FI Enhances Compliance Reporting and Information Security

A key player in Singapore's financial services sector, the client is required under the MAS's Technology Risk Management Guidelines to implement a comprehensive enterprise-wide IT risk management strategy. The lack of a centralised platform to import and consolidate logs from multiple IT systems for analysis meant that reports had to be manually extracted for compliance with the Guidelines. This manual and time-consuming process also resulted in slower response times to cyber threats or suspicious activities, posing a significant risk to information security. To address these challenges and reduce overheads, the company turned to RSM Stone Forest IT (SFIT) for a solution.

After evaluating the client's needs, SFIT recommended Splunk Cloud because of the following features: Access to cloud-based service anytime, anywhere to retrieve historical and real-time data; A centralised platform that easily imports and consolidates logs from the client's multiple IT systems, for a single view of enterprise-wide IT infrastructure, detecting system anomalies and program failures, tracking user activity as well as monitoring network security and IT health; Provides flexibility to extend the Splunk platform with add-ons to meet specific needs.

With the deployment of Splunk Cloud, the client realised several benefits: More efficient compliance reporting and quicker response to cyber threats with the mean time to repair (MTTR) significantly reduced from an hour to less than five minutes; Easily scalable solution to meet changing demands; Shorter time to market and deployment of online services with visibility on customised dashboard for proactive remediation.