FXCM Taps Netwrix IT for Cybersecurity Compliance

The firm explains that first among its priorities is to eliminate the risks of cybercrime and corporate espionage.

As trading, crime and even war become more dependent on digital systems, authorities are raising the standard of cybersecurity. Netwrix Corporation, an IT auditing company, today announced that Netwrix Auditor was chosen by FXCM Inc. (NYSE: FXCM) to help improve its security of critical business assets and data, as well as to simplify the process of passing compliance audits. FXCM has to comply with applicable laws and regulations worldwide, including those of the CFTC, the NFA, FCA and ASIC.

The firm explains that first among its priorities is to eliminate the risks of cybercrime and corporate espionage, which are very damaging when it comes to financial institutions. The challenge of securing huge amounts of sensitive client data led Mark Patten, Director of Corporate Engineering of FXCM, to look for a solution that helps eliminate the risk of insider misuse.

Patten is now using Netwrix Auditor to keep a close watch on the activity of 900 privileged accounts, as well as to simplify the process of drawing up and submitting reports to compliance auditors. Netwrix Auditor reports allow FXCM to prove that security is properly maintained and that the IT team has complete control over changes across a wide variety of IT systems and services, including SQL servers, file servers, Exchange servers, Active Directory and Group Policy.

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“Controlling access to sensitive data is one of our priorities set by numerous industry standards, for which we must comply,” said Patten. “Netwrix Auditor helps us to ensure that there is no room for unauthorized actions that could potentially compromise sensitive data and damage our customers.”

“Maintaining security of sensitive data in the financial sector has always been a challenge for IT departments. Integrity of personal information and financial records also draws significant attention of the authorities, especially after large-scale security incidents that result in more stringent compliance requirements,” added Michael Fimin, CEO and co-founder of Netwrix. “I believe that complete visibility is the key factor of a proactive approach to IT security and addressing the issue of protection against cyber-attacks.”

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