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What is SIEM and Why Do You Need One?

By Amanda Daly | Thursday, July 11th, 2019

For investment management firms, as IT resources become more security conscious, the amount of security related data available for analysis has grown exponentially. This increase in available data has become too massive for humans or dispersed systems to decipher which threats are significant.SIEM

Too much data can lead to delays in performing preventative measures. Dirty data in your environment can make your firm vulnerable to attacks. And not fully understanding the data your company possesses can lead to challenging circumstances if information is corrupted or stolen.

This is where a SIEM (security information and event management) service comes in. SIEM provides real-time analysis of security alerts generated by applications and network hardware. Here are some key reasons on why you need to deploy SIEM.

  • Regulatory standards (GDPR, NYDFS, OCIE, etc.)

  • Cybersecurity guidelines (such as ISO27001, NIST, CIS)

  • Log management and retention

  • Continuous monitoring and incident response

Still not convinced that you need to deploy a SIEM?

Here is a good example of a SIEM in action. The situation begins when a user’s password credentials are compromised and multi-factor authentication is not enabled. This allows an attacker to access personal and/or company confidential data. The organization is alerted to the credential compromise based on suspicious activity and IT disables the user’s account and all associated computing sessions. The Computer Security Response Team immediately jumps into action, taking the following remediation steps:

  • A full anti-malware sweep of the organization’s corporate infrastructure is completed.

  • All logs associated with the compromised account are retrieved using a Security Information and Event Management (SIEM) tool. SIEM provides real-time analysis of security alerts generated by applications and network hardware.

  • By analyzing the SIEM logs, the Response Team gains detailed records on every command and/or program launched by the intruder. This allows for immediate lock-down of any potentially vulnerable areas. Also by retracing the intruder’s steps and analyzing the logs further the Response Team is able to confirm there was no exfiltration of files or data.

A SIEM does the work for you - it collects and aggregates all the relevant data in a form that helps your analysts quickly spot suspicious behavior that requires further investigation or an attack in progress that needs to be stopped.

Product Spotlight!

Eze Managed SIEM is an ideal security add-on service for companies of all sizes and technology deployments (i.e. cloud or on-premise). Clients simply provide a list of resources; including but not limited to; operating systems, network devices, servers, critical files, browsers, Office 365, Azure and more. If the Eze Managed SIEM service identifies a potential security risk, the Eze Castle Security Response Team leaps into action to ensure proper actions are taken to mitigate the risk. We give you meaningful information, a word-class SOC, and an Incident Response team with years of experience in systems internals and architecture. Afterall, a SIEM is invaluable to cyber response.

Are you ready to deploy a SIEM? Contact us today to get started! Stay one step ahead with Eze Managed SIEM

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