Multiple Use Cases - Demonstrating the ROI for SIEM

Summary:

This whitepaper outlines the implementation of Security Information and Event Management (SIEM) technology in various healthcare and insurance provider organizations to achieve cost savings and operational efficiency through ROI. Case studies demonstrate how different entities have achieved quick paybacks by reducing expenditure on compliance penalties, system outages, fraud, and man-hours through automation and improved incident response times. The paper emphasizes not only hard dollar savings but also soft benefits such as increased situational awareness and broader security visibility. Specific examples include a healthcare insurance provider that reduced costs by 85% over three years after implementing ArcSight ESM, and a credit union that significantly cut SOX compliance reporting effort with the help of ArcSight IdentityView from HPE. Additionally, an external consulting firm worked with internal staff at a regional utility company to save $3.6 million through reduced office supplies usage, increased productivity in the call center, and preventing funds transfer fraud, all facilitated by ArcSight products. These implementations highlight how SIEM solutions not only enhance security but also optimize operational efficiency across various sectors by automating manual tasks and reducing compliance violations.

Details:

This whitepaper discusses how healthcare and insurance provider organizations implemented SIEM (Security Information and Event Management) technology to demonstrate ROI through cost savings and efficiency gains. The paper highlights several real-world examples where organizations have achieved quick break-even points, reduced their total cost of ownership (TCO), and improved security processes by automating tasks, improving incident response times, and reducing employee turnover. One example involves a healthcare insurance provider who, after implementing ArcSight ESM, managed to reduce their expenditure on compliance penalties, system outages, and fraud by 85% over three years, with the investment in SIEM technology paying off within just over three months. The paper emphasizes that while hard dollar savings are significant, soft benefits such as increased situational awareness and broader security visibility also contribute significantly to the business case for investing in SIEM technology. A credit union, seeking to improve security and reduce costs, implemented ArcSight ESM coupled with ArcSight IdentityView from Hewlett Packard Enterprise (HPE). This solution enabled the extension of legacy application life by correlating user information with activity logs. As a result, the organization saw significant benefits including reduced SOX compliance reporting effort, improved incident prioritization, focused alert resolution, and proactive compliance program implementation. These achievements led to immediate cost savings in man-hours and avoided potential risks associated with technology replacement. Furthermore, an external consulting firm partnered with internal staff at a regional publicly traded utility company utilized ArcSight products to monitor their 4500 seat call center. This intervention resulted in substantial savings of $3.6 million over three years from reduced office supplies usage, as well as increased productivity and improved recruiting processes. Additionally, the solution contributed to preventing funds transfer fraud through enhanced visibility into user activity. In summary, these implementations demonstrate how SIEM solutions not only enhance security but also optimize operational efficiency across various sectors by automating manual tasks and reducing compliance violations. This document talks about how a bank used ArcSight ESM to prevent funds transfer fraud by expanding their existing solution with rules and alerts for fraud monitoring. By using real-time correlation and pin-pointing accuracy, the bank was able to find and stop illegitimate transactions worth nearly $900,000 within the first week, resulting in a payback period of less than a week. This helped increase visibility into important transfer operations and compliance reporting. The ArcSight SIEM solution also included other products like Logger, SmartConnectors, Express, and Compliance Insight Packages to improve security and compliance for organizations. These solutions can be beneficial because they provide real-time visibility, reduce training costs, and help demonstrate the value brought to an organization in terms of cost savings and proactive problem detection. CIPs (Compliance Infrastructure Programs) are designed to provide "hard benefits" by efficiently demonstrating compliance through the use of deep and focused resources needed for real-time monitoring and reporting. They help minimize the labor and human error component of compliance initiatives, lowering costs associated with manual security tasks and deploying SIEM automation. Organizations that deploy SIEM technology benefit from "soft benefits" such as better security situational awareness, reduced risk, and other operational improvements. ArcSight CIPs collect relevant enterprise events across all locations and sources, correlating data in real-time to detect compliance violations or fraudulent activities. They store audit-relevant information according to mandated retention policies and provide simplified, automated audits through dashboards and reports, offering continuous visibility into the compliance posture. With ArcSight CIPs in place, organizations can achieve ongoing compliance while safeguarding their assets and enforcing corporate policies and processes. Available for various regulations, industry mandates, and control frameworks including SOX, PCI, FISMA, HIPAA, NERC, Basel II, and European Data Privacy Directive, they offer a comprehensive solution to meet specific compliance requirements.

Disclaimer:

The content in this post is for informational and educational purposes only. It may reference technologies, configurations, or products that are outdated or no longer supported. If there are any comments or feedback, kindly leave a message and will be responded.