This security area defines attributes that are related to the application, security, and system logs: maximum log size, access rights for each log, and retention settings and methods. The application log records events generated by programs; the security log records security events, including logon attempts, object access, and changes to security, depending on what is audited; and the system log records operating system events. For more information, see Event Viewer
For more information on event log policies, see Settings for Event Logs