Financial institutions are facing heightened cybersecurity risks due to digital transformation, which expands the attack surface in the sector. The pandemic has accelerated the adoption of digital banking and other services, increasing data complexity and providing more opportunities for cyberattacks, which Jerome Powell, U.S. Federal Reserve Chairman, identifies as the top threat to the global financial system. Remote work and reliance on third-party services further exacerbate these vulnerabilities, while a global shortage of cybersecurity professionals poses additional challenges. To address these issues, financial security leaders are encouraged to focus on modernizing their Security Information and Event Management (SIEM) systems to consolidate tools, enhance integration, and utilize advanced analytics like AI and machine learning. Modern SIEMs should support diverse environments, allow for flexible data management, and offer native protections and automated threat detection to improve efficiency and reduce attack susceptibility. The financial sector's reliance on outdated SIEMs is costly and inefficient, prompting many to consider new solutions that can keep pace with regulatory demands and evolving cybersecurity threats.