9 Strategies to follow when concerned about your bank security
Posted On: August 1, 2021
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Security is a primary concern when we talk about the banking industry. Banks hold large sums of cash, gold, and various other valuable commodities, making them a lucrative target for thieves and robbers. Despite set security procedures in place and the presence of manual guards, many banks fall short in their safety and security.
In this blog, we will take you through 9 strategies that you can adopt to improve your bank’s security.
9 Strategies to improve bank security
1. Secured cloud storage
Recording and other data gathered from sensors must be stored on a cloud platform. This removes a lot of burden from individual branches. The need to manage and maintain local storage is removed. Data from multiple branches are collected at the same place, and most importantly, the recording data cannot be tampered with as it is stored off-site.
For example, a thief can destroy footage of a robbery by destroying hard drives in case of local storage, or in case of a fire, the data can be damaged. However, with the help of cloud storage, all data is backed up offsite and can be collected as evidence.
2. Unified platform
A platform should be unified in the sense that it must give a user access to data from each security device. Data from all the cameras, sensors, and energy control systems should be available on the same portal, and switching between different devices must be seamless. The reason for this is that most devices work in tandem with each other. For example, in case a sensor goes off, a nearby camera can be used to verify whether the alert is valid or not. Similarly, an energy control system can use a light, temperature, and humidity sensor to control equipment like air conditioners and maintain air conditioners and lights.
3. End-to-end solution
The security solution is mostly broken down amongst different vendors. The camera is set up by a different vendor and other sensors by a different vendor. Each vendor provides various portals, and the maintenance and repairs are also handled individually. This complicates situations for the client. They have to reach out to different people for different problems. Having an end-to-end solution improves the ease of use for clients. In such a case, the same vendor is responsible for everything from initial setup and installation to maintenance and repairs.
4. Night guarding
A bank or ATM is vulnerable during nighttime when there is no staff and security is at its minimum. Response times for authorities take time, and most threats and incidents are not reported until too late. A smart surveillance system is equally capable of protecting during nighttime as it is during the day. Motion sensors, vibration sensors, etc., can work seamlessly throughout the night, and IP cameras have night vision to keep an eye on intrusions and break-ins.
5. Dedicated command center
A dedicated command center is critical to support the entire security system. An ISO-certified command center is ideal for monitoring all the branches and actively deterring all types of threats before time. The command center must be managed by trained professionals who have direct access to all the data on the cloud platforms. They can analyze data and take quick actions on actionable insights. For example, a security professional must be able to quickly validate an alert and raise the ticket to the proper authorities to ensure a swift response.
6. Remote access and device management
ATM and bank surveillance systems can enable clients to gain complete control over their devices and control them remotely. This strengthens a bank’s security, making it more comprehensive with the help of over-the-air device updates. The solution not only allows for updates but also makes remote detection of defects possible. This makes it easy to identify the need for repairs and reduce downtime for devices. Lesser downtime, in turn, improves the efficiency of the security system.
7. Edge analytics
IP cameras can be set up with edge analytics backed by artificial intelligence and machine learning algorithms. This allows simple cameras to perform complex functions which otherwise would not be possible. Some functions that a smart IP camera can perform are intrusion detection, motion sensing, and firearm detection. These cameras can actively monitor the bank premises and warn authorities even before a threat arises. Edge analytics gives you the ability to not just react to threats but also helps in deterring threats.
For example, when a person with a firearm tries to enter the office building, the security guards are alerted of the assailant’s presence. They can take action before the assailant gets a chance to pose a threat.
A platform and the security solution must be customizable. The entire atm security solution must be designed in such a way that it best suits a particular client. The combination of devices can and must be adjusted as per the needs. For example, simple analog cameras can be used at locations where security threats are not of a major concern like break rooms and waiting areas.
On the other hand, more vulnerable areas like entrances and vault rooms must be equipped with smart IP cameras. The choice should be given to the client. Sensors that are not of use in a bank must be avoided and instead critical sensors like motion detectors and vibration sensors should be added. The vendor must use experienced security professionals to best guide their clients in designing a security solution.
9. Employee SOP monitoring
It’s no secret that employee negligence and misconduct often ends up being a major security challenge for financial institutions. Pilferage of small amounts or fully planned heists, staff absence during rush hours or unauthorized access to vaults; a CCTV monitoring system can keep all activities under control.
To restrict access to vaults and monitor employee activities simultaneously, keyless locks can be used. These locks require an authorized one time password or access via bluetooth based mobile application, that restrict employee access.
A bank can adopt various strategies to improve the security at their branches and ATMs. Choosing the right approach should be a manager’s key focus and finding out which strategy would suit them best and satisfy their security needs.
To know more about how you can better protect your business, reach out to us now!