Not Enough Enterprises Are Utilizing SIEM for Fraud Prevention

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Enterprises are facing emerging cyber risks daily. Recent breaches at digital giants like Equifax are making it impossible to ignore the need for sophisticated security measures at every level of an operation. This recent Equifax breach exposed the credit card records of as many as 143 million people. Analysts have since discovered that the Equifax breach actually occurred following five years of missed warning signs.

What is the big blind spot that even large enterprises like Equifax seem to be missing when it comes to cyber security and fraud prevention? One area that organizations and security officers need to turn their attention to is security information and event management (SIEM). SIEM resources combine security information management (SIM) with security event management (SEM) to provide real-time analysis based on what is detected by hardware and applications within a network. What SIEM technology essentially offers is a holistic approach to detecting and stopping security threats and fraud events.

A Glance at What SIEM Technology Offers

The main function of SIEM resources is to log security data and generate activity reports. In other words, any software or hardware that has SIEM technology incorporated into it acts like a watchdog that can detect unauthorized or atypical activity within a network or environment. Rules that identify suspicious events are based on both data’s real-time activity and historical context. Here are the key functions of a SIEM system:

  1. Produce relevant and readable data regarding an enterprise’s security
  2. Collect data into a central spot
  3. Allow data from multiple locations to be seen from a central viewpoint

SIEM makes it possible for an analysis to be made based on trends that are observed from data in multiple spots. Having the ability to observe multiple sectors of a network or environment from one spot makes it easier to take a defensive posture. It also makes it much more obvious when a fraud attempt is being launched.

Where Does a SIEM System Get Data From?

A SIEM system collects data from multiple sources. The list of sources can include servers, end-user devices, hardware, equipment, firewalls and specialized security systems. Every event that happens in these pockets is then forwarded to something that works like a central command station within the SIEM system. Any anomalies or red flags are given an automatic inspection. The success of a SIEM system depends in large part on how effectively the administrator or manager of that system has created a baseline for events. Creating a profile for normal and permissible functions is the key to successfully setting off the correct chain of events when something out of the ordinary occurs.

A Last Look at SIEM

SIEM has conventionally been something that larger enterprise that are faced with strict compliance regulations have used. However, the widespread fraud that is occurring throughout all industries is causing this resource to become commonly used by enterprises of all sizes. Why is SIEM essential for every type of enterprise? SIEM systems have three main functions. Here’s what an enterprise gets when it adds SIEM to its network:

  1. Quicker identification
  2. Faster and more accurate analysis
  3. Faster and more effective recovery

The key thing to remember is that SIEM offers reporting on data that’s been ingested from input channels throughout a network. This technology differs from other types of security programs and monitoring systems because it offers a centralized dashboard that factors in baselines, past activity and relationships between pieces of data to detect fraud attempts in real time. Anything less simply can’t keep enterprises protected at the levels that are necessary to combat sophisticated fraud.

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