Mathon Systems upgrades Information Risk Management platform
24 July 2006 | 2304 views | 0
Source: Mathon Systems
Mathon Systems today introduced the second generation of its flagship Information Risk Management solution, Mathon Integral.
A real-time, in-line, automated solution, Mathon Integral transparently audits and controls 100% of the interactions between employees and their data files. The solution systematically identifies how sensitive files (such as spreadsheets, emails, documents, etc.) are being used, automates the policy enforcement on those files, and demonstrates that all required controls are being maintained. Mathon enforces compliance, audit and security policies to reduce the risk of litigation, provide a mechanism for rapid discovery response when litigation occurs, and prevent the loss of critical information, reducing the cost of regulatory compliance.
Founded by John Mathon, co-founder of TIBCO software and inventor of the Information Bus, Mathon Systems has drawn on John's extensive expertise in technology built for financial services. Mathon Integral is currently in production in Fortune 1000 financial services institutions such as Wells Fargo.
"Our internal governance policies are very strict because customers and shareholders are our top priority," said Douglas Griffiths, VP Technology Information Group, Capital Markets at Wells Fargo. "We're constantly striving to improve systems to protect our customers' valuable information. With millions or even billions of files in the company this could be a daunting problem. Mathon allows us to establish an auditable trail for each file that shows information at every stage of its life so we can be sure it's accurate and protected."
Despite advances in database controls, over seventy percent of business information today resides in its working documents. While the rise of electronic data has created efficiencies, it also represents risk for every company. In the past, files were paper and the solution to them was simple - critical files were marked and filed in locking cabinets. Each version of a document was captured and kept in the file, creating a physical audit trail. Today companies create millions of electronic files a day that can be easily copied, transferred or deleted without any mechanism to audit these events.
With numerous federal, state and industry regulations governing their data, many enterprises are looking for a way to rein in all this information. In addition, the number of electronic discovery requests in litigation scenarios has significantly increased. According to a recent survey conducted by international law firm, Fulbright & Jaworski of over 350 U.S. and UK corporate counsel managers, nearly 90% of the US corporations surveyed are engaged in some type of litigation, and the average company balances a docket of 37 lawsuits at any one time. The survey also found that a corporation with $1.5 billion in revenues averages more than $8 million per year in corporate litigation costs.
Current methods for response can take valuable time, often contain inadequate information about interactions with working documents, and can be incomplete. In order to comply with regulations and reduce risk, companies need a solution that can easily demonstrate the history of every file including its creation, modification, use, retention and deletion.
"A company's information is a unique and valuable asset, but it is also, inherently, a source of risk," said Anne MacFarland, Director of Data Strategies and Information Solutions for The Clipper Group. "While a lack of control over structured data is making the headlines, lack of control over semi-structured and unstructured data is also a significant source of business risk. As companies expose more information to support collaboration and partnerships, they need to know better what information exists, where it is, how it has been used, and if it has been changed. This is a prerequisite for good business practices as well as, in many cases, a government regulation. Enterprises looking to address this source of risk should look to companies like Mathon. With Mathon's solution, companies can get control over those unstructured files, along with visibility into operations of their business that they don't have now."