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Automatic compliance necessary for financial institutions

Financial institutions are most at the forefront of compliance issues, yet they are facing an increasing amount of information to manage. An automated log management software can help to prepare data to be compliance-ready

At an institution with more than 300 applications can produce even 5-10 terabytes of information in log files a year, and the volume is growing dynamically all the time. This is impossible to manage manually, while it is possible to replace with an automated solutions that not only make audits easier but also save costs.

„IT systems’ continuous and secure operation and the compliance with the legislation and sector wise standards is an enormous task for the IT departments” – said Zsolt Hargitai, commercial support manager of Novell Magyarország. „Clients need a cost-saving and efficient soluton that works well with their existing systems while providing a safe infrastructure and the compliance as well,” – he added.

Novell’s Sentinel Log Manager helps them search efficiently through logs and the open source format makes it possible to store and archive data and reports on any available hardware, resulting in reduced compliance costs as well.

„Legal compliance is monitored even closer since the beginning of the crisis, especially among financial institutions being the most accused for the present situation. However, other sectors like health care or telecommunications also face stricter controll of personal data management,“ said Tamás Gaidosch, leader of information risk management consultancy at KPMG. „Hungarian financial institution must be able to re-enact all the phases of a security event, thisi is controlled by market watchdog PSZÁF. We already know of an insurance company that’s activity had been suspended because of IT problems” Gaidosch added.