Despite the best efforts of honest business professionals, cyberattacks continue to escalate across Australia and New Zealand. Enterprise-level firewalls, antivirus software, and virtual private networks for remote workforces have not necessarily slowed cybercrime.

“Over the 2020–21 financial year, the ACSC received over 67,500 cybercrime reports, an increase of nearly 13 per cent from the previous financial year. The increase in volume of cybercrime reporting equates to one report of a cyber-attack every 8 minutes compared to one every 10 minutes last financial year. A higher proportion of cyber security incidents this financial year was categorised by the ACSC as ‘substantial’ in impact,” according to the Australian Cyber Security Centre Annual Cyber Threat Report.

“No sector of the Australian economy was immune from the impacts of cybercrime and other malicious cyber activity. Government agencies at all levels, large organisations, critical infrastructure providers, enterprises, families and individuals were all targeted over the reporting period — predominantly by criminals or state actors,” the report states.

That’s why an increased number of businesses are searching for proactive cybersecurity measures. Security, Information, and Event Management, also known as managed SIEM solutions, has emerged as a solution to rising cybercrime.

What is SIEM?

Security Information and Event Management, aka SIEM, identifies emerging threats before a full-scale breach occurs. Combining wide-reaching technologies, it systematically searches for anomalies across an organisation’s digital infrastructure. When unusual activities are uncovered, alerts are sent to staff members or IT support services professionals. Actions can be taken in real-time to thwart the incursion.

In some cases, artificial intelligence (AI) can be integrated into managed SIEM solutions. When malicious software surfaces, unauthorised users log in, or another threat presents itself, an automatic response is triggered. Data breaches that would otherwise disrupt day-to-day operations are corralled.

What is a Managed SIEM Service?

Managed SIEM services began as a system to gather, scrutinise, and house log files promulgated by endpoint devices. During the early stages of SIEM development, IT managed services providers and cybersecurity technicians responded to alerts. After more than 15 years of technological advancements since SIEM began, companies have expanded how and where they store data.

Today, log files are strewn across in-house networks, cloud servers, and even the Internet of Things (IoT) devices. In many ways, data has become more vulnerable than ever before, and SIEM tools cure that problem. The tools deployed in a SIEM cybersecurity posture involve enhanced algorithms, machine learning, and AI, to locate threats and promptly respond. A managed SIEM service brings these and other proactive cybersecurity measures to bear.

How does a Managed SIEM work?

A SIEM posture involves collecting and analysing the data created and transmitted throughout a network. This data is then scrutinized to identify potential threats and help organisations maintain regulatory compliance. These are core functions businesses can anticipate from SIEM solutions.

Log management systems

Event data is captured from positions across an operation's entire communication and operations system. These include logs and flow data from applications, system users, and the cloud. Once collected, the SIEM process stores and reviews it in real-time. This gives IT staff members, as well as cybersecurity professionals, an opportunity to oversee the flow of safe and secure data.

It’s also not uncommon to establish a SIEM solution that integrates third-party threat assessment resources. This approach enhances a company’s defences against persistent threats and newly devised hacking schemes.

Incident monitoring

This facet of managed SIEM solutions involves the methodologies employed to identify imminent threats and how quickly companies can respond. Because the SIEM approach monitors network activity non-stop, issues alerts to IT security services, or reacts through AI, the cybersecurity system delivers industry-leading results.

Event correlation and analytics

Event correlation culls data from logs and analyses their relationships. In terms of SIEM applications, this process identifies the root-cause issues. It’s not uncommon to discover malicious software early as it starts to impact programs and processes.

Why would a business need a Managed SIEM Solution?

Many of the best cybersecurity strategies are designed to shield companies from breaches. They essentially act as a deterrent, preventing garden variety hackers from penetrating the network. It’s not unusual for more sophisticated cybercriminals to search for weak systems and harvest them like low-hanging fruit. This approach forces online thieves to simply move on to easy targets.

But determined advanced persistent threats can, and will, find a way into a business system. That’s why it’s mission-critical for organisations to harden their cybersecurity defences by embracing managed SIEM services.

Benefits of a Managed SIEM

Perhaps the leading reason to work with a third-party SIEM expert involves cost. While it’s conceivable that an organisation could develop its own SIEM cybersecurity protocols, the cost would be onerous.

A company would need to hire managed IT and cybersecurity professionals with the experience and knowledge to build proactive defences. Then, the in-house employees would need to conduct ongoing system updates, research emerging threats, and spend a portion of their time in educational forums.

Outsourcing to a firm with niche SIEM expertise alleviates these time-consuming and ongoing expenses. Businesses can onboard scalable managed SIEM services. These are other reasons to consider SIEM cybersecurity as a service.

Detect hidden threats

The public perception of data breaches is akin to snatch-and-run crimes. While brute force attacks remain prevalent, sophisticated cybercriminals can hide in plain sight.

The infamous Marriott hotel group data breach has become a case study in covert hacking. A group infiltrated the organisation’s network in 2014 and was not detected for upwards of four years. During that time, nearly 340 million guest records were compromised worldwide. The tools used in constant SIEM analysis would likely have caught the intruders early.

Streamline regulatory compliance

Government entities continue to develop stringent regulations to protect sensitive personal and professional identity data. Because managed SIEM services rank among the leading cybersecurity defences, many companies meet compliance and governance mandates. Those required to follow specific data protection guidelines have the opportunity to sync compliance with SIEM tools.

Expedited SIEM deployment

Integrating a comprehensive in-house SIEM cybersecurity system would require months of planning and development. Once in place, IT technicians who do not work in this vein every day often find themselves chasing glitches. By working with a firm that specialises in SIEM management, the tools to defend a system are seamlessly deployed. Given hackers level an attack every 8 minutes, time is of the essence.

Expanded cybersecurity expertise

Australia is expected to suffer a significant shortage of cybersecurity professionals. A reported 30,000 positions are predicted to go unfilled over the next four years. And not every managed IT professional handles SIEM solutions.

That means organisations may not be able to hire the skilled people they need to protect valuable and sensitive data. Brokering a relationship with a managed SIEM services provider expands a company’s cybersecurity footprint. Given cybersecurity and managed IT services are scalable, the workforce shortage won’t affect your business.

Constant cybersecurity monitoring

One of the pitfalls of using cybersecurity alerts stems from the fact team members are typically not available 24-7. Thanks to AI and other next-generation technologies, SIEM never sleeps. When a hacker sitting in a cafe halfway around the world, bashing away on a keyboard in a different time zone, targets an Australian or New Zealand business, they are in for a rude awakening. Managed SIEM solutions respond in real-time, come what may.

How to get the most out of a SIEM Solution

It’s important to consider various factors before integrating a managed SIEM solution. Anticipated growth, entering new markets, and the devices and software required to drive the enterprise rank among the top cost-related issues. A deftly orchestrated SIEM rollout could eliminate software and systems redundancies related to compliance.

Hardening your cybersecurity posture with managed SIEM solutions calls for an upfront investment. But a thoughtful integration can also save money by offloading outdated software, streamlining compliance, and protecting against a breach.

Is a Managed SIEM Service right for my business?

While managed SIEM solutions rank among the most determined cybersecurity defences available today, companies need to invest their resources wisely.

Take a moment to consider the business’s trajectory and whether growth warrants improving security. Ask yourself how enhanced cybersecurity would support profit-driving endeavours and other types of goal achievement. Lastly, estimate the financial and legal ramifications of a hacker pilfering off sensitive digital information related to business operations, personnel, and customers.

The Marriott incurred a reported $28 million in data breach-related expenses, and the U.K. government levied fines upwards of $120 million for privacy violations. It’s not uncommon for outfits to shutter within six months of a cyberattack due to financial losses and a damaged reputation.

How to choose a Managed SIEM Service provider?

Selecting the right managed SIEM service provider tends to be a matter of experience and compatibility. A comprehensive SIEM system requires years of cybersecurity and managed IT knowledge that comes from hands-on learning. Firms that meet this qualification are generally rare.

That being said, it’s also important to have similar business philosophies. A provider that offers co-managed cybersecurity can reduce the workload of in-house IT staff members while expanding their understanding of network protections. A compatible SIEM services provider also keeps the lines of communication open. Industry leaders require up-to-date reports to make informed decisions about critical next steps.

CBS SIEM Solutions

If you are concerned your business network may be vulnerable to a cyberattack, implementing SIEM solutions delivers robust protection. At Canon Business Services, our experienced cybersecurity and managed IT experts implement cost-effective SIEM solutions.

For more information or to schedule a consultation, contact CBS today.