The term “Security Information and Event Management” or SIEM might appear to be just a buzzword, or software category but for organizations with more than 300 endpoints, it’s an essential defense against a perpetually evolving landscape of cyber threats. However, is your SIEM strategy truly safeguarding your organization or clients, or is it becoming an expensive liability? Here are five signs that your SIEM strategy might be falling short, and why an AI-powered Extended Detection and Response (XDR) platform might be the upgrade you need.
- Escalating Costs of Cyber Breaches
Consistently high costs to manage cyber breaches should raise alarm bells. For instance, the average cost for US firms to mitigate a cyber-breach has soared to a staggering $9.44 million. This fact is driving up premiums for cyber insurance and the cost to hire the limited number of Cybersecurity professionals available. If you’re noticing a similar trend, it could be a sign that your SIEM strategy is ineffective. AI-powered XDR platforms can help curb these costs by detecting threats faster and minimizing the impact of breaches.
- Advanced Threats Breaching Your Defenses
Are sophisticated threats slipping past your defenses unnoticed? If so, your SIEM strategy isn’t doing its job. Consider the Defense Industrial Base (DIB) sector organization, which witnessed its network compromised by multiple advanced persistent threats (APTs). An XDR platform with AI capabilities could help identify such advanced threats in their early stages, enhancing your overall security posture.
- Rising Insider Threats
Most insider threats occur due to negligence rather than malice, posing a significant risk to organizations. A striking example is the Dallas Police Department, which lost over 8.7 million files due to an accidental insider threat5. If your SIEM strategy isn’t effectively handling these threats, an AI-powered XDR platform might provide the advanced detection capabilities you need.
- Persistent Compliance Failures
Struggling to keep up with rapidly evolving regulations? Your SIEM strategy might be the culprit. Amazon’s $850 million fine for compliance breaches is a stark example of the consequences of non-compliance. With AI capabilities, an XDR platform can offer superior compliance management, helping you stay on top of changing regulations.
- Inadequate Monitoring of IoT and OT Security
With IoT and operational technology (OT) becoming increasingly mainstream, effective monitoring of these environments and technologies is critical. The troubling incident at the Oldsmar, Florida water treatment plant highlights the risks involved. AI-powered XDR platforms can offer superior monitoring capabilities, helping you to better manage the security of these technologies.
If any of these warning signs resonate with your organization’s current situation, it might be time to consider transitioning from a traditional SIEM strategy to an AI-powered XDR platform. XDR doesn’t just identify problems, but it proactively prevents threats from turning into breaches, leveraging AI to make informed predictions. With a team of one or more analysts and AI-enhanced insights, everyone in your organization can understand their essential role in maintaining security. It’s about not just complying with regulations, but exceeding them, setting new benchmarks in every aspect of your security. Above all, AI-powered XDR platforms can future-proof your Cybersecurity strategy, ensuring you stay one step ahead of cyber threats.