With the ever-changing landscape of cybersecurity threats, financial firms are using every tool in their arsenal to harden network security. Although security information and event management (SIEM) is not a new technology, today’s SIEM has new capabilities, including advanced analytics, artificial intelligence, and machine learning. With these features in mind, an increasing number of financial institutions are incorporating managed SIEM solutions into their cybersecurity strategy.
Benefits of SIEM for Financial Institutions
Cybercriminals make thousands of attempts to breach high-profile networks like yours each day. With so many security events taking place, both legitimate and not-so-legitimate, it’s tough to spot where and when cybercriminals are attempting to breach the network. That’s where SIEM comes in.
- SIEM systems collect data from your institution’s infrastructure. The software brings together data from applications, host systems, firewalls, and more. By collecting this information and storing it in one central place, SIEM software can detect patterns and anomalies that would otherwise be missed.
For example, a laptop might be infected with malware from a spear phishing attack. If that malware runs its course, it may join a botnet from a different part of your network. Separately, these treats may not be detected. By collecting and correlating data, SIEM software can detect these potential threats from disparate systems within your organization.
- SIEM detects anomalies and threats to your system. It issues alerts based on the parameters you have in place, allowing your team to act swiftly to mitigate these potential threats. With enhanced analytical abilities and machine learning, SIEM software can take steps to stop malicious activities by communicating with other security controls and directing them to block traffic. SIEM is not a replacement for the security controls you have in place, such as firewalls. Instead, SIEM solutions bring those controls together, allowing you to analyze data from across your network.
- SIEM streamlines compliance reporting through its centralized logging structure. Each host that is included in compliance reporting can regularly transmit its information to the SIEM server. The SIEM server generates one report that provides proof to auditors that your firm is following the appropriate security protocols. Instead of having to generate individual reports across several systems, the SIEM does the work for you, saving valuable time.
SIEM is especially useful in providing a record of your firm’s cybersecurity efforts. If ever there is a breach, SIEM provides the historical data to pinpoint what happened and to address the vulnerability in the network.
Overcoming SIEM Management Challenges
SIEM provides real-time alerts regarding potential threats. Although it has automation in place to help address these threats, they also need to be reviewed and investigated. Since SIEM draws on information from across your enterprise’s infrastructure, the volume of information can be overwhelming even for the most efficient IT teams.
This leaves financial firms with a dilemma. Turning off these alerts is not realistic. With the changing nature of cybersecurity threats, it’s important to review each alert carefully. Prioritizing alerts can help, but it may still leave some alerts unreviewed. Incorporating SIEM will help your firm move forward, but it needs to be done in a way that doesn’t overwhelm your internal resources.
When faced with this dilemma, many financial firms are turning to managed SIEM solutions. Managed SIEM solutions ensure that your firm can take advantage of the security and compliance benefits offered by SIEM without burdening your IT team. They provide around-the-clock alert monitoring, investigating each threat and responding in a customer-specified manner.
At DataComm, we provide world-class Managed Security Services and we are soon to offer SIEM solutions for financial firms. Our experienced staff understands the complexities of SIEM and can tailor a solution to your needs. Our certified security technicians have a deep understanding of cybersecurity, allowing them to interpret alerts as they come in and act appropriately to protect your firm. We also help firms leverage the compliance benefits of SIEM. We know the rigorous regulatory standards financial firms are faced with, and we can give your firm insights into how SIEM can help you meet and exceed these standards through centralized reporting.
Contact us today to find out how managed SIEM solutions can enhance your firm’s security and compliance.