Breaking Down Silos To Mitigate Risk
By Matt Tengwall
Posted in Cyber Intelligence
Breaking down silos is the name of the game in almost any business environment these days. The financial market is no different.
In our last financial industry blog, we examined the changing nature of risk in the financial market, as well as some of the factors that create new threats to the safety of banks, credit unions and other financial institutions. Today, we’ll look at what financial organizations are doing to address this new risk landscape and the role actionable intelligence plays in the banking security landscape.
As the financial industry evolves and banks become increasingly global, criminals grow more sophisticated. Today banks must carefully assess how to help deter, detect and respond to a myriad of threats. It’s vital that banks adopt situation awareness technology that helps improve their security posture by enabling faster, more effective response.
A Seamless Flow of Information
Financial organizations are seeking new ways to encourage seamless information sharing between various locations, as well as with regulatory agencies, law enforcement and other organizations. This practice benefits banks and other institutions in multiple ways.
More efficiently communicating and sharing information across various locations can help financial organizations’ officials detect criminals and recognize fraud patterns. This helps minimize the inherent risks that accompany siloed systems and locations.
In addition, access to real-time information empowers security officials and employees to make quick decisions that can help improve safety. Following an incident, banks can export video data, transaction records and other vital information to law enforcement to enable a faster, more effective investigation.
And all the while, an ongoing information exchange with regulatory agencies also helps banks stay in compliance with internal and external regulations.
The Role of Actionable Intelligence Technology
To achieve this heightened level of information sharing, financial organizations around the globe are adopting actionable intelligence technology that ties all their disparate systems onto one cohesive platform.
By leveraging advanced surveillance, analytics and investigation tools, banks can better detect and respond to incidents in real time, no matter the location. And by using a centralized command-and-control platform, they can more effectively report on incidents to other business locations and branches, law enforcement and other agencies.
A centralized command-and-control system also provides several benefits in the financial market:
In our next financial industry topic, we’ll look at some specific examples of vulnerabilities caused by this changing face of risk we are seeing in the marketplace—and what organizations can do about it.
Learn more in Verint’s new white paper.
Want to stay up to date with all the latest insights?
Subscribe to our weekly or monthly digests of all the latest insights and articles from from Verint