Austrian bank boosts security to meet Basel II Accord
BAWAG-PSK, the fourth-largest bank in Austria, has conducted a major network upgrade in a bid to boost IT security in the face of "unprecedented threats" and to meet the regulatory requirements of the forthcoming Basel II Accord.
Gunter Maschler, manager of the Network Group at BAWAG-PSK, said it was essential for any large financial institution to prepare for Basel II, which requires international banks to measure their exposure to operational risk, including cyberattacks, by the end of 2007.
"A bank, like no other enterprise, must represent security and stability to its customers," said Maschler.
"We have, of course, always maintained a high level of security to keep our customers' funds and valuables safe, but the unprecedented threats of the digital age require a completely different type of security solution."
He explained that the bank has deployed an end-to-end Enterasys Secure Network designed to ensure that only those who meet the bank's security credentials can access the approved level of information on the network.
"By deploying Enterasys Secure Networks technology as the foundation of a multi-layered security program, we are able to maintain business continuity, comply with strict regulations regarding information privacy, and consolidate all of our information assets into a single, highly secure infrastructure," Maschler said.
Enterasys' Secure Networks solution for BAWAG-PSK includes the Dragon Intrusion Defense System, an integrated solution for detecting and identifying misuse and attacks across an enterprise's IT infrastructure. The bank also uses Enterasys' Acceptable Use Policy product, a centrally managed, policy-based system that allows trusted users to access business services automatically and transparently, while preventing undesirable and malicious traffic from entering the infrastructure.
As part of the upgrade the bank has also rolled out Enterasys Matrix N-Series switches.
Thomas Weisenberg, LAN manager for BAWAG-PSK, added that the upgraded network can handle internet viruses or worms that attack the system by monitoring and controlling each specific user and device.