Why do Banks Need Future-Ready Physical Security?

Banking CIO Outlook | Wednesday, September 23, 2020

Adding additional layers of physical security can help banks protect their customers, assets, and facilities from malicious attacks.

FREMONT, CA: While many industries have only woken up to the online threats recently, cybersecurity is considered something of an old hat within the banking industry. Traditionally, banks around the globe have been the frequent target of cyber-attacks as the data used by banks can be monetized. But, with an increased focus on cybersecurity, physical security can become the weakest link.

From an overall security perspective, locking down all physical systems and devices may be inefficient compared to the continuous battle that banks are engaged in trying to protect data from cybercriminals. However, physical security and video surveillance is an essentiality for banks to operate, and identify anything that violates the integrity of that equipment or turns it into a potential entry point to the network for hackers must be immediately addressed.

Security technology, like other technologies, is changing at a high pace. Getting a technology refresh can be challenging for banks, but unlike the past where these technology solutions had to be purchased outright, several suppliers now offer leasing programs or as-a-service options for their equipment and software. This will help banks the cost associated to operational expenditure and maintenance. Technology changes rapidly, and therefore, bankers need to be aware of improvements to make decisions reflecting security.

External security threats to physical branch often take the back burner to cybersecurity threats, because of the volume of losses and bad publicity a cyber breach creates. However, it is possible to enhance physical security and reduce losses due to a breach at branches without increasing the existing budget. Bridging the gap between setting appropriate policies and procedures in place, and ensuring they function to the fullest can enhance physical security.

See Also :- Top Enterprise Security Solution Companies


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