As businesses increasingly conduct more of their activities online, there has been a corresponding increase in the frequency as well as the number of cyber attacks; cybercriminals invest their time and resources seeking various ways to compromise business computer networks. Given the increased frequency and sophistication of cyber attacks, traditional cybersecurity strategies are no longer enough in keeping your computer network secure.
There has been an exponential increase in the rate of cybercrime over the past several years as enterprises increasingly conduct more of their business activities online. Cybercriminals have developed more sophisticated tools that offer them greater ability to penetrate and compromise the networks of unsuspecting enterprises, with resulting adverse consequences. There are about 130 reported network security breaches yearly. In 2018 alone, the estimated amount of money lost by businesses globally as a result of cybercrime was $600 billion, corresponding to about 0.8 percent of the global GDP.
At one point in time cybersecurity was considered to be an afterthought but is now an essential consideration in the building as well as maintenance of a cyber network. With more business transactions being conducted online, cybercriminals are constantly devising innovative ways to penetrate cyber networks, making away with valuable data and causing severe damage to the impacted business in the process. It is therefore important that businesses utilize every security tool at their disposal to ensure that their networks are kept secure. Using only one type of security tool is no longer sufficient in offering adequate cyber protection.
SIEM- it stands for Security Information & Event Management. SIEM has become a vital part of the security strategy of all growing businesses. By 2021, global spending on SIEM is projected to be at $3.4 billion dollars, and for good reason. We all know the next generation of threats to our society will be waged online, but SIEM is here to help. Breaches are now a matter of when, not if. That’s why the best cyber-security incorporates real-time identification of breeches and instant response using SIEM.