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According to NIST pub 800-92, Guide to Computer Security Log Management, logs for high-impact systems should be retained for 3 to 12 months. When stored, they should be encrypted (this seems rather obvious...) and they should be rotated every 15-60 minutes or 500KiB-1MiB.
I'm the guy in the red psw t-shirt, I am English, the guy with me was Sweedish!
Thanks for the shout though.
PS Nice to meet you guys, thanks for the free stuff!