How to Stop Losing Money to Cybercrime with SIEM Cybersecurity System -

Cybersecurity is increasingly crucial

With the start of the pandemic, the world went online. Going digital has presented many growth opportunities for businesses, but has also put them in jeopardy due to the rising number of cyber threats. According to Verizon’s 2021 Data Breach Investigations Report, 95 per cent of losses from breaches fall between $826 and $653,587.

Poor security can lead to losses or signal bankruptcy in the near future. Breached companies lost an average of 3.5 per cent on the NASDAQ in six months after the breach. There are many cyber threats that companies across various industries may face. Taking action to improve their understanding of security threats can help companies to equip themselves with the necessary tools to minimise risks. Most security breaches can be divided into the following three categories:

• Malware – a file, code, or type of software developed by malicious actors to infect a computer, server, or computer network to access or steal sensitive data. With the successful installation of malware, cybercriminals can remotely control the infected system.
• Denial of Service Attack (Dos/DDoS) – a type of attack aimed at making the system or network unreachable for the intended users. It involves flooding the bandwidth of a system or web server.
• Phishing – a cybercriminal acts as a trusted user and tricks a targeted person into opening fraudulent email or text messages. Such an attack is intended to receive sensitive information such as logins, passwords or credit card numbers, or to install malicious ransomware.

Even though most companies have already enforced security measures such as VPNs, antivirus software, and firewalls, this is not enough to protect against all types of malware. One of the best ways to deal with cyber-attacks is partnering with trusted providers of cybersecurity services. An experienced vendor can help you implement SIEM cybersecurity systems to monitor and immediately react to security alerts within the system.

Cybersecurity incidents are on the rise, and companies worldwide have started to revamp their security strategies. Opting for a security information and event management (SIEM) cybersecurity system means taking steps in the fight against cybercriminals.

 

What is security information and event management (SIEM)?

SIEM is a process that encompasses gathering logs from applications and devices inside the network, monitoring and detecting attacks and indicators of potential attacks, analysing detected events and anomalies, and notifying security personnel or automated reactions to events. In general, SEIM aggregates all logs in the system and provides real-time analysis of security alerts generated by applications and network hardware.

A SIEM cybersecurity solution collects event data from different sources within a company’s network and uses different rules to correlate those events and detect threats. These rules are called correlation rules. There are several types of these rules, including:

• Port scan detection – analyses network traffic for patterns, such as several consequent requests to a certain IP address on different ports. This is a common technique hackers use to find open doors or weaknesses in the system.
• Excessive file transfer detection – triggered when an enormous number of an organisation’s files are copied to an external location.
• Brute force detection – identifies when an actor continually tries to guess sensitive information, such as a password, important URL or file address, either manually or using automated tools.
• Impossible travel detection – timestamps users’ locations and any additional data, such as type of device used and IP address, when they log in to the system. When the user next logs in, the rule compares timestamped locations to detect whether it is possible to move the distance between those login locations in the time available.