At the global level, there is enough demand for security information and event management services to generate more than $4 billion every single year. Over the next several years, experts, predict that this industry will continue to grow at a rate of more than 5% each year.
As huge as this market is, there are still a lot of people who do not even know what managed SIEM services are. Other people know a little bit about them and some of the benefits they provide. However, the majority of people do not realize how many different benefits can come with quality SIEM services.
Not only that but there are important reasons why it might be more valuable to hire SIEM services today than at any time in the past. So what are managed SIEM services, and what can they do for you?
Read on to learn all about the most powerful ways your business might benefit from SIEM services!
What Is SIEM?
SIEM is an acronym that stands for security information and event management. SIEM services provide cyber protection by collecting data from all of your devices, servers, and other relevant aspects of your information technology.
They track this data in real-time so that they can keep track of any changes in your security situation. If a potential threat arises, then SIEM services can detect it right away. The faster you find out about potential threats, the less damage they are likely to do.
Depending on the company you work with, your SIEM services might also be able to help you respond to these threats.
In order to track everything, SIEM solutions are composed of two parts. The first is a log management platform. This is the tool that collects all of the different data from your devices and servers.
The other part of SIEM solutions is the analytics engine. This tool analyzes all of the data that the log management platform collects. It then uses it to identify security threats.
Depending on the analytics engine that your company uses, it may also be able to provide recommendations for managing threats.
Decrease Your Total Costs
So what kind of benefits do companies enjoy when they hire SIEM services? One of the clearest benefits that companies enjoy is lower total costs. There are a couple of different ways that SIEM services can help decrease your company expenses.
First, you can outsource a lot of your cyber security to your SIEM solution provider. That means that you will not have to hire in-house employees to take care of these things.
Of course, the other way that these services can help reduce your costs is by diminishing the damage that you take from security threats. Some companies go under because they are the target of ransomware or another kind of cyber attack.
Ransomware deletes essential data off of companies’ servers. However, it keeps a copy of those essential files in a distant location. When companies are the target of ransomware, they receive a demand for payment if they want to receive their files back.
If a company has no other way to get its files back, it might have to choose between paying up or shutting down. As the years go by, we are becoming more and more dependent on our essential data.
Of course, most companies suffer smaller costs when they are targeted by cybercriminals. However, having SIEM services on your side can keep you from suffering costs from cyber attacks at all!
Save Time So You Can Grow Your Business
As we have discussed, hiring SIEM solutions means that you do not have to hire or manage your own tech employees to take care of your security. For some companies, that means just having a smaller tech team. But many companies are able to do without tech employees at all by outsourcing their security needs to SIEM solutions providers.
In these cases, you can also enjoy a huge bump in your company’s operational efficiency. The more employees company leaders have to manage, the more they tend to run around putting out fires all the time.
That goes double if they also have to juggle cyber attacks. When a cyber-attack arises, company leaders often have to put everything aside and focus on the situation until it is taken care of. That takes valuable time away from focusing on satisfying your customers and growing your business.
People do not always feel the impact of lost productivity as much as they feel the impact of lost money. However, in the world of business, these two things are often the same.
When you hire SIEM solutions providers, you can outsource your security needs so that you do not have to worry about them. If a cyber threat arises, your SIEM solutions providers will take care of it and keep you updated throughout the process. However, you will still be free to devote your time to helping your company achieve its potential.
Take Your Business Security to the Next Level
Many people have been using the same kinds of protections against cybercrime for many years. People who have not yet suffered a cyber attack might feel like their current protections are doing pretty well. However, old security measures may no longer be sufficient to protect companies from modern cyber threats.
When you hire SIEM solutions providers, you can enjoy cutting-edge protection from cyber threats. Although criminals might always be looking for new ways to get around protections, SIEM solutions providers keep up to date on the latest criminal techniques. That allows them to provide you with a constantly updating system of defense that will protect you from threats of all kinds.
Avoid Growing Cyber Security Threats
All of this is even more vital when you account for the rising prevalence of cybercrime around the world. These days, cybercriminals are devoting more and more of their efforts to extracting money from their targets. As a result, they are targeting businesses more than ever before.
Not only that, but it is getting easier and easier for criminals to dabble in cybercrime. In the past, only technical experts were capable of executing cyber attacks. However, advancing technology is making it so that almost anyone can try hitting a company with ransomware or another attack.
You might have been lucky enough to avoid being the victim of a cyber attack so far. However, with cybercrime rates going up, you should not depend on luck to avoid being targeted.
With SIEM solutions, you will be able to avoid ransomware and other cyber attacks. Having extra protection on your side might even keep criminals from ever targeting your company in the first place.
Criminals have a tendency to target whichever companies they think will be the easiest to get money out of. If you have SIEM solutions protecting you, it will be much easier for criminals to focus their efforts elsewhere.
Increase Your Compliance
It can be difficult for companies to keep up with all of the regulations they are supposed to comply with. This is one more way that SIEM solutions can help.
Managed SIEM services have detailed expertise in the relevant areas of compliance. They also have access to your business data, devices, and servers. That means that they have all the information they need to figure out if you need to improve your compliance or not.
If you do, they can help make the process as simple as possible for you. This is another way that these services can also save you time. Instead of figuring out your compliance needs on your own, you can outsource that labor to experts who can find the answer much faster and easier.
Avoid Wasting Time on False Alarms
Even without SIEM services, companies keep track of potential cyber threats on their own. However, they are much less expert at distinguishing between real threats and false alarms.
The majority of people focus on how this can lead companies to ignore true threats that they incorrectly believe to be harmless. However, it is almost as damaging to waste time on false alarms. SIEM solutions can help you with both sides of this process.
When an apparent threat arises, they can help you classify it as a false alarm much faster. That can decrease your stress as well as save you time. Of course, when a real threat arises, you are SIEM services can detect that as well with an amazing degree of accuracy.
Respond to Security Threats Faster
Because SIEM solutions are so good at detecting arising cyber threats, they can also respond to them with amazing speed. In fact, SIEM solutions often have automatic processes that can help activate certain defenses if potential threats are detected.
Of course, your SIEM solutions provider will then follow up with a human investigation to get to the bottom of things.
In some cases, SIEM providers can detect and resolve problems within mere minutes. When that happens, problems are often resolved before company leaders even hear enough about them to get concerned.
Although it sometimes takes longer to manage a security threat, SIEM services will get the job done much faster than companies that try to manage the process on their own. That means that you can get rid of any interference to your business operations as fast as possible.
Enjoy More Thorough Solutions
SIEM solutions providers don’t just act faster, they also provide better solutions. Most of these services have helped many companies resolve an incredible variety of different security problems. As a result, they rarely see anything new.
When a problem comes up for your company, your SIEM solutions provider will likely already know the basics of how it will resolve your problem. The solutions it provides will have been polished by past encounters.
SIEM services can even implement solutions that make your defenses even stronger than they were before being attacked. This also decreases the chance that you will face the same problems over and over again.
Learn From Reports After Threat Resolution
After your SIEM services resolve your problems, they will prepare reports for you. These reports will help you understand what happened in an incredible amount of detail. That means that your company can learn from these reports and update your processes and defenses so that you will be safer in the future.
Scale Your Business Up or Down
Many companies still rely on in-house teams to manage this kind of cybersecurity. However, this can lead to company inefficiencies if the company grows or shrinks.
If your company grows, then you may need to hire more technical experts to maintain your defenses. However, it will take you some time to find the right employees. In the meanwhile, your defenses might be a little weaker.
On the other hand, if your company shrinks, you may need to lay off some technical employees. However, it is hard to know when you should lay off an employee or wait to see if the company starts to grow again.
SIEM services are flexible. As your company gets bigger, you can ask them for more protection. If your company shrinks, you can pay for less protection.
Regardless of the size of your company, you will always have exactly the right amount of investment in cybersecurity.
Enjoy the Biggest Benefits of Managed SIEM Services
Although most people understand some of the obvious benefits of managed SIEM services, they often do not realize how many different ways they can benefit a business. The more that you learn about these services, the better you can decide if they are the right way to help you protect and grow your business. As cyber threats become more common, the return on investment for hiring quality security goes up.
To learn more about how you can find the best cybersecurity and SIEM services for your business, reach out and get in touch with us here at any time!