IntellidenHigh Performance Networking - Delivered
RSS
November 16, 2004
U.S. Financial Firms Face Fines of $1 Million Per Day for FFIEC Non-Compliance
--Intelliden Offers First Comprehensive Network Compliance Solution That Reduces FFIEC Risks--
COLORADO SPRINGS, Colo., Nov. 16, 2004 - Executives of U.S.-owned financial institutions must ensure their network infrastructures comply with compliance legislation or their companies could face penalties of up to $1,000,000 per day, according to Intelliden research.
Financial services institutions are heavily regulated, with organizations such as the Federal Financial Institutions Examination Council (FFIEC) establishing auditing guidelines. The group is comprised of representatives from the five financial governing bodies: Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and Office of Thrift Supervision (OTS).
Together these organizations regulate financial institutions and protect the personal financial data of customers on their networks. Compliance is mandatory. A first-tier penalty of up to $5,000 per day may be assessed on a financial services company for any violation. A third-tier fine of up to $1,000,000 per day may be assessed for any knowing or reckless violation.
"Intelliden's network automation software is the first and only application to actively prevent network compliance issues caused by inappropriate network settings, insecure OS versions, and faulty change management," said Glen Tindal, Intelliden chief technology officer. "Intelliden achieves this through its unique, model-driven network policy capabilities combined with the most granular privilege control available. And only Intelliden provides the integrated workflow approval process that ensures your compliance best practices are adhered to and audited. The bottom line is simple--companies that don't follow the three P's of network compliance: Prevention, Policy and Process--risk suffering devastating financial consequences."
"Sarbanes-Oxley and other legislation have raised the compliance bar for IT organizations," said Dennis Drogseth, vice president at Enterprise Management Associates, a leading analyst firm. "If you can't attest to the integrity and security of your network, you could be found in violation of these regulations. Intelliden is offering a key component in supporting this type of validation, combined with a pragmatic approach to automating audits, so that compliance best practices can become more efficient and cost-effective."
The Intelliden R-Series® software suite can be integrated into an existing network to help financial institutions enforce, verify and demonstrate compliance with federal regulatory requirements. The Intelliden R-Series is available via a Web-based graphical user interface (GUI), or the industry's first open and extensible application programming interfaces (APIs), which enable it to be embedded within other applications. It gives network managers the ability to demonstrate the three P's of compliance with network access control standards, network change review procedures, automatic network change policy verification and real-time reporting.
About Intelliden Corporation
Intelliden is the leading provider of automated, model-driven networking solutions. With the Intelliden R-Series® software suite, networks become more intelligent and efficient by dynamically responding to strategic priorities, which allows businesses and organizations to automate network configuration, reduce costs, increase network security and accelerate service activation. Intelliden is a global corporation headquartered in Colorado Springs, Colo. For more information, visit www.intelliden.com.
###
Intelliden and Intelliden R-Series are trademarks of Intelliden Corporation. All other trademarks in this document are properties of their respective owners.
Press Release Archive: 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | View All