Addressing Compliance Requirements of Dutch Financial Services Client

Synopsis

The customer wanted to implement key security initiatives to increase its audit rating and reduce operational risks. Coforge setup 24x7x365 security operations center for the customer and define frameworks and processes to improve customer’s security posture and compliance audit ratings.

About the Client

The client is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Customer’s primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$1.1 trillion, it is one of the biggest banks in the world.

Business Challenge

The customer had to comply with new regulation of SOX and Basel-II applicable to its environment. Customer was looking for a vendor who can help them assess their infrastructure based on the new regulations and help them implement required tools and processes to rectify the identified gaps. As part of the engagement, customer also wanted the vendor to setup a SIEM solution and provide investigation and administration support. 

Our Solution

Coforge collaborated with the customer to help them successfully address their compliance requirement and set-up SOC operations. Coforge’s solution included:

  • Implementation of Security Monitoring system, framework and monitoring process that spans across existing IT systems, applications and networks providing a ‘cradle to grave’ incident management and reporting system. 
  • Performed security compliance assessment of the IT infrastructure, designed and implemented the policies and process to meet the compliances.
  • Security framework & SIEM implementation 
  • Deployment of skilled resources for 24x7 security monitoring & administration.
  • SIEM web console, agents and centralized risk dashboard development & modernization 
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Delivering More Value
  • Agile implementation from POC to production in 3 months
  • 24x7x365 Rapid IT Security Detection and Response
  • Reduce time for threat mitigation & containment
  • Adherence to SOX and BASEL-II compliance 
  • Continuous use-case development and optimization which delivered 10% improvement in productivity, false positive reduction & Automation.

The Coforge Advantage

It was a complex project considering the scale, geographical spread and the technologies in the environment. Coforge’s project team worked in close conjunction with stakeholders, understanding requirements, evaluating solutions, closely monitoring, and updating the customer about the progress. Coforge frameworks and practices helped in timely delivery of a SOX and BASEL-II compliant solution that addressed all the customer’s requirements.