Modernizing physical security: What are the must-haves for banks?

Many retail banks and financial institutions are still using physical security technologies that were deployed over a decade ago. Though these legacy systems help secure the business in some capacity, they simply can't keep up with the challenges the industry faces today. .Typically, older video, access control, intrusion and other systems are proprietary, closed solutions. This creates silos in the ways systems are managed and maintained and how people connect and share information. They also limit how much an organization can scale operations and the new technologies they can access..Cyber threats are also on the rise everywhere, but financial institutions are the top targets. The 2024 Genetec State of Physical Security Report shows that while 31 percent of all physical security professionals surveyed reported being targeted by cybercriminals in 2023, 50 percent of those in banking and finance reported having been the target of a cyberattack..To meet the changing threat landscape, retail banks and financial institutions need to modernize their approach to physical security. In looking to modernize, knowing what to prioritize in decision-making can lead to the most successful outcomes. An open, unified security platform, cybersecurity, workflow automation, and data optimization should be must-haves on every project list. .Retail banks and financial institutions: different needs, same underlying priorities.While retail banks and financial institutions typically have different criteria on their wish lists for updating physical security solutions, they often prioritize some of the same foundational elements that lead to a successful physical security deployment. .Retail banks manage physical security across branch locations that can range from two sites in a small town to hundreds nationwide. Their security goal is to keep employees and bank assets safe while ensuring a smooth and convenient customer experience. Each site might have multiple technologies deployed from different providers. This makes it difficult for security teams to see what's happening across all locations, effectively respond to threats, and maintain systems. Mergers and acquisitions compound the problem. Without having a way to centrally manage and control these systems, silos and gaps in security can grow..Financial institutions usually need to secure one large corporate site, or a few offices, usually in busy city centers or suburban areas. Thousands of employees, visitors, and contractors come through their doors, and to keep them safe, physical security teams monitor many different types of security and building systems. If they're not connected, when incidents arise, operators need to jump between systems to figure out what's happening, and system maintenance and cyber hardening are more complex and time-consuming..Managing a large volume of credentials with older technologies that lack the automation required makes it hard to stay on top of requests and visitor badges. Flipping through binders to find standard operating procedures (SOPs) and relying on spreadsheets to track credentials doesn't hold up to modern standards. As financial institutions digitize operations, they need physical security technology that will keep up. .Taking those differences into account, here are some of the most important must-haves for retail banks and financial institutions to consider during physical security upgrades. .Choose open architecture solutions over proprietary hardware and software. Standardize on a flexible system that provides the freedom to scale security operations and add new cutting-edge technologies and cloud-connected appliances as needs arise.Bring your video, access control, intrusion and other systems within one unified security platform. Connect all systems and sites back to a security operations center and leverage mobile capabilities for remote monitoring and response. Consolidate cybersecurity and privacy efforts using one platform. Leverage built-in cyber defenses and privacy features to mitigate potential risks and tap into cloud and hybrid cloud deployments to streamline updates and cybersecurity best practices. Prioritize automation to enhance incident response and investigative work. Try new advanced modules, features and solutions to digitize processes, cut costs and empower your operators in new ways. Invest in a platform with built-in capabilities that help optimize data. Unlock valuable insights to improve the customer experience, track facility usage and occupancy, and enhance building automation initiatives. .To stay competitive, compliant and resilient, retail banks and financial institutions need to modernize their approach to physical security. Moving to a flexible and unified security platform can help centralize risk mitigation strategies and build a stronger, more cyber-secure foundation. .Scott Thomas is US National Director, Signature Brands at Genetec.