MSP SIEM is a new financial surveillance system, software that monitors and analyses transactions for signs of unusual activity. By using software to detect potential criminal behaviour, organisations can protect themselves against fraud and cyberattacks. Every central bank and financial institution uses SIEM to keep an eye on their customers. The software monitors transactions and provides notifications and alerts when something unusual is happening.
MSP SIEM is a security and risk management software designed to monitor your organisation’s transactions and detect harmful activity. Because of the broad network banks have access to, they can use msp siem to observe internal and external transactions.
What are the parameters msp should look for in a siem?
Here are some of the parameters that your msp siem should be looking for:
- Transaction pattern: a positive transaction pattern can be considered normal behaviour. However, some patterns are a red flag – and should be reported to the financial organisation.
- Historical Transactions: a siem needs to look at the past transactions of a customer. This is important because you need to know what a customer has been doing in the past if you want to detect fraud.
- Unusual Transactions: if your msp is monitoring an unusual pattern, then it is suspected that one or two people are trying to steal money. 100% accuracy of msp siem is not guaranteed, but various alerts can help determine the priority for transaction review.
- Suspicious activities: if your msp detects suspicious or illegal activity on the part of a customer, it is meant to notify the financial institution.
There are three types of SIEM technologies:
- Anomaly detection systems detect unusual activity for fraud and other abuse/control purposes.
- Transaction monitoring systems monitor large volumes of historical transactions for suspicious patterns, misuse and possible financial crime.
- Threat detection systems detect and analyse new malware and malicious software threats.
The definitions of these systems are a little different from what most people would consider being SIEM, but the goal is essentially the same. The best managed soc tools can monitor transactions, look for fraud or cybercrime indicators or even analyse malicious software to ensure that it does not threaten your organisation.
What are the components that makeup msp siem?
Below are the components of an msp siem:
- Processors: depending upon the specific use case of msp siem, the processors are designed differently. The processor also takes inputs from sensors or tools to create an alert.
- Platforms and databases: msp siem is designed to work in a distributed environment, so it has to be able to operate on different systems, in different network environments, and with diverse Hardware and software.
- Peripherals: msp siem needs to accept data from various sources to operate as advertised.
- Software and hardware components:
- Software: an msp siem operates on a software platform. The software platform helps to monitor the data and creates the best alerts.
- Hardware: an msp siem can be connected to a wide range of Hardware, such as computer servers and storage devices.
The design process analysis shows that msp siem has a range of integrated features into a single solution. The inputs from different sources, such as sensors and records, support all the functions of msp siem. The results from the software can be used for many purposes, such as detecting fraud warnings and investigating suspicious transactions. As part of the integrated process, several other processes are also linked to it. Among them include risk assessments, regulatory compliance and auditing processes.