This document discusses security challenges in virtualized environments. It notes that virtualization limits monitoring to coarse-grained visibility, and full virtualization eliminates network visibility altogether. This hinders security, compliance, and performance monitoring. The document introduces the Phantom virtual tap solution from Net Optics, which provides full visibility into inter-VM traffic and bridges this traffic to physical security tools. It also discusses the Phantom Manager administration platform and how the Net Optics solution achieves monitoring standards in virtual environments.