10 Tips to Choose the Right SIEM Solution

Due to the current state of information security, organizations are being asked to strengthen their incident response and security monitoring capabilities. Since Cybersecurity threats expose financial institutions to operational, reputation, and financial risks, regulators have increased their expectations for organizations to implement, enhance, and adapt a strong risk management practices to protect, detect, respond, and recover to security incidents. But, the truth is that many small and mid-size financial institutions are still struggling with the implementation of sound security monitoring technologies and practices to mitigate the risk, and meet the regulatory guidance.

One key component for improving the security monitoring practice is the implementation a Security Information and Event Management (SIEM) solution. SIEM solutions have been around for many years, the engine behind it has improved and now they are able to correlate events from thousands of log sources, detect anomalies, alert and send notifications when unusual activity is detected. Depending on the functionality, SIEMs may also offer forensic analysis capabilities, which may help organizations detect and respond to security incidents.

The following are tips that will help you choose the right SIEM solution:

  1. Licensing –Determine the number of systems, applications, and devices to be incorporated
  2. Scalability – Ensure the solution has the capability to accommodate the current and the projected growth
  3. Log compatibility – Ensure that the solution is compatible with your logs
  4. Correlation engine – Does the solution have the ability to search across multiple devices and logs
  5. Forensic capabilities – Does the solution offer forensic analysis capabilities from the event source
  6. Dashboards – The solution must provide the ability to easily create dashboards and reports
  7. Threat intelligence – Find out if the solution has the ability to integrate with internal/external intelligence sources
  8. SIEM options: On premise or Could-based – Determine if a cloud-based SIEM as a service is the right solution for your organization.
  9. Compare your options – Once you identified your needs and requirements, make sure to compare the capabilities of each solution, and request references
  10. Hire a Service Provider – To be successful, it is recommended getting support from a service provider with the resources, knowledge, and capabilities to help you throughout the process.
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