The issue of compliance, particularly Sarbanes-Oxley compliance, have got to be an on-going concern to financial institutions, and particularly for those securities, commodities and options exchanges that are taking the IPO route to becoming publicly traded companies. Wall Street & Technology has an interesting article regarding the NYSE and their "defense in depth" approach to securing sensitive data.
Although it's a bit of an advertisement, the discussion of their use of Lumigent's data auditing approach is interesting. The article makes the point that their technology using the database transaction logs to provide "... a continuous and complete picture of database activity." This is in contrast to other approaches to content/data monitoring and filtering that watch the network to interpret data access and assess what changes are taking place.
The article goes on to emphasize the importance of addressing inside/insider threat. They make a pretty strong case for digging into the processes, systems and technologies the NYSE has in place, with a full-spectrum analysis, and big-time emphasis on accountability.
Wall Street & Technology : The NYSE Focuses on Improving Data Integrity
There are signs that the capital markets industry is taking steps to improve accountability regarding access to data, since allowing access to unsecured information in the database is typically where the Sarbanes-Oxley process breaks down, according to Adam Honoré, senior analyst with Boston-based consultancy Aite Group. Efforts are being made on the IT side to install governance processes around how data can be accessed, he notes.
But more work needs to be done in the entitlements piece, in terms of who has access to what data, and the governance process around that, says Honoré. "The biggest [security breaches] in capital markets are either people having laptops stolen or the loss of backup tapes," he contends. "Hacking has not been a big problem in capital markets."
Data ownership and accountability, therefore, must be the cornerstones of data-level security, adds Honoré. ...
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