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What Does SIEM Stand for?

23 August 2021

SIEM (Security Information and Event Management) is one of many approaches to security management.

SIEM combines SIM (Security Information Management) and SEM (Security Event Management) to aggregate data from a variety of sources as well as identify any deviations and act against them.  

As a result of ever-growing cybersecurity attacks, many organisations find identifying, prioritising, and action against malicious threats more challenging than ever.

SIEM is important as it works as a counterpoint fighting against threats. 

Sapphire Cyber Security - siem systems for event data

What is SIEM?  

As As detailed above, SIEM (Security Incident and Event Management) identifies, monitors, records, and analyses an organisation’s cybersecurity events in real-time.

This helps to give organisations both a centralised and comprehensive view of the security of their IT infrastructure.  

This means that SIEM is the perfect solution for consolidating large volumes of threat data and helping filter information and prioritising security alerts, making security more manageable.  

Many organisations also use SIEM for compliance regulations such as:  

  • ISO27001  
  • HIPAA  
  • PCI  
  • DSS  
  • SOX  
  • GDPR  
Sapphire Cyber Security- security information and event management

How does SIEM work?  

SIEM collects data from an organisation’s applications, security devices and host systems and brings it all together into one centralised platform.

A SIEM system gathers data from antivirus events, firewall logs and other locations and sorts it into neat categories. This helps a system to identify any threats via network security monitoring.  

If a threat is identified, the system creates an alert and then defines the attack’s threat level based on predetermined rules.

This makes a SIEM system customisable and helps improve efficiency when investigating potential cyber threats and reducing any time that would be potentially wasted on false positives.  

Security Intelligence suggests that:  

‘SIEMs (Security Information & Event Management) (Security Information & Event Management) help security operations centre (SOC) security analysts achieve four critical objectives: (1) gain visibility into their environments, (2) detect threats, (3) investigate abnormal activity and (4) escalate security alerts for a swift response to SOAR tools.’  

Sapphire Cyber Security - security alerts generated using event management siem

What are SIEM Capabilities and Applications?  

SIEM has a broad range of capabilities that offer comprehensive protection for organisations. SIEM software allows organisations’ security teams to gain insights into malicious attackers.

Such as tactics, techniques, and procedures (also known as TTP) and indicators of compromise (IOCs).  

Some of the key features of SIEM solutions are:  

  1. Data consolidation/ Data aggregation  
  2. Data consolidation/ Data aggregation  
  3. Managing log security events and data in real-time  
  4. Categorising security events and data by threat severity  
  5. Using threat intelligence to determine actions on potential threats  
  6. Automated security event alerts  
  7. Event correlation to indicate specific incidents  

SIEM also provides in-depth reporting and supports compliance too.

This helps organisations to simplify compliance reporting and organise event information for many industrial and governmental regulatory requirements.  

Security Intelligence suggests that: 

‘When it comes to minimizing the impact of a security incident, time is of the essence. It can take an average of 207 days to identify and 73 days to contain a breach, according to the Cost of a Data Breach Report 2020. The research shows containing a breach in less than 200 days saved $1 million on average compared to those who took more than 200 days. 

All of that to say, the faster a threat is identified, the better, and that is where a SIEM comes into play. A SIEM can reduce the time to identify, investigate and respond to security-related incidents, and mitigate the business impact of a data breach.’ 

Sapphire Cyber Security- security events with siem solutions

What are the Best Practices for a Successful SIEM Implementation?  

To get the most out of a solution, organisations must ensure that they are using the best practices below:  

Establish Scope and Requirements  

As SIEM has a customisable approach, organisations should have a clear understanding of what log and event data they need to monitor and whether it should be hosted/managed or on-premises.

This will not only help organisations save time on threat monitoring but having a clear view of compliance and regulation requirements will also save time in the long run.  

Customise Correlation Rules  

As touched on above, SIEM’s core value stems from event correlation.

This helps organisations understand and prioritise security events that may otherwise go unnoticed.

Although most SIEM solutions come with a set of in-built rules, it is best to customise these rules for what your organisation needs.  

Incident Response Plan  

Having an efficient incident response plan helps organisations provide guidelines and steps for security teams in a cyber-attack.

This is supported by the solution’s real-time monitoring and enterprise security alerts. This allows a response when a threat is detected.  

Continuously Update SIEM System  

AAs a result of a fluid threat landscape, updating and configuring an organisation’s solution is necessary to stay ahead of the curve for malicious attackers and new evolving threats.  

Why SIEM as a Service?  

Sapphire has over 25 years of experience, our team of experienced cybersecurity analysts work with an outstanding best-in-class SIEM to deliver a managed service. Helping organisations cut through vast datasets and focus on necessary activities, Sapphire’s managed service reduces dwell time working to improve security incident response time.  

Sapphire combines SIEM tools and security monitoring with our security operations centre’s (SOC) advanced threat detection capabilities and threat intelligence feeds to help organisations: 

  • Reduce dwell time 
  • Improve Mean Time to Detect (MTTD)  
  • Reduce their Mean Time to Respond (MTTR) 

Sapphire’s managed SIEM services provide:  

  1. Vigilance: Helping organisations to identify and prioritise security threats more effectively. This provides an efficient application of security resources and a continual reduction in detection time.  
  2. Response: Sapphire’s managed service improved remediation and incident response times. This reduces exposure from reconnaissance, lateral movement on the network and data exfiltration. This helps organisations save time and allocate resources appropriately.  
  3. Management: With a 24×7 incident response, Sapphire’s managed solution is handled by an experienced team. This allows an organisation to focus on strategy rather than management.  

For more information about Sapphire’s managed services, please get in touch with us here. 

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