During the first quarter of 2023 alone, over six million data records were compromised through breaches. Many of these data breaches were preventable, which is one of the primary reasons companies are looking more into working with managed SIEM providers.
SIEM solutions are meant to free up some of the burden placed on security operations center (SOC) analysts, and they do this while prioritizing risk mitigation and incident monitoring in real-time. The main problem is that businesses aren’t catching threats fast enough. This is something that managed SIEM providers help to fix.
While the list of advantages is long, some sec ops teams still want to know if SIEM really is worth it. Please keep reading to find out why they are.
How Managed SIEM Providers Militate Risks to Your Data
Managed SIEM providers take over incident response measures and your security monitoring and response efforts. For companies with 250 people or more considered to be either small or mid-sized companies…63% of them admitted to having trouble with their cyber security.
The problem was the complexity that cyber security implementations presented. These complexities and a complete lack of knowledge on navigating them stalled improvement efforts to protect their data better. Companies are often overwhelmed with various cyber security options on the market.
They also may not know how to implement or sustain them unless they have a robust enough SECOPS team. Business technology solutions like managed SIEM services eliminate this challenge, making better business cyber security more attainable. Overall, there are a few things that some types of cyber security services like this will offer that make it worth it.
Managed SIEM solutions allow for streamlined report generation. This can be helpful for regulatory compliance monitoring. At least 60% of businesses have admitted to struggling with compliance altogether.
Compliance issues put companies at risk for data security issues. It can create a variety of other problems as well.
These could be financial or even legal problems. Companies are now using managed SIEM services to avoid these challenges.
Security Team Expansion
With managed SIEM services, you can tap into an extended team. This team is made up of skilled data security personnel. The benefit is that you get effective and high-quality data protection even when your primary team isn’t on site.
This is especially beneficial for mid and large-sized companies. It can also be helpful for smaller companies that could benefit from the staffing.
24/7 Cyber Security
Remember that cyber attacks don’t occur within a specific time frame. Having protection 24/7 means that you limit the risk of data breaches. It also means you have more opportunity to catch issues as they arise and not after damage has already been done.
Having round-the-clock monitoring means that you won’t have a coverage gap. This, for most companies, makes it worth it.
Optimizing Your Operational Safeguards
A data breach can affect any company at any time. A lot of these incidents often go undetected, and this is what causes costly and sometimes irreparable damage.
This is why companies are opting to work with managed SIEM providers. From report generation and real-time incident monitoring 24/7, the advantages of these services could save your company money, if not your company’s reputation.
To learn more, get in touch with Pegasus Technologies today to speak with an expert.