Cybersecurity for financial institutions

Few businesses are as aware of the critical need to be fully prepared for potential attacks from cybercriminals as banks. And it’s not surprising, when research shows that banks have to fend off, on average, 85 cyber attacks every year, a third of which are successful. And as much as any financial loss that might result from a successful attack, the damage to a financial institution’s reputation as a safe place to keep hard-earned money and savings could, over time, be even more costly. It’s essential, therefore, that financial institutions take every possible step to ensure that any potential access point to its network is protected, not just once, but on an on-going basis.

Video surveillance has, of course, been an important part of a bank’s security infrastructure for many years. But the growth in adoption of IP cameras over analog systems has provided many more network access points and potential system vulnerabilities, in addition to numerous benefits in quality, efficiency and system management.

One bank that has made the move from an analog system to IP cameras is Banco de Brasilia (BRB), which has become to first bank in Brazil to be 100% monitored by IP cameras, which have been installed in the bank’s 127 branches across the country.

As Deivison Nery, Senior Security Analyst at BRB, points out, the implications of installing an IP system demands that the security and IT teams act in unison: “The IT team – as those responsible for the entire network – are, of course, extremely aware of any cybersecurity vulnerabilities, and when any new potential access points are added, need to understand how they will be secured. This isn’t something that can be addressed after installation: it’s essential that the IT team is involved from the very start of the system design.”

Recognising that being cyber secure isn’t a one-of project, but an on-going process, BRB undertakes continuous risk assessment, that examines every aspect of the system – including people, processes, hardware and software – to identify any new vulnerabilities and proactively address them. One of the key elements in the ability to be proactive is the use of device management software, which significantly reduces the time needed to update camera software to include any security updates and patches.

There are fundamental steps in addition to those above that financial institutions and, indeed, any business, can take to ensure the security of their IP video surveillance solution (a more detailed look at which can be found here), but Nery also stresses the benefits of working with the right partner: “It’s critical to source the solution from a strategic partner which clearly demonstrates best practice in cybersecurity. Being specialists immersed in the video surveillance market, our partner is constantly aware of the changing threat landscape and the ways to mitigate these risks. Their support, training and advice is invaluable in keeping our solution secure.”

You can watch the full story of the move from analog to IP video surveillance in the below video:


More information about our solutions for Banking and Finance can be found here.