In the world of cyber warfare, businesses are constantly under threats due to the ever-growing, sophisticated cyber-attacks. With the widespread use of technology; a surge in connected devices and advancement in computational techniques, cyber pests are also accelerating attacks proportionally and posing massive damage to organizations in terms of data breaches, compliance issues, and reputational damage. According to a recent survey conducted in the UK, 43% of all the businesses have experienced some form of cyber-attack in the last 12 months. To thwart this situation, cybersecurity has become an integral part of any organization. Having a robust cybersecurity posture can save your organization from the menace of cyber-attacks and give your top management a piece of mind. Nowadays, cybersecurity provides multi-layer security to company’s IT infrastructure, usually, through various information security tools and techniques such as IPS, IDS, cryptography, firewalls, authentication systems, antiviruses and, more importantly, the SIEM and SOAR. They have a crucial role in achieving the overall security endeavors of any organization.
Reasons Why Cyber Security is Now More Important than Ever:
Due to an exponential increase in cyber-attacks in recent years, cybersecurity is no longer a choice but a necessity for any organization. The following points gain a deep insight into knowing why cybersecurity has now become more important than ever.
- Cyber-attacks have now become more expensive than ever. According to a recent survey by Radware, which is a famous cybersecurity firm, the average cost of a cyber-attack has now increased to $1.67 million.
- With the advancement in technology and the development of new computational techniques, cybercriminals are also becoming more sophisticated. Thousands of lethal cyber-threats are entering our cyberspace everyday which can do a lot of damage to businesses all over the world.
- Internet of Things (IoT) involves smart computing devices such as smartphones, IP-based smart cameras, and wearable devices. Although these devices have reduced distances, empowered wireless communication, and made life easier by saving time and money, yet their open connectivity to the internet can provide porous holes to the attackers. According to Cisco, the number of IoT devices will reach 27.1 billion by 2021 which means more opportunities for cybercriminals.
- Protecting customer’s Personally Identifiable Information (PII) is extremely important because violations can create litigation and compliance issues. For example, your customer can file a legal case against your company if his data has been compromised due to the company’s negligence or its poor cybersecurity posture.
- With the introduction of new rules and regulations such as GDPR (introduced by EU), having a proper cybersecurity defense system is necessary to avoid huge penalties.
- One of the major side effects of a cyber-attack is the reputational damage that they can do to any organization. In the past few years, we have seen some of the major companies whose reputation was at stake due to malicious attempts and data theft, such as that of Facebook, Uber, AT&T, United Airlines, and so on. Having a sound cybersecurity setup can prevent reputational damage to your organization.
The Role of SIEM in Cybersecurity?
Cybersecurity is a multidimensional field and it is something that cannot be covered under a single security solution umbrella. Therefore, organizations deploy a wide range of different tools and techniques to accomplish their cybersecurity goals in a more effective and efficient way. One such tool is SIEM – Security Information and Event Management. By combining Security Information Management and Security Event Management capabilities in a single solution, SIEM can help security analysts working in a Security Operation Center (SOC) to achieve threat detection, response, security incident reporting, and compliance ability. In addition, a SIEM includes interpretation of logs, profiling, security alerts, data aggregation, advanced analytics, forensics, dashboards, and Threat Intelligence Feeds. These are some incredible features who help in achieving cybersecurity endeavor at large extent and give your company’s Board of Directors a piece of mind.
The Role of SOAR in Cybersecurity?
SOAR stands for Security Orchestration, Automation, and Response. Like SIEM, SOAR is another security tool that collects and processes huge amount of cybersecurity data from various sources and uses it to automate and assist human and machine led the analysis, detection, and remediation of cyber incidents as incident management. As cybercriminals are evolving and threats are becoming more severe there is a shortage of IT security personnel in the market. With the help of SOAR, companies of all sizes are improving their ability to automatically detect and respond to cybersecurity threats by minimizing the role of humans. In addition, SOAR also responds automatically to thousands of alerts and perform both reactive and proactive approaches to pursue cyber threats effectively.
All the businesses or organizations, regardless of their size, need to have some sort of cybersecurity setup to ensure the safety of their digital assets. Since cyber-attacks are becoming more advanced and lethal, there is a need to constantly enhance the organization’s cybersecurity posture. Companies need to realize that any attack on their IT infrastructure can not only cost them in terms of data loss but also in terms of public trust and reputation. To avoid this situation, cybersecurity has become a vital part of any organization. However, the role of SOAR and SIEM is worth mentioning as they provide comfort in a SOC, save time and money, reduces human power, pay more heed on automation, improving incident response, and getting rid of numerous pesky alerts.