We’re Making Our Debut In Cybersecurity with Snowbit

2021 was a crazy year, to say the least, not only did we welcome our 2,000th customer, we announced our Series B AND Series C funding rounds, and on top of that, we launched Streamaⓒ – our in-stream data analytics pipeline.

But this year, we’re going to top that!

We’re eager to share that we are venturing into cybersecurity with the launch of Snowbit! This new venture will focus on helping cloud-native companies comprehensively manage the security of their environments.

As you know, observability and security are deeply intertwined and critical to the seamless operation of cloud environments. Post becoming a full-stack observability player with the addition of metrics and tracing, it was natural for us to delve deeper into cybersecurity.

So what are we trying to solve?

Today we are witnessing accelerated cybersecurity risks with the online explosion post the onset of the pandemic. The acute global scarcity of cybersecurity talent has aggravated the situation as most organizations are unlikely to have adequately staffed in-house security teams over the medium term. They are just too expensive, difficult to hire and keep updated.

As Navdeep Mantakala, Co-founder of Snowbit says, “Rapidly accelerating cyberthreats are leaving many organizations exposed and unable to effectively deal with security challenges as they arise. Snowbit aims to address fundamental security-related challenges faced today including growing cloud complexity, increasing sophistication of attacks, lack of in-house cybersecurity expertise, and the overhead of managing multiple point security solutions.”

What is also adding to the challenge is the increasing leverage of the cloud, both multi-provider infrastructure and SaaS, which is dramatically broadening the attack surface and complexity. Leverage of multiple point solutions to address specific use cases are only increasing the operational overhead.

How are we solving it?

Snowbit’s Managed Extended Detection and Response (MxDR) incorporates a SaaS platform and expert services. The platform gives organizations a comprehensive view of their cloud environment’s security and compliance (CIS, NIST, SOC, PCI, ISO, HIPAA). 

The Snowbit team will work to expand on the existing capabilities of the Coralogix platform, so that all data will be used to identify any abnormal activity, configurations, network, and vulnerability issues. This is rooted in the idea that every log can and should be a security log. Furthermore, it will automate threat detection and incident response via machine learning, an extensive set of pre-configured rules, alerts, dashboards, and more. 

The MxDR platform deploys a team of security analysts, researchers, and DFIR professionals stationed at Snowbit’s 24×7 Security Resource Center. There, they provide guided responses to enable organizations to more decisively respond to threats detected in their environment.

“Observability forms the bedrock of cybersecurity, and as a result, Snowbit is strategic for Coralogix as it enables us to offer a powerful integrated observability and security proposition to unlock the value of data correlation,” said Ariel Assaraf, CEO of Coralogix. “Snowbit’s platform and services enable organizations to overcome challenges of cybersecurity talent and disparate tools to more effectively secure their environments.”

With Snowbit, we have the vision to empower organizations across the globe to quickly, efficiently, and cost-effectively secure themselves against omnipresent and growing cyber risks. Snowbit is looking to offer the broadest cloud-native managed detection and response offering available to enable this. 

Make sure to sign up for updates so you can get notified once Snowbit launches. 

Your Clients Financial Real-Time Data: Five Factors to Keep in Mind

What is real-time data?

Real-time data is where information is collected, immediately processed, and then delivered to users to make informed decisions at the moment. Health and fitness wearables such as Fitbits are a prime example of monitoring stats such as heart rate and the number of steps in real-time. These numbers enable both users and health professionals to identify any results, existing or potential risks, without delay.

In today’s digital age, data is the lifeblood of any business, and real-time data provides firms with granular visibility and insight into factors such as cost inefficiencies, performance levels, and customer habits.

What’s not real-time data?

Data cannot be classed as real-time if it’s intended to be kept back from its eventual use after it’s been gathered.

Examples of data that would not fall under the real-time umbrella would be emails or communication via posts in a discussion forum. They are not time-bound, making rapid responses rare, sometimes taking hours or even days for full resolutions.  

Why is real-time data collection necessary to financial security?

Financial companies are tasked with protecting private and sensitive financial data for individuals and businesses alike. 

Finance is one of the most targeted industries, with 350,000 sensitive files exposed, on average, from each individual cyber-attack. And this is without scrutinizing other forms of attacks that reveal financial data systems, such as fraud and bank account thefts.

Robust cyber and anti-fraud controls are paramount to help bolster financial security at banks, insurance companies, and other financial institutions. This is where real-time processing helps organizations obtain the business intelligence they need to react to security perils.

From credit risk assessments to detecting abnormal spending patterns and preventing data manipulation, real-time analytics allow firms to make quick data-driven decisions to ensure security defenses remain watertight. 

Five benefits of real-time financial data

Implementing real-time financial data analytics doesn’t happen overnight. It takes time, effort, and patience. However, it can help financial institutions evolve across the many facets of their operations, including combatting monetary deception, enhancing forecasting accuracy, and building stronger client relationships.

Below we’ve listed five key advantages that real-time financial data can bring to organizations. 

1. Improve accuracy and forecasting

To develop strategies for the future, financial companies need up-to-date views of significant figures to understand better their current state of affairs and their positioning in the market.

Making decisions based on last quarters’ numbers is quickly becoming antiquated, as it becomes impossible to anticipate shifts in the market, manage costs, and plan resources moving forward.

By leveraging present data, forecasts are more timely and precise. 

Data and numbers are constantly moving, and they quickly become outdated. No company can expect to get their projections 100% correct all of the time, as external forces that nobody can see coming (such as the COVID-19 pandemic) can curtail expectations.

However, real-time data gives a confident starting point so that firms are better equipped to make accurate decisions on where to allocate funds, cut spending, and maximize ROI (Return On Investment).

2. Enhance business performance

Real-time data allows businesses to evaluate their organization efficiencies, improve workflows, and iron out any issues at any given moment. In other words, they take a proactive approach by gaining a clear overview of the business. Companies can seize opportunities or recognize problems when (or even before) they arise.

Empowering employees with real-time insights means they can drill down into customer behaviors, financial histories, and consumer spending patterns to deliver a personalized service. A well-oiled finance machine goes way beyond anticipating customer demands and preferences. Financial businesses rely on efficient IT infrastructures to keep a hold on organizational assets and prioritize security. Real-time analytics helps firms establish a common operational picture that reduces downtime and increases the bottom line. 

3. Upgrade strategic decisions

Traditionally, the decision-making process has lagged behind the actual information stored in financial data systems. Real-time data enrich this process by driving businesses to form purposeful judgments with the most current information possible.

Employees can make decisions confidently, particularly when looking ahead and matching what they know about the business with emerging industry trends and challenges faced in external landscapes.

What does data tell a business? What does it highlight? Firms need reliable, up-to-the-minute answers so they can head in the right direction. This deeper understanding bridges the gap between real-time and historical data to inform outcomes.

4. Utilize up-to-date reporting

Real-time reporting saves time for everyone. Businesses can give their clients access to the most up-to-date financial data at any time, which, in turn, builds greater trust and transparency. 

Live reporting also means that businesses can wave goodbye to the monotony of manual labor or being bound by specific deadlines to run off reports. Real-time reporting automates data collection, allowing staff to work on more pressing tasks or issues.

Not only can organizations review data at the click of a button, but they also benefit from consistent, accessible, and unerringly accurate data. 

5. Detect fraud faster

Real-time data insights help firms jump on top of fraudulent scams and transactions before it’s too late. Fraud attacks are becoming increasingly sophisticated and prevalent, so financial companies need to act on the real-time synthesis of data.

From a customer’s demographics and purchase history to linking intelligence from devices to transactional data, finance teams can accurately assess potential fraud by using data as soon as it’s produced.

Trends to watch in real-time financial data

Banks will focus on monetizing real-time

Customers want everything at speed but without a drop-off in efficiency. This is why real-time payments are one of the fastest-moving developments in the financial industry.

One of these emerging channels is Request to Pay (RTP) services. This method means payments can be fast-tracked to eliminate the process of a customer entering their credit or debit card every time they shop online.

RTP is essentially a messaging service that gives payees the ability to request payments for a bill rather than send an invoice. If the payment is approved, it initiates a real-time credit to the payee. Customers can immediately view their balance in real-time and avoid surprise transactions or unwanted overdraft charges.

Instant cross-border payments

Belgium-headquartered payments solution provider Swift helps banks meet global demand for instant and frictionless cross-border payments. Some of the main issues with cross-border payments involved long processing times, which often involved more than one bank.

SWIFT GPI enables banks to provide end-to-end payment tracking to their customers. More than 1,000 banks have joined the service to breed a standard of speed, tracking, and transparency that matches the trouble-free experience when businesses and consumers make domestic real-time payments.

Final thoughts

In the past decade, the financial industry has progressed rapidly. Companies that neglect the opportunity to implement real-time analytics will miss out on making calculated business decisions, minimizing complexities, and managing risk more effectively.

As John Mitchell, CEO of next-generation payments software technology provider, Episode Six,  points out: “Data in and of itself is not necessarily the king. Rather, it is what organizations can do with the knowledge and insight the data provides that makes it key.”

Harnessing AIOps to Improve System Security

You’ve probably seen the term AIOps appear as the subject of an article or talk recently, and there’s a reason. AIOps is merging DevOps principles with Artificial Intelligence, Big Data, and Machine Learning. It provides visibility into performance and system data on a massive scale, automating IT operations through multi-layered platforms while delivering real-time analytics.

In short, it’s a movement away from siloed operations data to a holistic approach that encompasses system-wide analysis and management from a single ML-integrated platform.

As you can imagine, AIOps has multiple system security and resilience benefits. One of the reasons the AIOps movement is gaining such momentum is that an AIOps based approach has already significantly enhanced system security and resilience.

Why do businesses want the enhanced security of an AIOps based infrastructure?

The risk of attack from cybersecurity threats has never been higher. You’re undoubtedly aware of the many high-profile cyberattacks and data breaches that have occurred in the last few years.

There is a reason Joe Biden signed an executive order in early 2021 mandating cybersecurity best practices for US government bodies. By 2025 cybercrime will cost the global economy $10.5 trillion per year. In the US, a cyberattack occurs every 39 seconds. It’s not if your systems are attacked, it’s when.

The cost of cyberattacks to your business

The costs of cyberattacks to your business are astronomical. One of the most high-profile recent cybersecurity incidents was the Colonial Pipeline ransomware attack of May 2021. The security breach by hacker group DarkSide cost the Colonial Pipeline Company an estimated minimum of $5 million.  

Small businesses aren’t immune, either. The average setback for small businesses that experience a cyberattack is $25,000. No matter the size of your systems, more and more organizations are waking up to the reality that system security cannot be low-priority.

How AIOps improves system security

To understand how AIOps can apply to system security, you’ll have to understand the basics of how AIOps works.

Enterprise systems are multi-surfaced, multi-dimensional beasts – they’re complex. Keeping them secure requires a different approach than methodologies rooted in monolithic systems, such as SIEM.

The AIOps manifesto sums up the AIOps method best with the five dimensions of AIOps:

Data set selection

To respond to security threats in real-time means acting fast. That’s why data set selection is a cornerstone of AIOps secured systems.

Modern systems generate a lot of data noise. Many hackers and cybercriminals exploit this to slip into your systems undetected, blending in with the daily data traffic. Machine Learning algorithms in an AIOps platform parse the data noise at an immense scale.

Your ops and security teams can easily find and neutralize threats and trace their movements back to the penetration point. AIOps platforms create clean, curated data samples. The result removes the need for your ops/security teams to sift through terabytes of non-essential data noise to isolate threats or carry out root cause analysis.

Pattern discovery

Not only does an AIOps platform remove the need to curate data manually, but it also automates pattern discovery within the data sets it presents. An AIOps platform provides your ops/security teams with only relevant data, but it also explains why that data matters.

Pattern discovery uses a range of ML techniques to extract patterns from curated data. In a security context, this could mean anything from highlighting unauthorized packets during a DDoS attack to flagging which company email accounts open high volumes of virus-containing spam.

Inference

The inference is at the heart of what makes advanced Machine Learning so, well, progressive. AIOps makes full use of inference algorithms to deliver secure systems.

The ability to infer meaning from discovered patterns allows for highly complex alerts and an unparalleled level of insight from analytics, even in real-time.

‘Inference engines’ operate much like white blood cells. They remember threats, except instead of storing viral DNA, they remember patterns and anomalous data in the endless data noise your AIOps platform parses every second. When suspicious patterns or activity are identified, the algorithms in the AI can provide alerts that contain not only the nature of the threat but a recommended response based on previous events.

And thanks to the broader AIOps and cybersecurity communities, new use cases are implemented into the platform through automated updates. AIOps platforms can infer insight based on attacks that have occurred anywhere, not just within your systems.

Communication

Communication in an AIOps context translates to intuitiveness and ease of use. One key setback of early cybersecurity technologies was their complexity. There is a reason cybersecurity specialists are amongst the highest-paid IT professionals.

AIOps platforms have ease-of-use built-in as a core principle. If an AIOps platform cannot communicate its findings to a human engineer, its objectives have failed. Visualization, natural language summaries, and streamlined alerts and reporting are essential for a successful AIOps platform.

However, communication doesn’t just encompass AI and the human engineers who operate it. As with all modern technologies, AIOps platforms receive regular automated updates and maintenance. This includes other instances of the same platform, creating an “attack one of us, attack all of us” level of defense, which makes the lives of cybercriminals incredibly difficult.

Automation

Last but never least, we have the modern IT operations essential; automation.

We don’t need to explain to you exactly why automation is beneficial by this point. Modern systems are complex and change fast (mainly because of automation, in many cases). Modern security systems need to match this pace.

Automation is how AIOps manage to stay on top of fluid multidimensional attack surfaces and keep them secure. Every feature of the AIOps platforms we’ve mentioned is fully automated. That’s what makes them so strategically valuable: they allow cybersecurity teams to combat and protect against threats by removing the excessive manual efforts needed to find and isolate them.

AIOps cybersecurity use cases

The above explains how AIOps methodology fits into the context of system security. However, this doesn’t give much practical information about adopting AIOps into your cybersecurity strategy. Many organizations are already keeping their systems secure with AIOps platforms. Several use cases perfectly illustrate how AIOps-based security looks on the ground.

Ransomware and malware detection

The Colonial Pipeline attack was perhaps the most notorious use of ransomware in recent years. However, ransomware and malware attacks are still among the most common cybersecurity threats.

It’s estimated that ransomware/malware will cost the US economy $20billion in 2021. 39% of businesses attacked by ransomware end up paying ransom demands. It’s not a threat that should be taken lightly, even if you believe your business has no data or online assets worth ransoming. AIOps keeps hundreds of companies secure from this common yet incredibly dangerous threat.

The most dangerous ransomware/malware are variants whose signatures are unknown to the broader cybersecurity community (and the systems they update and operate). Automated large-scale event processing, pattern recognition, and ML inference make detecting malware or ransomware much easier. Even new variants.

ML algorithms can pinpoint new malware/ransomware variants based on behavior. In the simplest terms, AIOps platforms can adopt an “if it walks like a duck…” approach. This is much more effective than platforms that simply sweep systems for malicious code matching existing use case libraries.

Fraud detection

Malware and viruses aren’t the only cybersecurity threats faced by modern enterprises. Fraud detection is a crucial feature of your security approach, too. Especially in financial sectors such as banking and insurance, fraud detection has become essential for many IT operations and cybersecurity teams.

AIOps is proving incredibly valuable in this arena. Fraud detection involves a lot of inputs and data types, and all run through intensive processing, including anomaly detection, text mining, database searches, and social network analysis. These all then have to be combined with predictive models so that thorough fraud detection can become effective fraud prevention.

Automating all of this data wrangling has become indispensable for many organizations in the financial sector. Every year fraudulent actors become more advanced in their techniques. The automated and self-learning processes of AIOps platforms provide robust protection against the ever-changing threat landscape of modern fraud.

AIOps is already proving its worth by applying the five dimensions to fraud detection functionality in platforms. This was demonstrated perfectly in 2020 AIOps, and ML-supported fraud detection uncovered an extensive and sophisticated phishing scam network targeting Microsoft 365 users.

Endpoint and network behavior modeling

A security platform that can isolate attack indicators isn’t much use after the fact. Unfortunately, creating behavior models for endpoints and networks that preempt system compromising breaches is time-consuming and complex.

This is where AIOps has allowed operations and security teams to make incredible strides. Using Machine Learning and automation-enabled big data parsing and analytics, AIOps platforms can generate complex behavior models. As this is automated and incorporates advanced pattern recognition and inference algorithms, AIOps platform-generated behavior models are not only delivered faster. With significantly less manual input, they’re also, generally speaking, better.

These endpoint and network behavior models can detect much subtler indicators of an attack or a data breach than their manually coded counterparts. This allows your teams to react much faster, isolating suspicious behaving endpoints or flagged traffic before they become your organization’s latest data breach or cyberattack.

Security event management

As established, a great bulk of your security and operations team’s time can be lost parsing through the endless reams of data your systems generate. Logs and event data mount up fast. To respond effectively, your teams must spot indicators and patterns within vast data sets. The sheer scale of this task, especially in complex modern systems, makes AI-assisted security event management not only sensible in 2021 but almost a requirement.

Simply put, there is so much data noise in modern systems that it’s becoming unreasonable for humans to manage their security manually. AIOps uses machine learning to cut through the data noise and make effective security management a reality again.

AIOps platforms allow for intelligent decision-making and alerting configurations in a way that doesn’t burn out your security and operations staff. It will enable them to be everywhere at once, know where they’re needed, and understand what’s required there without countless hours pouring through logs and event data.

Threat intelligence analysis

It is threat intelligence that encompasses everything an AIOps platform can achieve for your system security.

AIOps platforms provide a greater level of intelligence, system visibility, and real-time analytics than many other security solutions. Due to the sheer scale of data, an AIOps platform can parse, analyze, and provide intuitive insight that allows your operations/security teams a more precise level of threat intelligence than ever before.

Whether it’s identifying impending attacks before data is breached or system-wide security event management that includes cloud-based components, AIOps platforms enable threat intelligence analysis fit for the ever-changing cybersecurity landscape of the 21st century.

Adopting an AIOps security model with the Coralogix platform

We’ve already established that failing to invest in robust security for your systems creates more costs than saves. If you haven’t recently updated your cybersecurity policies, there has never been a better time. If you’re convinced that the AIOps model is the way forward for your organization, the Coralogix platform is what you need.

Our platform is designed from the ground up to enable organizations to analyze data at the scale needed for a fully AIOps security strategy. Our platform’s machine learning algorithms can analyze 100 million logs plus a day. They’re both powerful and intelligent enough to support pattern discovery as outlined in our AIOps security use cases.

What’s more, our dynamic alerting system uses ML to adjust thresholds responsively to the data processed by the platform. This makes it easier for your security and operations teams to ensure no threat remains undetected and malicious users are detected in record time.

These are just some of the ways our existing users have leveraged the Coralogix platform to keep their systems secure. Get in touch if you’re ready to harness AIOps to increase your system security.

Our Journey from Homeland Security to Actionable Log Analytics

5 years ago, when I finished my Army service at the IDF 8200 intelligence unit, it was clear to me that my future is in the world of intelligence and cyber. It was only natural for me to start my first job at a successful Homeland security firm.

Although my service prepared me quite well for this market, it was only when I was working for a global company that I was introduced to the 3 ground rules for success in the world of Intelligence and Cyber:

1) Recognize the routine and identify abnormal behavior

2) Provide real-time insights

3) Give the user the data he needs to take action

One phrase that was particularly emphasized was “Actionable”. We were always instructed to think of methodologies which will not just display our customers with the data we collect, but rather provide the information they need in order to take action; this is a must in the world of intelligence and cyber security because a quick response to events is crucial for success.

A large part of my 4 years in that firm was spent on software debugging and endless log reading, hoping to find what I was looking for – that needle in a haystack.

One day I had lunch with a friend from work who was the company’s Tech & Innovation Leader, we talked about how much time we spend on this exhausting and non-efficient process and how there is no viable solution out there. My friend then smiled and said that we should meet after work because he has something in mind he thinks I will like.

When we started talking about Coralogix’ solution, it was quite different than what it is today. But 3 main rules have always lead us:

1) Recognize the routine and identify abnormal behavior

2) Provide real-time insights

3) Give the user the data he needs in order to take action

In other words, we decided to bring the intelligence and cyber methodologies into the world of Log Analytics and provide Actionable insights that will allow software companies to not only retrieve their data and analyze it, but also to take action and proactively monitor their systems.

But what seemed simple at the time was and still is a huge challenge, since log data is nothing like network traffic, each log entry has its own individual style that varies by the way a certain developer expresses himself. We found that the algorithms and methodologies we knew from the cyber world were not sufficient in order to bring the value our customers need.

After a few weeks of investigations we ran out of solutions and started to re-think our concept of simply applying cyber algorithms on software logs. We understood that we would need to tackle the problem from a different angle and by pure chance, we found just the right guy for the job – our Neuroscientist friend (who was also my roommate back then).  He offered a whole new perspective to the problem that comes from the world of protein sequencing. This approach allowed us to overcome the challenges log data presents, and push our anomaly detection model back to the world of cyber security.

Since then, 3 more IDF 8200 intelligence unit veterans joined Coralogix and helped us make our dream a reality. A scalable Log Analytics platform that can connect to any software, collect all log types (regardless of their content), learn the system’s normal flows, automatically detect anomalies, and provide their root cause and actionable solution. Coralogix is now changing the way companies perform their software maintenance and delivery and will be out on the market once we finish connecting to the first 30 businesses that have already registered to our Beta version.

To sign up for our Beta version and be one of the firsts to enjoy Coralogix’ Actionable Log Analytics solution, just click on the “Join the Beta” button above and become a part of a global movement that is shifting towards actionable and meaningful results in the world of DevOps & Log Analytics.