From legacy SIEM to cloud-native solutions: Why banks should upgrade their technology

The ever-evolving nature of cyberthreats requires banks to continuously adapt their security infrastructure to stay proactive against emerging threats, and Security Information and Event Management (SIEM) is one of the most critical aspects.

However, several banks still operate on archaic SIEM technology, which can overwhelm security teams with a flood of data and alerts, resulting in delayed incident resolution. So, let’s look at SIEM, the limitations of legacy tools, and how moving to cloud-native technology can be a game-changer for the banking industry.

What is SIEM?

SIEM is a comprehensive security solution that helps organisations proactively identify and address potential security vulnerabilities and threats. It combines two essential functions, namely security information management and security event management.

This proactive approach helps prevent disruptions to operations and mitigates any potential damage to a company's reputation. It has become a widely used tool in security operation centres (SOC), replacing manual tasks and increasing efficiency.

In a nutshell, SIEM provides an efficient system for managing security data, handling rapidly evolving threats, meeting reporting requirements, and ensuring adherence to regulatory compliance.

The limitations of legacy SIEM

SIEM is not a new technology. Over time, these solutions have changed dramatically and there is now a vast range of options available to organisations. In short, not all SIEM systems are created equal. Traditional SIEM solutions struggle with processing large volumes of data, leading to alert fatigue and the potential for analysts to overlook critical incidents. These systems rely on predefined correlation rules that often fail to detect new or emerging threats. This leads to undetected risks and generating excessive alerts for harmless activities.

Furthermore, the deployment and maintenance of legacy SIEM solutions can be complex and resource-intensive, often requiring extensive customisation and manual configuration. This poses a significant challenge, particularly for understaffed security teams. Consequently, implementing these solutions can incur high costs and lengthy deployment times, leaving banks struggling to keep pace with evolving threats.

In contrast, cloud-native SIEM solutions leverage advanced analytics and machine learning to offer greater scalability and flexibility. For instance, banks can get a comprehensive overview of attacks, enabling them to enhance system protection. This includes the ability to track access and impact to every asset, which improves their capability to manage lateral movement across their network and respond effectively to threats.

Implementing and maintaining cloud-native SIEM

Banks must thoroughly evaluate their unique needs and requirements when implementing a cloud-native SIEM solution. This should consider factors such as the size and complexity of the organisation, the types of threats faced, and the existing security tools and infrastructure. Critical factors like deployment and integration, scalability, and advanced threat detection capabilities should be prioritised. Additionally, banks should assess the vendor's level of support and expertise to ensure the solution's successful implementation and ongoing maintenance.

The transition to a cloud-native SIEM solution also requires careful planning and execution. The essential steps in this process include:

• Transferring log data and other relevant information from the legacy SIEM system to the cloud-native SIEM system by converting data formats and ensuring proper indexing and searchability within the new system.
• Incorporating the solution with existing security tools and data sources, such as firewalls, intrusion detection systems, and threat intelligence feeds. It may require configuring APIs, customising data parsers, and establishing data ingestion pipelines.
• Setting up the solution to detect and address relevant threats and risks according to the specific needs and requirements of the bank. This includes creating custom correlation rules, developing risk-scoring models, and defining incident response workflows.
• Ensuring that security teams receive sufficient training and feel comfortable using the cloud-native SIEM solution. Banks will need to consider organising training sessions, providing documentation and resources, and cultivating a continuous learning and improvement culture.

Banks should regularly conduct assessments and updates to ensure the continued effectiveness of a cloud-native SIEM solution. This entails keeping threat intelligence feeds up to date, reviewing correlation rules and risk-scoring models, and staying informed about the latest cyberthreats.

Cloud-native SIEM solutions offer numerous opportunities for ongoing improvement and innovation. Banks should proactively explore ways to optimise their SIEM systems, such as leveraging machine learning algorithms, exploring new data sources, or integrating with emerging security technologies.

Furthermore, it is crucial for banks to establish metrics and Key Performance Indicators (KPIs) to measure the effectiveness of their cloud-native SIEM solution and demonstrate its value to stakeholders. This may involve tracking metrics like the number of incidents detected and resolved, the time taken to respond to them, and the overall reduction in risk exposure. Regular monitoring of these metrics enables banks to assess the performance of their SIEM solution and make informed decisions to enhance its effectiveness.

A powerful tool

By transitioning from outdated legacy SIEM technology to cloud-native SIEM, banks can significantly enhance their Threat Detection and Incident Response (TDIR) capabilities, alleviate the burden on security teams, and provide more robust protection for their most valuable assets. With careful planning and effective implementation, cloud-native SIEM can become a powerful tool in combating cyberthreats, enabling banks to maintain their customers' trust and ensure their security.