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SIEM Use Cases for Financial Institutions

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Cybersecurity attacks anything to increase in diversity and sophistication, according to the “State of Malware” report published by Malwarebytes. Trojans targeting financial institutions continue to evolve, turning into droppers capable of producing spam, propagating through networks, skimming data, and stealing information from cryptowallets. SIEM can be an essential part of your layered approach to security, strengthening your security stance and an increasingly aggressive threat landscape. A managed SIEM service can help your firm take full advantage of the data, alerts, and reports generated by your SIEM solution.

 

Reviewing SIEM use cases can help financial firms see how they can realize the full potential of this security solution.

Use Case: Data Privacy Compliance

The General Data Protection Regulation (GDPR) has made waves in Europe with its new framework for protecting consumer data. The GDPR is proving to be a model for other countries as well. For example, California passed strict new privacy laws earlier this year. SIEM can improve compliance with the data privacy laws impacting financial firms by:

 

  • Recording events related to personal data and providing an audit trail
  • Quickly detecting data breaches and providing the tools to analyze those data breaches
  • Monitoring and logging changes to credentials and security groups
  • Verifying security controls to ensure user data is treated appropriately

 

A managed SIEM service with experience in compliance can ensure your SIEM solution provides accurate reporting and alerts around data privacy.

Use Case: Insider Threats

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Insider threats are the cause of 60 percent of cyberattacks, according to IBM. They are also some of the hardest breaches to detect, because insiders typically appear to be legitimate users. SIEM can uncover those threats, though, through using behavioral analysis. SIEM can:

 

  • Detect lateral movement through their view of multiple systems within your network
  • Detect users who are changing their level of privileges within your system
  • Detect anomalous behavior, such as users logging in on unusual days or times
  • Find relationships between events that seem unrelated, such as the use of personal email and excessive printing

 

These capabilities are common with current SIEM solutions, as they do much more than simply log information. Today’s SIEM solutions include analytical tools to make sense of the information they gather from throughout your IT systems.

Use Case: Data Exfiltration Detection

Bad actors can, and likely will, make attempts to transfer sensitive data outside your organization. SIEM solutions can detect exfiltration in several ways:

 

  • Through detecting unusual network traffic that indicates backdoors, botnets, and rootkits
  • Through monitoring usage of proprietary web applications by outsiders
  • Monitoring network traffic and sending alerts when large quantities of files are being transferred
  • Sending alerts when data is being sent to an unknown or potentially malicious target

 

Although some of these threats may be detected by other security measures you have in place, SIEM solutions offer a bird’s-eye view of your network, providing additional insights as to who is exfiltration data and where that data is going.

Use Case: IoT Security

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IoT devices connected to your network are points of vulnerability. Users may not use appropriate measures to secure their devices, giving access to bad actors. SIEM solutions can detect vulnerabilities in IoT devices. For example, they can monitor dataflow to and from your IoT devices and send alerts when there’s an unusual level of data. They can identify devices that have security vulnerabilities or that need patching. They can alert security staff if an IoT device is showing anomalous behavior.

Working with a Managed SIEM Service

Many financial firms recognize the capabilities of SIEM solutions, but they also realize the challenges involved with implementing such a solution. SIEM solutions require intensive monitoring and knowledgeable staff members to sort through the alerts and determine what needs immediate action.

 

To handle these challenges, financial institutions are turning to managed SIEM services. These services provide 24/7 monitoring, ensuring that important alerts are responded to in a timely manner and in line with organizational practices.

A high-quality managed SIEM service will:

 

  • Integrate your SIEM solution into your security system
  • Provide monitoring by security specialists
  • Monitor, patch, and upgrade your solution as needed
  • Have experience working with financial institutions
  • Have in-depth knowledge of regulatory compliance and how to support it through SIEM solutions

 

At DataComm, we have expert knowledge of the IT needs of financial firms. We have a deep understanding of auditing and compliance and we have experienced security personnel on staff. Contact us today to find out more about how and SIEM solution can enhance your security posture.

 

SIEM For Finance

This entry was posted in SIEM, financial institutions, financial services

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