UPDATE:
FYEO has launched FYEO for Web3 startups - offering FYEO Domain Intelligence's real-time threat monitoring solution at a big discount for qualifying startups. Limited spaces available Apply now!
It's no secret that the digital world is one massive vulnerable attack vector for both individuals and businesses. With more and more breaches happening, companies are looking for advanced ways to stay ahead of the game.
Traditional monitoring methods can make securing your data and business operations more difficult. Today, more than 55% of large organizations cannot find and fix breaches quickly nor reduce the impact of breaches. According to IBM, the global cost of a data breach in 2022 is $4.35M. However, organizations with automated threat detection systems saved $3.05M in the same period.
That's why real-time threat monitoring is so important. It allows businesses to identify threats immediately and take action before they become a pain.
What Is Real-Time Threat Monitoring?
Real-time threat monitoring is the process of monitoring and analyzing data from your network, endpoints, and applications in real-time to identify threats. The goal is to warn users before they become compromised by malicious actors.
Real-time monitoring will help you detect attacks before they happen so that you can take action to mitigate the damage incurred by an attacker's actions.
By finding threats early instead of waiting until after an incident has occurred (when it may cost much more), businesses have fewer incidents, which means less time spent dealing with them - meaning lower costs overall!
The Benefits of Real-Time Threat Monitoring
Real-time threat monitoring can help reduce deadly breaches, save money, and improve overall security. Here are ten of the most notable benefits of real-time threat monitoring:
1. Reduces Breaches
Real-time threat monitoring is designed to help organizations detect unusual activity before it causes harm to users or systems. By catching threats early, companies can take measures that would otherwise have been too late. This could be pushing alerts out at the earliest possible moment or shutting down services before they become compromised.
One case to note is the 2016 Uber data breach that saw Uber losing 57m million user credentials to hackers and ultimately resulting in a ransom payment. However, this could have been mitigated earlier if a real-time threat monitoring tool had been in place.
Most hackers obtain fresh credentials but don't use them immediately, instead filtering and selling them on the dark web. However, with real-time threat intelligence, organizations can quickly track and obtain compromised data and safeguard their customers before further action is taken.
2. Overall Improved Security
You can use real-time threat monitoring to detect and block threats before they reach your network. Hackers and cybercriminals are constantly looking for vulnerabilities in your network. The best way to stop them is by being proactive with real-time threat monitoring. It will be too late if you wait until you've been attacked.
3. Greater Awareness and Enhanced Incident Response Time
Real-time threat monitoring can provide a more accurate picture of the dangers facing your business and help you react faster to threats. With a real-time threat monitoring tool combing through millions of data points, your security analysts can use analysis templates to swiftly examine the log and threat intelligence data and understand what's going on. This can help in responding to a security threat and minimizing the detrimental effects of a cyberattack.
Without real-time threat monitoring, security analysts would have to manually assess several security system logs and data sources, such as threat intelligence feeds. Besides causing burnout to workers, it further slows down the incident response process and leaves vulnerabilities open.
You can set up your real-time threat monitoring tool to react to real-time incidents, sparing your business from data loss or worse.
4. Improve High-Risk Insider Profiles
In a huge company, it would be impossible for humans or traditional cybersecurity systems to keep track of every employee and spot risky cyber activity. However, real-time threat monitoring systems can automate the process and notify you of the individuals that pose the most risks.
Real-time threat monitoring systems employ machine learning algorithms to identify high-risk insider profiles. This will not only prevent insider threats but also help educate your employees against risky cyber behavior, saving the organization in the long run.
5. Cost Savings and Accurately Prioritize Security Investments
Real-time threat monitoring can help you cut costs by reducing the time spent on incident response. It is a great way to reduce false positives. Real-time threat monitoring can also help you identify the most critical threats. It enables you to prioritize your security investments and allocate resources accordingly. There are two main types of cybersecurity threats: imminent and non-imminent. Imminent threats are those that are likely to succeed and cause significant damage. They can thus be addressed first.
Non-imminent threats aren't as severe but still pose a potential problem for your business. For example, while hackers may not be able to gain access right away, they could use this time to identify vulnerabilities within your systems.
When an attack occurs, you need accurate information about what threats exist in your environment. Access to real-time threat data will allow you to decide whether something is malicious or urgent before taking action. This reduces human error and saves money in the long run.
6. Enhanced Employee Productivity
The most apparent benefit of real-time threat monitoring is increased employee productivity. Because employees can work without fear of cyberattacks and don't have to worry about security or compliance issues, they'll be able to focus on their jobs more effectively. This results in increased employee retention and reduced turnover rates, which means more money for your business!
Real-time threat monitoring also helps you save time on IT issues related to network security and compliance issues that arise from not having a way of detecting them beforehand. When you have an effective system in place, you know where all the breaches are happening. There's no need for manual patching or creating alerts based on false positives (which often occur when using traditional methods).
In addition to helping you avoid network downtime or costly repairs related to malware infections (like ransomware), real-time monitoring also helps employees focus on creating value. As they aren't navigating system challenges, they can continue delivering excellent customer service even if something goes wrong. By reducing overall costs and increasing employee productivity through improved workflow efficiency, this kind of monitoring has huge potential for improving profitability for any organization!
7. Better Network Visibility
Real-time threat monitoring and response can help you map out your network and detect and mitigate threats in real-time. Improved network visibility can prevent or reduce the impact of a cyberattack on your network and improve its availability, security, and performance.
Real-time threat monitoring and aggregation make network mapping much easier. In practice, due to the intricacy and diversity of modern networks, "dark spaces" can easily exist in a network. As a result, network management and security teams become less aware of what is actually happening with databases, devices, servers, and third parties as the network grows.
Malicious players are always on the lookout for these dark spaces. It allows them a space to evade detection while moving laterally across digital assets and disguising persistent threats. Real-time threat monitoring reduces this risk by aggregating security event data throughout the network. It then centralizes and analyzes the data, bringing the dark spaces to light.
8. Quicker Compliance With Major Cybersecurity Regulations
Compliance is critical in cybersecurity. Cybersecurity compliance regulations demand organizations establish risk-based controls that protect user data's confidentiality, integrity, and availability. Real-time threat monitoring can help you meet these compliance requirements by providing an accurate picture of all potential threats.
When it comes time for regulatory compliance audits or insurance applications, showing that real-time threat monitoring has been implemented will give organizations an edge over those who don't have this capability, saving costs and streamlining workflow.
9. Increased Customer Trust and Business Integrity
One of the biggest reasons companies should invest in a Real-time Threat Monitoring solution is because it increases customer trust and business integrity. Customers are more likely to trust your business with their data if they know that their information is secure and protected from risks like cyberattacks or ransomware. This means that more customers will be willing to buy from you, which can lead to increased customer retention and loyalty as well as customer satisfaction rates.
10. Stay Ahead of Outages
By actively monitoring your network traffic and performance, you can avoid any network disruption issues before they happen.
Streamline Your Cybersecurity With FYEO
Real-time threat monitoring is a powerful tool that can help you protect your business against cyber threats. It is a critical part of modern cybersecurity as it allows companies to identify and respond to threats faster and make informed decisions on how best to secure their networks or company data.
FYEO Domain Intelligence was built with an emphasis on protecting Web3 projects from cyber attacks with real-time threat monitoring and intelligence. Learn how FYEO Domain Intelligence can protect your business, or contact us today to learn more.