As the cybersecurity landscape continues to evolve, Security Information and Event Management (SIEM) solutions have emerged as essential tools for organizations protecting their digital assets. With cyber threats on the rise, the importance of robust cybersecurity measures and cyber insurance coverage has never been greater. SIEM solutions play a crucial role in fortifying an organization’s cybersecurity posture and ensuring adherence to insurance requirements. SureLog SIEM stands out among SIEM offerings, offering comprehensive coverage at a competitive price point.
Cyber insurance has become a vital component of a comprehensive cybersecurity strategy for businesses of all sizes. In the event of a cyberattack or data breach, cyber insurance can help cover the costs associated with investigating the incident, notifying affected individuals, and restoring systems and data. However, to qualify for coverage, cyber insurance providers often require firms to maintain logs for a specified period. This requirement is driven by insurers’ efforts to minimize their losses.
Why Is Logging and a SIEM Required for Cyber Insurance?
Logging and a Security Information and Event Management (SIEM) system play a crucial role in the cyber insurance process. A SIEM provides an extremely exact log of an attacker’s entry into systems, their initial entry point, the systems they touched, and the data they obtained. This information is crucial for insurance companies, as it helps them minimize the extent of the reaction in order to lower their overall expenses.
In addition, cyber insurance companies frequently engage outside consultants, such as legal teams and digital forensics and incident response (DFIR) organizations, to help them assess the extent of the attack following a cyberattack. These outside parties will take longer to complete their tasks without adequate log retention, which will raise the cost of their services and hurt the insurance company’s bottom line. Determining the extent of a breach might be challenging in the event of inadequate logging, which could result in increased expenses for the company and the insurance.
The number of individuals, clients, or information compromised may have an impact on the legal responsibilities that follow a data breach. In the absence of thorough logs, the insurer might have to conclude that the network as a whole has been compromised, in which case it would have to pay for far more costly forensic and legal services. Inadequate logging could potentially result in a costly or intricate PR problem for the business.
What is the Cyber Insurance Hot Log Retention Time Frame?
An insurance firm seeks as much information as it can regarding an incident, just like with logging. An insurance company can ascertain how long an attacker remained in an environment if an organization keeps data for at least ninety days, or better still, six months to a year. Additionally, data preservation helps with business continuity by hastening the process of recovery and restoration following a ransomware or breach event. Log retention should be both long-term and unchangeable, which means it shouldn’t be possible to remove or alter them.
SureLog SIEM
SureLog SIEM understands the requirements of cyber insurance and also has benefits over conpetitors. Please visit: https://surelogsiem.com/hot-data-log-in-surelog-siem
In conclusion, maintaining detailed logs and implementing a SIEM are critical components of a strong cybersecurity strategy, especially for businesses seeking cyber insurance coverage. These tools not only enhance the security posture of an organization but also ensure that in the event of a cyber incident, the organization is well-prepared to provide the necessary information to their insurance provider, ultimately reducing costs and minimizing the impact of the incident.
NOTE: SureLog SIEM is listed on Gartner Peer Insight. For more information, visit: https://www.gartner.com/reviews/market/security-information-event-management/vendor/anet/product/surelog-siem
