A log management system is a tool or process designed to collect, store, analyze, and manage log data generated by various software applications, systems, and devices.

Yes, log management is a key component of Security Information and Event Management (SIEM) systems. It provides the foundation for collecting and analyzing log data to enhance security.

Common challenges include managing a high volume of logs, ensuring log integrity, correlating data from diverse sources, dealing with false positives, and addressing issues related to storage and retention.

Log management is crucial for security as it enables the timely detection of suspicious activities, provides a record of events for forensic analysis, and supports incident response efforts, ultimately enhancing overall cybersecurity.

The retention period for logs varies based on regulatory requirements, organizational policies, and the nature of the data. It can range from days to months or even years, depending on specific compliance standards and internal protocols.