Software Combs Through Log Data to Find Fraud
In a recent survey of 48 government and financial services customers, security software vendor ArcSight found that nearly 30% of respondents have more than 10,000 devices that produce events or logs related to cybersecurity. In addition, 75% responded that they very rarely or hardly ever knew exactly what to look for when researching a cyber attack. More than 80% of respondents also believe that cyber attacks will increase in the coming 12 months compared to last year.
ArcSight, the only Silicon Valley IPO of 2008, continues to push its log management technology on Wall Street as a fraud-fighting tool.
About 150 global financial services companies use this technology, according to Rick Caccia, vice president of Product Marketing, ArcSight. "These customers are using our products to collect log information generated by networks and security devices and analyze those to figure out if they have cybercrime risk," he says.
Many are concerned with insider theft of proprietary information, a la the alleged theft of some of Goldman Sachs' algorithmic trading code.
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