International. Genetec highlights that electronic security in banks and financial systems has become relevant due to the risk landscape faced by the sector.
In the last five years, cyber and physical security incidents have registered a loss of around 1,610,320,000 pesos (more than 80 million dollars) in Mexico, according to data from the Bank of Mexico. When banks and financial institutions look to upgrade their physical security solutions, the landscape can be complex, as each organization has unique needs that must be aligned to basic elements that will ensure a successful implementation. Genetec shares five key considerations to significantly improve the security posture of banks and financial institutions, helping to create more robust and flexible systems tailored to their specific environments.
Proprietary systems and technology
Closed electronic security systems limit the capacity for growth and flexibility of institutions. By adopting open architecture solutions, banks can unify different devices and other systems of the enterprise more efficiently, allowing components to be upgraded without the need to replace the entire security system and even having the option to leverage existing infrastructure, reducing costs and offering the possibility of testing cloud-based solutions before a full implementation. If a bank is looking to standardize its video surveillance across different locations, it has the ability to implement open video management software (VMS) and maintain existing hardware investments. Additionally, you can replace devices over time, adding the latest innovations or even the newest cameras with edge-based video analytics.
Unification and centralization of operations
The problems associated with managing multiple independent security systems are mitigated by unifying all systems on a single platform. Operators can better monitor and control security, optimizing efficiency and reducing costs, accessing a unified view of all bank branches and their security operations. From a unified landscape, operators can monitor cameras, manage cardholders, have two-way intercom calls, and validate intrusion or door alarms.
Priority in cybersecurity areas
According to data from the Investigative Police (PDI), in Chile, 58% of scams are carried out online. Today, there is no longer a secure IT perimeter, with the main challenge being the implementation of strategies across multiple systems and physical security locations. Managing system updates and cybersecurity best practices across different systems can drain resources without a unified view. However, investing in a unified electronic security platform designed with cybersecurity and privacy in mind can make all the difference. Maintaining control of all data in the system through a single interface, from data encryption and multi-factor authentication, to retention policies and user privileges, allows you to standardize and enforce all of these policies across all physical security systems.
Workflow Automation
Given the high workload in financial institutions, automation is vital to improving incident response and investigations. Automating processes such as linking transactions with video surveillance simplifies the identification of suspicious activity and lightens the operational burden on security teams. In today's digital age, reducing the number of manual processes is a must. But for that to happen, financial institutions require advanced solutions that can improve automation and streamline workflows.
Using Physical Security Data to Improve Other Business Operations
Security systems generate large amounts of data that, if managed correctly, can provide useful information to improve not only security, but also other areas of the business. The use of advanced video analytics and visualization tools can transform this data into strategic decisions, optimizing operations and improving the customer experience. Having information displayed on maps, graphs, or histograms instead of databases and spreadsheets makes it easier to interpret the data. Users can quickly see what's happening and make more informed decisions; including finding opportunities to improve incident response or make cost-saving improvements to standard operating procedures.
"As banks and financial institutions embark on the process of upgrading their physical security 
infrastructure, it is critical that they identify and prioritize the key elements that will ensure a successful and sustainable implementation in the long term. Open architecture, unification, cybersecurity, workflow automation, and data optimization should always be among the top priorities; considering these pillars when updating the physical security infrastructure not only improves protection, but also increases the efficiency and competitiveness of the institution in an increasingly demanding environment," said José Arellano, Vertical Sales Manager at Genetec.
