Security requirements in banks continue to rise across the globe as threats become more and more sophisticated and authorities come up with new laws and regulations to protect their assets.
Security requirements in banks continue to rise across the globe as threats become more and more sophisticated and authorities come up with new laws and regulations to protect their assets. To deal with this growing need, a combination of solutions that can provide detailed information to the people in charge is key, according to Avigilon.
A report from Markets and Markets suggests that the physical and information security market in the banking, financial services, and insurance (BFSI) vertical is forecast to grow at a CAGR of 10.1 percent between 2016 and 2021, reaching 48.9 billion by the end of this period. The main factors fueling this growth would be enforcement of tightening regulatory requirements, increased adoption of cloud-based solutions and concerns of cybersecurity.
Speaking to asmag.com recently, Alex Asnovich, VP of Global Marketing and Communications at
Avigilon, pointed out that security is not just a matter of securing the assets.
“The banking surveillance and security systems aren’t just about protecting the bank’s assets from threats,” Asnovich said. “Keeping staff and customers safe is important too and security solutions need to provide the detail required to see things clearly.”
An ideal combination of solutions
Several devices can be brought together to ensure total security in financial institutions. Citing some of his company’s solutions, Asnovich provided the following list.
- Radar detection: Radar analytics accurately detect the presence of a person within enclosed spaces, even if they have stopped moving or are hidden.
- Efficient bandwidth management: Lowering the bandwidth requirements while maintaining quality is essential to faster response.
- Real-time notification: Self-learning video analytics provide instant alerts to help detect people or vehicles in areas of interest, enabling improved response times in active situations.
- Search: This technology can sort through hours of video with ease to quickly locate a specific person or vehicle of interest across all cameras in near real-time, enhancing detection and investigation.
- Controlled movement: An optimized access control system enables you to improve regulation of all main access points within a facility, limit access to restricted areas, and initiate immediate lockdown from a centralized location.
Apart from these, Asnovich stressed on the need to create a network that is as secure as possible from hacking attempts.
“As the industry moves toward a more connected approach to surveillance, bringing cybersecurity to the forefront is an important part of an overall security plan,” he said, adding that Avigilon has been heavily invested in cybersecurity protections, and are seeing a positive effect as users become more educated on the topic and more prepared to protect their systems.
Biometric technology is expected to play an important role in banking security as well, offering an enhanced level of verification for customers and employees. In another report, Markets and Markets had noted that the global biometrics market would grow at a CAGR of about 20 percent between 2018 and 2023 and that banks are one of the major verticals driving growth. Combined with a personal identification number (PIN), biometrics provides two levels of protection.
“The systems based on both biometrics and PIN are cost-effective and use a secure method for authentication compared to other multifactor authentication systems,” the report read. “Thus, banks and financial institutions are extensively using biometrics combined with a PIN to authenticate and verify the transactions of an account holder.”