Why does your enterprise need SIEM in 2020? What can it offer your enterprise as you seek to update your cybersecurity strategy for the new year and decade?
Let’s begin answering that question with another question: what can a corporate data breach cost your enterprise in the short and long term? The average cost of a data breach can vary wildly depending on the study and research methodology. Some pin the cost at around $1 million and others at closer to $4 million. Meanwhile, the Ponemon Institute pins the cost at around $8.19 million.
Part of the reason for these different projections? The intricate costs involved in a data breach. For example, your enterprise might face legal fees, compliance fines, and more in the immediate wake of a breach. However, the more serious problem—indirect costs—could prove even more difficult to predict. These can include damage reputation (customers tend to abandon brands tarnished with data breaches) and missed business opportunities. Of course, you also need to contend with hidden breach costs such as lost work hours.
Overall, the costs of a data breach could devastate and taint your enterprise permanently. In fact, 60 percent of small businesses end up going under as a result of a breach.
Why do you need SIEM in 2020? To prevent the devastating effects of a data breach. So what can SIEM do for your enterprise?
Why Does Your Enterprise Need SIEM in 2020?
The need for SIEM in 2020 can be found right in defining what SIEM performs in terms of cybersecurity.
First, SIEM allows enterprises to aggregate and analyze data across multiple systems; these can include network devices, servers, endpoints, firewalls, and applications. Also, SIEM can normalize (translate the data into a consistent format for analysis) and store that data; this allows your IT security team or machine learning tool to use it for security event correlation or compliance initiatives.
Second, and as a direct result of its storage capabilities, SIEM can provide a consolidated view of your corporate data, which makes it easy to gather information and make security decisions.
Third, SIEM can absorb data from any network location and data of any kind. This includes structured and unstructured data, as SIEM can normalize them both. This ensures improved visibility over your enterprise IT infrastructure.
Why 2020 In Particular?
A number of reasons! In particular, SIEM solutions provide scalability as enterprises look more than ever to expand their IT environments. Indeed, SIEM can naturally support large amounts of data, especially in larger enterprises. Large businesses can generate huge amounts of data per day from production servers and employee devices.
Moreover, next-generation SIEM can draw data from new components of enterprise IT environments including virtual machines, cloud instances, and containers. This extends cybersecurity’s valuable correlations and anomaly detection across a more disparate network.
Also, SIEM can provide log management with search functions to facilitate threat hunting. In fact, SIEM also helps with threat detection through its extended visibility. These critical cybersecurity solutions assist with behavioral monitoring and security insight generation.
Finally, SIEM generates alerts when it detects a correlated security event, which can prompt investigations and thus threat discovery and remediation. All of these are major concerns for 2020.
The Cybersecurity Truth
Eventually, hackers can find a new way to hack into your environment that you couldn’t predict or protect against. Therefore, SIEM can provide the protocols and capabilities necessary to defending against penetrative threats. This is why you need SIEM in 2020!
You can learn more about SIEM in our SIEM Buyer’s Guide! We cover the top solution providers in the field and their key capabilities!
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