Risk Mitigation & ATM Security
Decreasing your ATM and IT asset risks in an increasingly complex world
- A Tellerex Deep-Dive -
Consumers increasingly demand online and self-service financial products to support their on-the-go lifestyle. Is your financial institution prepared to ensure your customers’ security for the future?
To compete in today's marketplace, FIs may feel pressure to adopt new technology quickly. While adding new technology benefits both FIs and their customers, it's important to remember that institutional security must remain the company's top priority.
Addressing the factors that contribute to
ATM & asset security risks
ASSET & DATA SECURITY BREACHES
A single asset or data security breach has the potential to put your organization at serious risk for lawsuits, fines, damaging publicity, diminished corporate revenues, and even imprisonment for the individuals involved. This fact makes it critical your organization’s asset managers understand the processes involved in selecting outside partners to manage your ATM & asset security and end-of-life cycle disposal processes.
THE LEADING FACTORS THAT CONTRIBUTE TO SECURITY BREACHES
While everyone understands the importance of maintaining security, a 2016 Forrester report suggests over one-quarter of bank executives did not feel confident in their organization's ability to manage and prevent an ATM security incident. Furthermore, in the same survey, forty-two percent said their ATM security challenges were due to, at least partially, having too many ATM brands and devices to manage.
The combination of an increasingly mobile workforce and rapid technology enhancements means organizations must work harder to keep their organizations equipped with the newest hardware and devices.
This leads to a near-constant upgrade cycle and forces companies to contend with a large surplus of old and outdated equipment.
Read our eight keys to finding the ideal asset disposition & recycling partner.
GAPS IN SECURING ATM'S & ASSETS
Asset and data security breaches typically stem from a handful of crucial gaps within your security processes or IT networks. Below are the most common across the financial industry. While these lapses can be eliminated, they facilitate easy unauthorized access to ATM networks if left unaddressed.
BIOMETRICS - THE FUTURE OF CUSTOMER DATA & ASSET SECURITY
Biometric-based identity proofing and authentication will soon be adopted in highly regulated industries to assure a person's digital identity matches their real identity.
Although we are still in the early stages of biometric-based identity proofing and authentication, its development will serve as a viable solution for a growing fraud epidemic.
See below for related blog posts, news, and insights.