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Customer Engagement

Banks: Fighting Fraud and Monitoring Closely—Is It All Cyber-Secure?

iStock-522477922(1)_dollar sign blowing_resizedThank you to those of you who visited with us at ISC West last week. It was great to meet many of you on the forefront of the constantly changing security industry.

We know by now that for banking and financial organizations to identify security threats and vulnerabilities, mitigate risk, ensure operational compliance, and combat fraud, a comprehensive and innovative security approach is necessary.

With today's evolving risk landscape, and the increasing complexity and severity of cyber threats, emerging technologies, strong internal policies, and advanced analytics must be used to protect customers, staff and assets.

Technology plays a key role in fraud reduction to make banks and financial institutions safe. Protecting data with technology and other electronic devices can also lead to a variety of risks. When you think of a bank's video surveillance system, cybersecurity may not immediately come to mind, as hacking and malware are often thought of as separate from physical security devices.

However, the two are quickly becoming intertwined, as intruders are starting to use more sophisticated and unique methods to gain access to networks, data and assets. It is critical for financial institutions to install regular updates and firmware on surveillance cameras and practice proper password hygiene. In addition, as more physical security devices become connected through the Internet of Things (IoT), encryption and vulnerability testing are essential to help ensure secured data transfer.

In the case of a fraud investigation, bank officials are working with a large amount of sensitive data, demanding extreme care and attention to detail. Financial institutions must be certain that customers' private information is protected and stored in a way that it won't be exposed any further. It is now becoming the responsibility of the technology manufacturers to provide built-in cybersecurity elements that are reliable and explicitly conveyed to the end user, such as strict access controls and safe communication protocols.

Using a robust surveillance and fraud investigation technology system used to be enough to combat security risks.

But now, as technology is changing and new cybersecurity threats pop up regularly, it is necessary to extend attention to the security of these protection devices. Financial organizations and manufacturers must safeguard surveillance cameras and fraud investigation tools as the industry becomes more connected and reliant on the IoT.

Learn how Verint is helping to ensure its network-based devices are secure and protected from IT threats.

 

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