threats.
Why do businesses use SIEM as part of their IT security strategy? Companies of all sizes and across all industries leverage SIEM solutions as part of their IT security strategies. The need to comply with industry regulations such as HIPAA has been a significant driving force behind SIEM adoption, CSO explains.
SIEM software is mostly implemented by enterprises concerned about compliance, while small and mid-size companies with limited budgets might find the price prohibitive. However, some SMBs get around that obstacle by opting for SIEM as a software as a service (SaaS) offering from a third-party provider like Stratosphere Networks, according to CSO.
How can I find a good SIEM solution? Businesses must decide whether to build or buy an SIEM solution. For those that decide to buy one, there are a number of vendors in the SIEM market today and finding the provider that’s right for your organization depends on your specific IT security needs (e.g., whether compliance is a factor and how much data your business has).
If your company chooses to build a SIEM solution, the most important factor is who will respond to alerts and who will tackle threat hunting and security initiatives. Organizations that choose to build internally must then create an internal security team.
Regardless of which route you choose, Stratosphere Networks’ team of tech experts can assist with building, buying, and/or managing your SIEM solution. We work with numerous vendors and have experience with a wide range of IT solutions, which allows us to serve as a trusted advisor to our clients. For more information, contact us today by calling 877-599-3999 or emailing firstname.lastname@example.org.