Exclusive Q&A: Banking on cloud-based security
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Kevin Wine, Vice President – Business Unit Marketing, Verint Systems explains why cloud-based solutions will play a major role in future security operations.
Why should an organisation look to utilise cloud-based security solutions?
Security is the number one priority for most organisations but surprisingly, it is often neglected due to time and budget concerns. But the potential of the cloud is nearly limitless; as higher upstream bandwidth continues to expand and the cost of cloud computing and storage continues to come down, companies are presented with new levels of flexibility. Within this structure, they can choose whichever security solution best suits their needs, whether it be a fully on-premise solution, fully cloud enabled solution or a hybrid structure. The cloud allows for a myriad of tools to support security teams in scaling – a major boon in today’s ever-fluctuating economy.
Do you see the cloud playing a significant role in the future of security?
Absolutely. Cloud solutions are generally simpler to manage, support and use, resulting in a lower overall total cost of ownership and an improved customer experience. One specific area where this comes to light can be seen through enhanced information and data sharing across both various branches and with law enforcement. For example, if a robbery occurs at a bank, the traditional process for transporting video involves the police travelling directly to the bank or a centralised investigator pulling and burning the footage. The cloud simplifies this process, creating a secure link to the encrypted video that the investigator can send to the police. This then ensures that the footage is protected while also increasing the speed of investigations and enhancing intelligence.
What are the main security challenges for financial institutions at the moment?
Today’s explosion of connectivity has opened the door for more sophisticated cyber-attacks and also physical security vulnerabilities. While banks stopped about US$16.9 billion in fraud attempts in 2016, they lost a reported US$16.8 billion in 2017 – and fraud costs have only continued to rise in recent years as cyber-criminals learn new methods to circumvent security solutions. Cyber and physical security can no longer operate in silos as they traditionally have been; convergence and unified solutions are a necessity as fraud costs continue to spiral out of control – it’s critical to have cross-functional support, or else the overall integrity and security of the organisation is severely impacted. Card fraud accounts for anywhere from 60-70% of all fraud for financial institutions today, causing a major strain on their financial resources. But by combining the talents of physical security and AI and remaining vigilant, financial institutions can see a benefit to their bottom line.
How is Verint helping to combat these?
Verint strives to provide the best security and business solutions that help banking leaders solve today’s most complex challenges like reducing fraud and security risk, driving productivity and simplifying and modernising operations. We partner closely with our customers to help ensure assets and employees are protected, while allowing users to incorporate a proactive approach to risk management. Our enterprise-class recording platform enhances compliance and fraud control across networks of branches and ATMs by combining the powerful network video recorder with robust software for review and enterprise management.
How important is AI as a tool to defend against banking fraud?
AI is the key to detecting behaviour and profile deviations that may otherwise go unchecked, allowing banks to leverage and identify global fraud trends and take action before being compromised. While this doesn’t negate the need for human interaction, the two work together and cross-check for errors and help augment each other’s capabilities.