SOURCE: Covelight

December 18, 2006 09:02 ET

Covelight Announces Inflight™ Deployed at Leading Brokerage Firm -- Making Two of Top Five Brokerage Firms Covelight Customers

Latest Deployment of Inflight Provides Real-Time Web Channel Intelligence to Backend Systems for Analysis, Fraud Prevention and Security Management

CARY, NC -- (MARKET WIRE) -- December 18, 2006 -- Covelight Systems, the innovator of real-time, application-independent online management solutions, today announced a new deployment of the Inflight Intelligence Engine at one of the top five brokerage firms. The solution is being used to provide web channel data, in real-time, to a variety of backend systems. Uses for the data include Security Information and Event Management (SIEM), log management and analysis and Enterprise Fraud Management.

The initial deployment integrates Covelight's Inflight Intelligence Engine™ with the ArcSight Enterprise Security Management (ESM) system for security event correlation around user activity in the online channel. The solution captures all online user transactions, transforms them into meaningful business events, and feeds them into ArcSight ESM. Vigilant, an Information Risk Management Consultancy firm, has created the integration to use the intelligence provided with the customized rules in ArcSight ESM to generate immediate action to expediently mitigate risks.

"Given the recent 'pump and dump' fraud schemes of online trading, it has become essential to capture all online activities at wirespeed and correlate the patterns and events to thwart this new wave of identity theft and financial fraud," stated Spencer Snedecor, CEO of Covelight. "We now have 2 of the top 5 online brokerage firms using Inflight™ to passively capture real-time web channel user activity to feed real-time analytical engines."

Covelight is delivering a solution that provides inherent value to numerous business groups of this brokerage firm, including surveillance, loss prevention, regulatory compliance, information security, network operations, application development, and data warehousing. Future uses of Inflight for the brokerage firm will include feeding web channel data to log aggregation solutions and other backend systems.

Covelight developed Inflight to the meet the rigorous enterprise needs of the largest mutual fund company in the world (Covelight CTF Deployment, User Deployment FINAL2 9-12-06.pdf). "From the onset of our deployment at the world's largest mutual fund company, our team architected Inflight to play a pivotal role in e-commerce's mission to deliver operational online data," states Virgil Wall, VP of Engineering at Covelight. "First and foremost, we recognized online enterprises lacked the ability to unobtrusively harness real-time web channel data required to support operational teams, including marketing, business intelligence, fraud, loss prevention, information security, compliance, network management, and performance management."

"The combined solution of web channel information at wirespeed, integrated with security event correlation functions, is ideal for financial institutions to minimize fraudulent activities," explained Joseph Magee, CTO of Vigilant. "Vigilant purposefully selects key technology partners to integrate our best-of-breed security monitoring and management solutions. Inflight is an integral and core technology for many of these designs."

Magee added, "When building solutions to mitigate business risk, the critical component that is most frequently left out of most business applications is proper logging and auditing. This is typically due to the focus on building a high performance application that has minimal overhead. The major benefit that Covelight brings to the table is the ability to capture and identify production user activity without impacting the performance of the business application or having to re-architect the business application itself. As a solution provider to many financial services companies, Vigilant uses Covelight as tool for success when building our risk mitigation solutions."

About Covelight Systems

Covelight Systems' Inflight Solution provides Web-channel data at wirespeed to backend analytic engines for a variety of enterprise uses. Covelight's products provide real-time, identity-based monitoring of critical online applications. Only by deploying Covelight solutions can organizations protect their business from Fraud and also grow their business by taking action upon their users' online transactions. For more information, go to or call at (919) 677-9680.

About Vigilant

Vigilant is an Information Risk Management Consultancy that designs, builds and implements automated security monitoring solutions to help organizations solve real business challenges, including regulatory compliance issues, fraud and anti-money laundering, monitoring access to systems, and managing the identity of users and customers.

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