Did you know that the cost of cybercrime for businesses is increasing? Despite technology being more advanced and available than ever before, 2017 saw a 27.4% net increase in the average annual number of security breaches. After surveying more than 2,000 people from 254 companies in seven countries, a report from the Ponemon Institute and Accenture not only identified a sharp increase in breaches, but cost. Although the headline figures are based on data breaches for major corporations, the fact an average malware attack now costs $2.4 million should make for sobering reading if you’re a business owner. The take-home point from the 2017 study is that cybercrime is costly and that anyone with a presence online should be doing their best to protect their services.
Attacks Are a Way of Life Online
As we’ve noted, the technology is there to help. However, not all business owners are taking advantage of it. As per a 2015 study by Quocirca, just 39% of companies surveyed had DDoS protection in place. While that figure is higher than it’s been in previous years, it still means that more than 60% of businesses aren’t properly safeguarding their servers from one of the most common attacks online. What does “common” mean in the context of today’s online ecosystem? Well, according to Alberto Dainotti, a research scientist at CAIDA, the average number of daily attacks between 2015 and 2017 was 30,000. Essentially, if we’re going to be candid, cybercrime is an ever-present and expensive threat if you’re active online.
Becoming one of the 39% is, in reality, a lot easier than many would expect. As well as cloud services making security software more accessible and efficient, it also allows for integrated systems that offer a complete management package. In other words, you can now deploy a one-stop-shop system that consolidates your security assets and makes it easier to detect incoming threats. The technical term for this type of software is Security Information and Event Management (SIEM). Basically, a set of tools that provide a holistic overview of your information security, SIEM is split into two main parts. In the first instance, security information management (SIM) collects vital data from your network by extracting it from log files.
Real-Time Detection and Analysis
This data can then be used to create reports on potential security threats. These threats are then stored in a database to help the second part of the system, security event management (SEM) tools, perform their function. In simple terms, SEM is a real-time monitoring tool that uses rules and triggers (i.e. security information) to identify a threat. What’s interesting about this software is that it also has the ability to establish correlations between seemingly separate events. The end result is a complete overview of a security risk. Because attacks often come from multiple sources, a holistic approach is the best way to tackle the issue. Indeed, by carrying out the analysis and then sending a message to the security team, threats can be eliminated before they can shut down a network and cause real damage.
Away from the technical aspects of SIEM software, the fact you can use a selection of tools to effectively manage your whole system is perfect for small business owners. As the data suggests, most CEOs either don’t know or don’t care enough about security to delve into the details. SIEM is the perfect solution because it manages the vital processes and provides a complete security solution.