Building a business case for your SIEM Investment

Chief Information Security Officers (CISOs) are wasting millions of dollars on security products they don’t use or investing in tools that fail to protect their organizations from cyberthreats.

Nearly 75% of attendees at the June 2022 RSA conference found themselves wasting the majority of their cybersecurity budgets. Meanwhile, a recent Forbes article attributed the problem to money being wasted buying layers of security tools that can’t communicate with each other, and security teams being overwhelmed with alerts. claim.

Building an effective business case for investing in security is another challenge for CSOs. An InformationWeek article quotes Deloitte risk experts. Another reason companies waste money on security, they said, is that “cyber risk and its impact on the business are often expressed in technical terms that executives don’t understand.” thinking about.

The message for 2022-23 is that to get the most value from your security spending, you must choose security tools that can work together to analyze all your data and detect real threats in real time. . An avalanche of useless alerts.

LogRhythm has spent years developing a SIEM (Security Information and Event Management) platform that combines multiple specialized tools that can collect data from various sources and analyze that data using artificial intelligence and machine learning. increase. Only alerts that require further human investigation are generated. It also doesn’t measure data usage, so you don’t have to bet on which system logs you should look at without monitoring other system logs. We believe that this approach provides the best possible security coverage for your enterprise and provides complete peace of mind in terms of cost.

Once you’ve identified the right security solution for your business, it’s imperative to effectively communicate it to those with purse strings. At the same time, show that you understand what is important to them and speak in the language they care about. with them.

Security does not sell itself to the board and must be supported with a compelling business case to gain buy-in. But you don’t have to take our word for it. Analyst firm Forrester conducted his independent Total Economic Impact study on the LogRhythm SIEM platform. Our analysts interview clients ranging from multinationals to mid-sized companies. Forrester created a composite organization representing the four companies he interviewed to aggregate overall profits.

Following this study, Forrester found that organizations investing in LogRhythm SIEM platforms should discover real threats more quickly (typically in real time) and only respond to alerts that require intervention. I was able to report that This reduction in investigation and resolution time (his 90% time savings for the security team) has earned him more than $1.7 million in value to the composite organization over three years in the investigation.

This meant that highly paid (and hard to find and retain) security analysts wasted no time sorting through thousands of alerts a day. Instead, their time was effectively used to investigate real threats to IT systems. Forrester calculated that the improved prioritization of investigations and resolutions provided by LogRhythm helped the composite organization save her $816,827 over three years.

With LogRhythm SIEM, threats are detected faster, investigations take less time, and security incidents are resolved faster. The report estimates that the risk of security breaches has decreased by $504,447 over three years.

Overall, Forrester found that organizations using LogRhythm SIEM solutions enjoyed an average return on investment (ROI) of 258% on their technology investments.

Read more from the Forrester Total Economic Impact study to discover how LogRhythm can help your company become more secure, and how to convince your board of directors to back your investment next year. Need more help building your business case? Read our e-book on how to make a successful presentation at your next board meeting.

The post, Building a Business Case for SIEM Investments, first appeared on LogRhythm.

*** This is LogRhythm’s Security Bloggers Network syndicated blog written by Nicholas Tan. Read the original post:

Source link

Leave a Reply

%d bloggers like this: