As the threat of cyberattacks continues to grow, organizations need to up their security standards to face what’s to come. While cybersecurity has various branches, each concerned with the safeguarding from a specific avenue of attack, they work in tandem to create a well-rounded cybersecurity system. One measurement that’s becoming more important is having a Security Information and Event Management (SIEM) system.

What Is SIEM and How Does It Work?

SIEM is a set of services and tools that provide a more inclusive view of an organization’s security. It provides real-time monitoring and visibility of information, keeps and manages logs of events from multiple sources, and sends out event notifications and alerts as needed.

As the name suggests, SIEM works by combining two sets of security technology; information and management. It starts by collecting data from your network and performing real-time analysis and producing security reports. It then monitors its reports, looking for events that indicate an issue, and immediately alerts the admins of the system.

Setting up the criteria of what establishes a threat allows SIEM systems to be flexible and customizable: only sending out critical alerts and minimizing false alarms. Here are five reasons why you should consider using SIEM as a service when setting up your cybersecurity plan.

1. Complying With Regulations

Meeting strict security standards can either be mandatory or complementary depending on your industry. An organization that regularly handles its users' financial, personal, or medical information has to meet higher security and privacy standards than its non-information-centric counterparts.

By utilizing the security, logging, and monitoring features that SIEM systems offer, you can assure your clients that you can protect their data whilst providing proof of compliance to regulatory committees and earn compliance certificates.

2. Resource and Budget Friendly

Since cybersecurity protects valuable data and information from the ever-increasing attacks aimed at them, safety measures taken against them can be complex in nature and, as a result, costly. SIEM is one of the few cybersecurity services that you can get externally managed without sacrificing effectiveness.

With a more manageable price tag and reduced pressure on your resources, you can harvest the full spectrum of benefits SIEM offers while focusing your limited resources and finances on other aspects of your organization. Not to mention, SIEM as a service is a great option for startups and small-to-midsize companies looking to up their security.

3. Efficient Post-Incident Management and Investigation

SIEM systems aren’t beneficial only in preventing cyberattacks and security incidents. They also play a critical role post-incident. The detailed log files along with the comprehensive activity analysis that SIEM systems collect can help with post-incident management. They allow security professionals to confidently identify the route of attack used, as well as any gap and security that they might’ve exploited.

The same logs also come in handy during forensics. That’s especially the case if sensitive user information was caught up in the attack and local authorities are involved. In such a scenario, the quality and integrity of the log files can be critical to the company’s reputation and allegations.

4. Intercepting Insider Threats

Unlike external-use cybersecurity systems, SIEM monitors both the inside and outside of your network. It can monitor your employees and report security events and incidents based on suspicious and unusual activity.

This feature can be especially useful in organizations with varying access hierarchies. It allows you to closely monitor accounts with more access privileges as their compromise could result in more damage.

5. Securing IoT Devices

While essential, IoT devices pose a serious security risk that’s second only to people. However, they are becoming too important and beneficial to discard. The more IoT devices you have connected to the network, the more avenues of attack you create.

Fortunately, most enterprise-level IoT device vendors now provide API and external data repositories with their devices for easy integration with their clients' security solutions. By connecting your IoT devices to a SIEM system, you’ll be able to monitor them and mitigate DoS and forced-entry attacks by cutting off the compromised endpoints and sending out alerts.

Treating Cybersecurity as an Investment

Similar to other aspects of running a business, cybersecurity is an investment. Working effectively, you wouldn't feel the presence of your cybersecurity system. After mitigating or managing an attack is when you start to reap the benefits of your investment.