SIEM systems provide security event monitoring and log management by collecting security data from across an organization's network and systems. The first SIEM was developed in 1996 and major players today include IBM QRadar, HP ArcSight, and McAfee Nitro. SIEMs aggregate logs from various sources, use correlation engines to identify related security events, and generate alerts when multiple events indicate a higher risk threat. They provide visibility across an organization's security infrastructure and help with compliance, operations, and forensic investigations. SIEM is important for threat detection, compliance, and gaining insights from security event data.