Convergence: The Big Pivot for Financial Security

Transportation2_resized.jpgAll you need to do is open a magazine, turn on the news or walk the floor of an industry tradeshow to know that the security landscape is changing. 

In previous years security was limited to the protection of physical assets and people—but that is no longer the case.  A convergence is underway that will forever change the way we look at security.

Over the last decade, the emergence of the Internet of Things (IoT) and a demand for more mobile capabilities have changed the way people live, work and play. Often the same devices we use for personal activities are also the devices we use to conduct business. This—along with society’s voracious appetite for anytime, anywhere access—makes for a highly connected and vulnerable environment.

This is true in many market sectors, but especially in financial markets (banks and credit unions). As the need for connectivity, accessibility and interoperability increases, so does the exposure to potential threats. Where threats were once limited to physical acts, today’s citizens and businesses are exposed to things such as network breaches, identity theft, malware attacks and social media sabotage, just to name a few.  

For this reason, there is a greater need for collaboration and communication across the organization. As a result, lines are blurring between those responsible for electronic, physical security, IT and cyber security—and a transition is happening from simply protecting assets to managing complex and dynamic risks across the entire enterprise

In some cases, organizational structures are shifting to better align resources with the need to protect people, physical assets, networks and valuable corporate and client data.

To address this evolving security landscape and to help ensure business continuity around the globe, companies need a comprehensive security solution that takes into account their security needs from all angles—now called convergence.

This strategy must incorporate solutions that provide the needed situational awareness to help predict and identify threats in real time, as well forensic capabilities to enhance investigations and increase response times to situations. Information sharing and collaboration among cyber, IT and physical security personnel are critical to a successful strategy because they help tear down the traditional barriers and silos that often lead to security missteps.

And, because they can collaborate, they are better equipped to transform alerts and other data points into actionable intelligence that can be provided to those that can take appropriate action to resolve the situation.

To learn how Verint is driving solutions for financial customers in the evolving security landscape, visit Verint’s Banking Solutions.

 

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