US/EUROPE SPECIAL REPORT: IT SECURITY AND BASEL II COMPLIANCE Security Park - Special report: IT Security and Basel II compliance

Financial Services Institutions (FSI) IT security spending represents between 24-26% of all enterprise IT security spending. Legislation and regulations such as Sarbanes Oxley, Gram Leach Bliley and Basel II will continue to drive a strong uptake of IT security solutions among FSIs.

Enterprise IT security solution providers are increasingly citing regulatory compliance as one of the key drivers for their solutions. Within Europe, Basel II has been highlighted as the most important regulation among FSIs. This special report looks at why Basel II may increase expenditure on IT security and how best to exploit this opportunity.

Most enterprise IT security solutions will help FSIs reduce their operational risk provided that the solutions are correctly integrated, configured, maintained and managed. The main focus will be on a few areas: Monitoring, detection and surveillance, information management and data security, and risk assessment solutions.

This special report on IT Security and Basel II compliance:
- Identifies areas where Basel II will affect IT security spending among FSI, and gives action points for enterprise IT security solution providers.
- Looks at the overall operational risk spending (Basel II and SOX) of US vs. Europe from 2002-2006, and identifies other regulations that concern operational risk.
- Identifies areas that most enterprise IT security solutions will help FSIs reduce their operational risk.

This IT Security and Basel II compliance special report investigates ways in which solution providers can position their offerings as an integral part of the overall Basel II compliance framework.It also investigates other factors that will increase operational risk expenditure among FSIs in other regions such as the US. Importantly, it provides easy-to-understand steps for risk management where successful solution providers can build a framework that FSIs understand and position offerings.

Table of contents:
- 4 key things you need to know about how Basel II will affect IT security spending among FSIs
- Solution providers must be able to position their offerings as an integral part of the overall Basel II compliance framework
- Solution providers must assist FSIs in creating effective risk management lifecycles and in doing so demonstrate their understanding of what is required to meet regulatory compliance
- Solution providers must understand which elements of their products and services portfolio meet the client's specific needs
- How enterprise IT security solutions can help
- While the majority of Basel II spending will be seen in Europe, other operational risk activities will make the US a more lucrative market
- SOX and operational risk
- Other regulations