Well, even if you use index time as _time, you still can extract and use event's time as a field. You can also use _indextime directly or even extract event time as an indexed field to use it fast. There are several possibilities. It's just that by default Splunk works in a specific way. And I still think (and it's actually not connected to Splunk itself) that lack of proper time synchronization is an important issue for any monitoring ans security monitoring even more so. True, some SIEMs do have several separate time fields for any event but on the other hand they have very rigid parsing rules and once you have your data indexed, it's over. So each approach has its pros and cons. Splunk's bucketing by _time has one huuuuuge advantage - it speeds up searches by limiting whole buckets from being searched.
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