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Procurement Market Intelligence Study – Audit Trails and Log Management Made Easier Using SIEM Tools

Jun 7, 2017

The latest procurement market intelligence study by SpendEdge on information systems helps companies to identify the procurement best practices and understand the overall supply-demand scenario.

Constant cyber threats mandates information and data security

Insider threats, cyber-attacks, and an increase in the number of hackers is boosting the requirement for information and data security in the market. The recent WannaCry Ransomware attack paralyzed information systems (IS) across several industries. Thus, implementing an information security program will help to protect the company’s assets, framing information security guidelines, managing risks, information classification, and security training. The rapidly changing types of security threats are encouraging companies to maintain confidentiality, integrity, and availability of data to design and build updated security structures. SpendEdge offers procurement market intelligence study that provides information on sourcing practices, market dynamics, and pricing. The study on IS security industry analyzes data for supplier identification and capability assessment of the major suppliers in the IS security industry.

Many organizations in the market are implementing patch management strategies to monitor and update the IS security regularly. Patchworking is a regular maintenance practice, which ensures that all security related issues are fixed at a minuscule level and reduce chances of critical damage from unwarranted cyber-attack. Additionally, patch management will allow the organizations to stay in control of the IS infrastructure and deploy security measures quicker on the advent of unauthorized access or virus attack.

Adopting wireless networks

Wireless networks are helping companies save the cost of building an information system framework and helps increase connectivity in the workforce. By using strong encryption codes and regular monitoring of systems, organizations are protecting this network from cyber-attacks and security threats. Wireless networking allows remote monitoring and diagnostics of IS infrastructure, enabling flexibility of network management. Additionally, wireless network systems promote easy access and efficient management of information systems.

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Audit trails and log management

With the implementation of security information and event management (SIEM) tools, log management and reviewing audit trails are becoming easier. Audit trails record all information on the management, changes, integrity, and users accessing the information. System administrators use audit trails to review the workflow and identify security problems regularly. Log management is essential for monitoring and for alerting anomalies in the systems.

Solutions SpendEdge offer to businesses

The team of procurement experts at SpendEdge provide market intelligence study that addresses the requirements explicit to the needs of different companies and offers strategic solutions to help the decision-making process. The solutions offered includes:

  • Identify cost saving opportunities through assessment of current best practices and improvement areas in the specific category
  • Offer information on the best procurement and sourcing practices, and successful application of procurement market intelligence strategy for the fundamental areas such as supplier identification
  • Provide detailed insights on the risk, compliance, and regulatory environment and strategize based on the best benchmarking standards in the industry
  • Help understand the best-in-class industry benchmarks and assessment of information system security market
  • Identify the key suppliers in the IS security industry and evaluate them based on their operational and functional capabilities

Read our complete case study titled – A Procurement Market Intelligence Engagement Helps a Global Information Provider Identify Procurement Best Practices

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