The OGO Blog

Why Is Managed SIEM Important for Credit Unions?

Credit union managed siem by ongoing operations

Security Information and Event Management (SIEM) is an integral facet of your credit union’s IT department’s responsibilities. Your IT staff may have some SIEM capabilities of their own, but might you be better served by a third party?

To keep valuable credit union and member information safe, you’ll need to keep a stalwart eye on any security threats or attacks. Deploying your own internal software or technology may work for smaller applications.

However, we’ve been seeing that larger- and higher-asset-credit unions have more robust requirements. As a result, the National Credit Union Association (NCUA) is taking a closer look at these SIEM systems. What can managed, third-party SIEM offer?

Detect and Respond to Threats

This is the core of SIEM service. The primary purpose is to identify and react to unusual behavior, security threats, active attacks, and breaches to your credit union’s network.

We monitor and assist usage and services, providing the following benefits, among many others:

  • Gather, analyze, store, and present actionable data
  • Reduce risk and assess vulnerability
  • Maintain accurate records and logs
  • Ensure compliance

Not only does managed SIEM for credit union provide greater peace of mind regarding potentially harmful activity, but we also take away any worries you may have about meeting regulations and laws pertaining to the prevention of that activity.

Aggregation and Correlation

Managed SIEM for credit unions grants the same level of data and information services that are available to large financial institutions. It can log all information, events, and activity centrally and keep it in active storage.

Third-party managed SIEM is able to leverage aggregated and stored data to mark trends or identify anomalies. As a result, instead of reviewing events and information piecemeal or looking at individual systems and trying to connect the dots, credit unions must take a holistic approach.

Having access to data that spans domain events, firewall events, or network activity paints a clearer picture as to what’s happening in your credit union’s IT realm. Monitoring data as a whole, or discerning and correlating event data can help you better pinpoint problem areas and shore up weaknesses.

Watch It Like a Hawk!

Clearly, having a centralized SIEM solution is of tremendous use to an IT department. One of the less-obvious benefits to a third-party-managed SIEM solution is the level of monitoring that they can provide.

Whereas IT departments can’t reasonably be expected to monitor security events 24 hours per day, 7 days per week, third-party SIEM managers can do exactly that.

Managed SIEM means some level of real-time monitoring, maintenance, or management. Consequently, a third party can oversee network operations, analyzing threats and events as they occur; they can identify and analyze continuously, reducing the likelihood of missing an event or anomaly that could be the sign of a breach.

Let the Pros Handle It

Finally, the importance of freeing up labor time for your IT department can’t be overstated. Most IT departments are stretched rather thin. By hiring a third-party SIEM manager, you free up internal IT resources to tackle the various and sundry daily operations and complications endemic to credit unions.

The best part is, you can rest knowing that the people you entrust with managing your security and information event management have dedicated themselves to becoming experts in the field. They’re trained specifically to efficiently ensure your credit union’s safety while fully demonstrating compliance.

For more insight into information security, check out our other related blogs below:

Top 5 Considerations When Picking A Managed Security Provider

What are the Benefits of Hiring a Credit Union Security Consultant