An issue with signature-based ID is that only attack signatures that are stored in their database are detected.
New attacks without a signature would not be reported. They do require constant updates in order to maintain their effectiveness.
Reference used for this question:
KRUTZ, Ronald L. & VINES, Russel D., The CISSP Prep Guide: Mastering the Ten Domains of Computer Security, 2001, John Wiley & Sons, Page 49.
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