Netwrix > Case Studies > API Bank Enhances Compliance Reporting and Network Security with Netwrix Solution

API Bank Enhances Compliance Reporting and Network Security with Netwrix Solution

Technology Category

Cybersecurity & Privacy - Application Security
Cybersecurity & Privacy - Network Security

Applicable Industries

Finance & Insurance
Retail

Use Cases

Cybersecurity
Tamper Detection

Services

Cybersecurity Services
System Integration

About The Customer

API Bank is a small, privately held bank located in Belgrade, Serbia. It serves both companies and individual customers, offering retail and business loans among other products and services. The bank is committed to providing digital solutions to its clients in a secure and easy-to-use way. It operates in the financial services industry and has a strong online presence, with its website being www.apibank.rs.

The Challenge

API Bank, a small financial institution based in Serbia, was faced with the challenge of complying with the stringent requirements set by the National Bank of Serbia. These requirements included the Decision on Minimum Information System Management Standards for Financial Institutions and the Law on Information Security, both of which are based on the ISO 27001 standard. The bank also needed to detect potentially malicious activities before they could jeopardize cybersecurity. This included suspicious attempts to access the bank’s Oracle databases, VMware-based virtual infrastructure, and network devices, including VPN concentrators.

The Solution

API Bank's CISO, Predrag Škundrić, chose Netwrix Auditor as the solution to these challenges. The decision was influenced by the excellent support from the channel partner and customer care from the vendor, the wide range of platforms and applications that could be audited, and the large portfolio of predefined reports which could be fine-tuned to specific needs and requests. Netwrix Auditor enabled the bank to ensure individual accountability of all privileged users with clear proof of who is doing what across Oracle, VMware, and Cisco network devices. It also enhanced network security by alerting the IT team to suspicious activities, such as failed logon attempts, and provided the critical information required to identify the IP address to block. Furthermore, Netwrix Auditor made it easier for the bank to provide the reports required for internal and external audits.

Operational Impact

The implementation of Netwrix Auditor has significantly improved the operational efficiency of API Bank. It has enhanced the accountability of system administrators, ensuring that all privileged users are monitored and their activities recorded. This has helped to avoid security incidents and downtime by quickly spotting unusual activity. The solution has also enhanced network security, helping the bank avoid data breaches. Regular penetration tests are conducted to ensure the continued effectiveness of the solution. Furthermore, the solution has made audits easier for the bank, both for internal and external audits. It has streamlined the process of providing required reports and handling ad-hoc requests from auditors.

Quantitative Benefit

Reduced time spent on compliance reporting by 90%
Immediate detection and alert of suspicious activities, including failed logon attempts
Quick response to ad-hoc requests from auditors, improving efficiency in audit processes