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Security Information and Event Management (SIEM) – An Overview

Security Information and Event Management (SIEM) is a branch of computer security that combines Security Information Management (SIM) with Security Event Management (SEM) in software products and services. Security devices, network equipment, systems, and applications all provide event data, which SIEM technology aggregates. They analyse security alarms generated by applications and network devices in real time. Contextual information on people, assets, threats, and vulnerabilities is linked with event data for compliance or security audit purposes.

SIEM (Security Information and Event Management) is a security system that assists enterprises in identifying potential security threats and vulnerabilities before they interrupt business operations. It identifies suspicious user behaviour for threat detection and incident response.

Log Management

SIEM (Security Information and Event Management) gathers event data from a variety of sources across an organization’s network. Logs and flow data from various users like employees or clients, applications, cloud environments, assets and networks are collected, saved, and analysed in real-time, allowing IT and security teams to monitor their network’s event log and network flow data from a single centralised location. Some SIEMs link with third-party threat intelligence channels to correlate their internal security data with previously identified threat signatures and profiles. Security teams can block or identify new attack signatures by integrating with real-time threat sources.

Security Alerts and Incident Monitoring

SIEM systems can identify all devices in the IT environment since they provide centralised control of on-premise and cloud-based infrastructure. SIEM technology monitors for security incidents across all connected individuals, devices, and applications, identifying suspicious activity as it occurs in the network. SIEM systems reduce IT security teams’ average time to detect and average time to respond by offloading the manual operations involved with in-depth security event analysis.

Analytics and Event Correlation

Any SIEM solution must include event correlation as a component. Event correlation gives insights to swiftly find and mitigate possible threats to enterprise security by utilizing advanced analytics to identify and analyse complex data patterns. Administrators can be warned promptly using customizable, specified correlation rules and take appropriate action to mitigate the incident before it escalates into more serious security risks.

Investigating for Forensic Purposes

When a security issue happens, SIEM systems are suitable for performing digital forensic investigations. SIEM systems enable businesses to collect and analyse log data from all of their digital assets in one central location. This enables them to reproduce previous occurrences or evaluate new ones in order to examine suspicious activity and improve security systems.

Compliance and Regulation

SIEM solutions are a popular choice for businesses that must comply with a variety of regulations. SIEM is a powerful tool for gathering and verifying compliance data across the whole corporate infrastructure since it allows automated data collection and analysis. SIEM solutions create real-time compliance reports for compliance requirements, easing security management and detecting any violations early. 

New Advanced Real Time Threat Detection

Organizations must be able to rely on solutions that can detect and respond to both known and new security threats, given how quickly the cybersecurity environment changes. SIEM solutions can successfully mitigate newer security breaches by utilizing integrated threat intelligence feeds.

SIEM products are available as software, equipment, or managed services, and they are used to log security data and generate compliance reports. Clients’ need to analyse activity data in real time for early identification of cyberattacks, data breaches, as well as collect, store, investigate, report on log data for incident management, forensic analysis and regulatory compliance, are the Security and Information Event Management (SIEM). Taking proactive actions to check and mitigate IT security risks is critical, regardless of how big or small your company is. Enterprises benefit from SIEM solutions in a variety of ways and they’ve become an important part of optimizing security procedures.

Integrated Risk Management Platforms – All You Need to Know

Defining risk

A risk is defined as “the potential for loss due to uncertainty” or “the possibility of something bad happening due to lack of security”.

From these definitions, we can safely incur, that to reduce risk, organizations should not only be extremely risk-aware, but also have impeccable security measures in place. In order to make organizations guarded from various types of risk, (Material/Physical Risks, Cyber Risks, Reputational Risks, Legal Risks, or Operational Risks) there are several measures that can be put in place – one of them being ERM or Enterprise Risk Management.

ERM is the practice of analyzing potential risk and creating a plan to control risk-eliminating activities. It helps view risks from a bird’s-eye view – at an organizational level – and create strategies that ensure mitigation of risk.

However, with the digital revolution unfolding, information/data dependency has drastically increased. This also means that the IT or Cyber-risks are rapidly evolving and call for a comprehensive methodology to deal with them.
Integrated Risk Management (IRM) specializes in handling the risks prevalent in an organization’s technological infrastructure. While it still includes multiple elements of Enterprise Risk Management, it takes a more polished, all-encompassing approach to risk management. It equips an organization to acknowledge, understand, and curb their distinct risk scenarios.

The correct implementation of IRM is highly dependent on an organizations’ risk-awareness and ability to –
  • Create and implement governance, risk assessment, and risk ownership framework.
  • Identify upcoming risks internally and externally.
  • Create and implement a response strategy.
  • Continuously monitor business objectives, update governance policies in accordance with goals, remain updated on new types of risks and threats, and comply with regulations.
  • Adopt the correct IRM solutions to build a strong and unified risk management architecture.
What are Integrated Risk Management Platforms?

Traditionally, GRC (Governance, Risk, and Compliance) Platforms took a siloed approach to risk management. This often led to negligence of important details and increased vulnerabilities.

GRC Platforms helped manage –

  • Governance – The framework of rules and guidelines that create a foundation for all business practices.
  • Risk – The possibility of an organization facing losses due to negligence, breach, non-compliance, or poor governance.
  • Compliance – Following the framework of rules established to ensure governance and reduction of risk.

As time has passed, GRC platforms have morphed into being more flexible, less siloed platforms. They now view risk management as a whole – with governance and compliance being an integral part of the risk management process. These evolved Governance, Risk and Compliance (GRC) Platforms are now known as Integrated Risk Management (IRM) / Centralized Risk Management (CRM) Platforms.

Integrated Risk Management Platforms help organizations cope with their ever-increasing risk management needs. The various functionalities of IRM Platforms are listed below –
  • Manage risks across data security, cyber security and compliance areas spanning across various locations or sources.
  • Standardize risk assessment methods and risk management frameworks across siloes to unify risk management practices across business functions.
  • Provide visibility into threat exposure, risk interconnections, vulnerabilities and their impact on overall security measures.
  • Create an internal audit process to provide specialized risk assessments and insights.
  • Create a tracking framework dependent on business policies to make compliance and data usage ethics stronger. This tracking also helps locate and remedy violations.
  • Store all the data required to monitor risks securely on a centralized database.
  • Create risk libraries that catalog the most critical risks and provide accurate and actionable data pertaining to the threat history for an organization.
  • Analyze risk-related data and present comprehensive reports with heat maps, risk summaries and risk-control dashboards.
  • Automate risk management tasks, deliver reminders and record events.
  • Highlight compliance related risks through continuous monitoring and real-time updates.

Apart from these, IRM systems can also manage end-to-end third-party risk assessments by reaching out to external databases and gathering information continuously to help organizations mitigate risks.
Integrated Risk Management Platforms are advantageous because they help organizations to reduce the manual labor that goes into ensuring information security for an enterprise. Additionally, there are multiple other advantages that automating risk management can bring.

  • Identify and analyze risks at the organizational level and create a strategic plan for risk management.
  • Execute risk management and compliance policies.
  • Speed up decision-making by providing a comprehensive list of the risks and pain points involved.
  • Create a bridge between the planning and execution of governance and compliance policies.
  • Become and remain risk-aware and proactive in risk management.