"netForensics has given us the ability to introduce new monitors in hours, not days. We can react to the threats, measure our effectiveness and have full, ongoing visibility of our risk posture."
Matthew M. Speare,
Administrative VP,
Corporate Information Security Officer,
M&T Bank
Basel II Compliance
Protecting and Managing Capital Reserves
Basel II helps safeguard bank solvency while protecting the international financial system. It accomplishes this by establishing rigorous risk and capital management requirements. Financial institutions understand the stringent requirements of Basel II. This international standard that drives banking regulations defines how much capital banks need to put aside to guard against financial risks. Basel II also strives to reduce operational risks—that is, the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events. Through compliance, banks are assured that they hold sufficient capital reserves for the risk they expose the bank to through its lending and investment practices. They can also better protect their IT systems and inherent business information.
On the upside, financial institutions can reduce their capital reserve requirements by reducing their risks. On the downside, however, financial institutions must implement effective strategies to mitigate various risks—while controlling compliance costs. Many firms are having a tough time finding a way to accomplish both. Yet you can do both, with an affordable security monitoring program that integrates security information management (SIM) practices with the necessary log management functions.
netForensics Solutions for Basel II
nFX One SIM and log management solutions will enable you to jumpstart your information security management program to effectively monitor and report on events that can have a significant business impact. They offer you a cost-effective approach to proactively managing risk across your network, systems, applications, databases, and user activities. And importantly, they’ll assist you in meeting your Basel II requirements for maintaining an effective information security program. nFX One solutions deliver reliable, end-to-end security monitoring and incident management processes surrounding your financial applications and data, and the IT systems that support them. By deploying an effective security compliance management solution—that includes both SIM and log management—you’re equipped with a full range of tools that allow you to reduce risk. With nFX One, you can protect your enterprisewide IT infrastructure, prevent unauthorized access, ensure day-to-day business continuity, and maintain your valuable reputation—while meeting your strict Basel II requirements.
Log Management: Is It Enough for Compliance?
Simply put, no. Log management is an important foundation for your Basel II compliance strategy. It enables you to collect, store, and report on your event logs and prove that you have adequate controls in place. Yet log management is only one element of an effective approach to Basel II compliance. nFX One solutions empower you with an added layer of security intelligence featuring proven, patented correlation technology. You can expand your log management efforts to include in-depth visibility into logs across your organization. Through real-time and historical event log data correlation analysis, you’ll have a complete and clear understanding of events, patterns, and trends in real time, so you can stop the attacks before they reach important data. With nFX One, you can go beyond just collecting and storing event logs and leverage advanced correlation capabilities to prevent and mitigate even the toughest threats.
nFX One: Helping You Reduce Risk and Achieve Basel II Compliance
The netForensics nFX One security compliance management suite allows you to employ security best practices and continuously manage risk. Through data collection, log management, real-time monitoring, threat identification, rapid response, and actionable reporting, you can tackle information security and Basel II compliance at the same time. nFX One helps you meet Basel II compliance, enabling you to:
- Monitor and protect your financial databases, down to the record level, and secure financial data as it moves throughout applications that consume that data
- Centrally collect and store audit trails from financial databases and applications and correlate them with network security devices
- Perform identification and timely reporting of security violations
- Provide real-time risk analysis of information security events, correlating the criticality of a threat against the vulnerability and weakness of the entity’s asset
- Report on the business impact of an event if it results in a loss of service or compromise
- Enable information security management, analysts, and operations personnel the ability to develop correlation rules that apply to various scenarios
- Respond rapidly to material events such as a data breach, notifying appropriate parties and taking remedial action
- Prove diligence in managing information security risk through detailed documentation so you’re continually prepared for any potential audits
nFX Cinxi One provides all sizes and types of organizations with both security visibility and log management in one affordable, yet high-performance solution.
nFX SIM One empowers larger, distributed organizations to transform huge volumes of complex security-related data into understandable, actionable information.
Learn more about achieving and maintaining Basel II compliance through proactive threat and risk management:
White Paper: Essential Practices for Achieving Security Compliance Management >
Quick Links