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Physical Security Outlook 2024 Five Digital Trends Shaping How Financial Institutions Manage Security

Financial institutions face a complex web of security challenges ranging from traditional security concerns to emerging threats that require a multi-faceted approach. As we gaze toward 2024, security leaders in the financial sector confront an expanding threat landscape. 

Fortunately, old security paradigms are crumbling, ushering in new technologies that empower financial institutions with a more proactive approach to security. Advancements in physical security technologies, such as cloud computing and AI, empower financial security leaders to fortify their defenses like never before.

Here are the top five physical security digital innovations that financial institutions should evaluate in 2024: 

1. Cyber-physical security convergence to improve operational efficiency

Security directors in financial facilities are increasingly focusing on aligning physical security with cybersecurity. This strategic move stems from the fact that 8 out of 10 cyber breaches involve human elements. 

In 2024, financial institutions will use cyber-physical convergence technologies to enhance security, bridging the gap between physical security and cybersecurity. This will include initiatives such as:

  • Conducting joint training sessions for physical security and cybersecurity personnel.
    This helps organizations stay proactive and minimize risks.
  • Sharing threat intelligence between physical security and cybersecurity teams. 63% of organizations believe sharing threat intelligence between physical security and cybersecurity teams would improve their overall security posture.
  • Implementing security controls that address both physical and cyber threats. This includes lifecycle management tools to manage physical security projects with ease.
  • Creating a culture of security within the organization. This means ensuring that all employees are aware of the importance of security and that they are trained to identify and report suspicious activity

The cyber-physical security convergence is picking up pace, but without the right tools in place, it will remain a trendy buzzword, and that’s where cloud-based technology can help.

2. Cloud adoption acceleration to strengthen resilience

Financial institutions are increasingly moving their physical security systems to the cloud. This offers several benefits, such as increased scalability and agility. A Gentec report indicated that 66% of physical security professionals plan to manage their systems in the cloud by 2024.

One strategy that financial institutions can use to take advantage of this trend is to manage all their physical security systems in the cloud. Cloud-based physical security systems can be easily scaled up or down to meet the changing needs of a financial institution. This can be especially useful for institutions that are experiencing rapid growth or that have a need for temporary security measures.

With SiteOwl, financial institutions can take advantage of the flexibility of the cloud while also ensuring that physical security systems operate at peak performance.

3. AI-enabled video analytics to gain insights

AI-enabled video analytics is the use of AI to analyze video footage from security cameras. This technology can be used to detect suspicious activity and identify potential threats. Financial institutions are using AI-enabled video analytics to improve their physical security in several ways including:

  • Real-time threat detection which allows security teams to stay ahead of potential threats.
  • Behavoir analysis and anomaly detection which helps security teams identify unusual activity without having to review hours of footage.
  • Perimeter protection and intrusion detection which helps prevent unauthorized access to a facility.

As AI technology continues to evolve, financial institutions can expect even more advanced applications of video analytics, further enhancing their physical security posture and creating a safer environment for employees and customers.

While AI-enabled video analytics provide security teams with valuable insights, without a robust lifecycle management program, the devices will become obsolete and will not function as intended.

4. Tools to enable data-driven decision making

Security directors in charge of financial institutions rely on a variety of tools to enable data-driven decision-making. These tools can help them to collect, analyze, and visualize data from a variety of sources, including physical security systems, access control systems, video surveillance systems, and alarm systems.

Key trends that are driving the demand for data-driven decision-making tools in physical security:

  • The increasing complexity of physical security environments. For example, The increasing adoption of remote work and decentralized operations has made it more challenging to secure physical assets and environments.
  • The growing volume and variety of data generated by physical security systems. This includes video footage, access control system logs, alarm system logs, and access control system events.
  • The need for compliance with evolving regulations. 
With the explosion of AI and cloud computing, these tools will remain in high demand in 2024 and beyond.  As financial institutions continue to embrace these tools, they will have a more complete view of their physical security operations, especially if they prioritize lifecycle management and integration.

5. Lifecycle management platform to stay ahead of the curve

Lifecycle management encompasses the planning, implementation, maintenance, and upgrading of physical security measures to safeguard an organization’s assets and personnel.

In an era of increasingly interconnected and technology-dependent security systems, managing them effectively throughout their lifecycle is more challenging. Lifecycle management tools empower security directors to:

  • Plan and Design: These tools aid in identifying security requirements, choosing suitable technologies, and crafting effective security systems.
  • Implement and Deploy: They facilitate system installation, configuration, employee training, and troubleshooting.
  • Maintain and Operate: Tools assist in scheduling maintenance, monitoring performance, and addressing security vulnerabilities.
  • Upgrade and Replace: They help in recognizing when system upgrades or replacements are needed and in planning for these changes.

In 2024, lifecycle management will transition from a nice-to-have feature to a must-have one. This shift is driven by dynamic threats financial institutions face, where physical attacks were the primary method in 54% of data breaches. Security in-depth management is paramount.

Streamline Bank Security System Management

The time has come for financial institutions to embrace digital transformation. By 2025, three out of every four business leaders will leverage digital platforms to adapt to new markets and industries. 

Lifecycle management is a top priority for security leaders who want to digitize their physical security systems. SiteOwl is leading the digital transformation in the physical security industry by helping organizations harness the power of your systems data, enabling you to capture actionable information and insights into a centralized platform to deliver alerts when necessary and operate safely.

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CISA Insight: Bridging robust physical security and lifecycle management

In today’s interconnected world, the line between physical security and cybersecurity is increasingly blurred. This convergence has brought new challenges and complexities, particularly with protecting critical infrastructure. While Physical Security Convergence (PSC) has long been a topic of discussion, it’s now gaining momentum, shifting from theory to practical application. Highlighting this shift, a recent industry report indicates that 66% of physical security professionals aim to move their system management to the cloud by 2024. CISA, the Cybersecurity and Infrastructure Security Agency plays a crucial role in bridging the gap between robust physical security and effective lifecycle management. CISA offers a wealth of resources to support organizations in this endeavor, ranging from frameworks and guidelines to incident response and recovery tools. Table of Contents CISA’s Call for an Integrated Approach Strengthening Physical Security CISA’s Support for Strengthening Physical Security Enhancing Lifecycle Management CISA + SiteOwl = A winning formula! 1. CISA’s Call for an Integrated Approach CISA emphasizes that physical and cybersecurity are not siloed entities. Threats can exploit vulnerabilities in one domain to compromise the other. For instance, a physical breach could provide access to IT systems, while a cyberattack could manipulate physical equipment. To address this growing concern, CISA advocates for an integrated approach that considers both physical and cyber threats throughout the entire lifecycle of critical infrastructure, from design and construction to operation and maintenance. This includes implementing security measures that address both physical access control and cyber hygiene practices. 2. Strengthening Physical Security It’s one thing to emphize the importance of physical security, but it’s another to actually implement effective security measures. CISA recommends employing a layered defense strategy for physical security. This involves implementing multiple controls, such as: Perimeter security Access control systems Intrusion detection and prevention systems Video Surveillance cameras to deter, detect, and mitigate threats. The challenge for many physical security teams is that they may not have the necessary expertise to implement these controls, and that’s where CISA’s guidance comes in. 3. CISA’s Support for Strengthening Physical Security CISA provides a wealth of resources and assistance to help physical security teams of all sizes and across various sectors strengthen their defenses. 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Implementation and Deployment: Implementing chosen security measures effectively and ensuring proper training and procedures are in place during deployment is crucial. Operation and Maintenance: Routine maintenance, patch management, and system updates are essential to keep your security infrastructure functioning properly and addressing vulnerabilities. Monitoring and Assessment: Continuously monitoring activity, conducting regular risk assessments, and analyzing operational data allows you to identify potential issues and adapt your security measures proactively. Incident Response and Recovery: Having a well-defined incident response plan and practicing recovery procedures helps minimize damage and downtime in case of a security breach or other incident. All of this can seem overwhelming, but there are many tools and resources available to help you develop a robust lifecycle. 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Elevate Your Physical Security: An Actionable Guide to CISA’s Website

If you’re in the physical security field, there’s a good chance that you know about the Cybersecurity Infrastructure and Security Agency (CISA). However, what’s often overlooked is the invaluable support they offer to professionals who manage, operate, and maintain physical security systems. Considering the resources and tools that CISA provides, it’s vital physical security professionals become familiar with the agency’s impressive reach, including: 600+ partnerships with critical infrastructure owners and operators across the US. 500+ CISA employees dedicated to physical and cyber infrastructure security. 18,000+ stakeholders engaged in CISA exercises annually. 18,000+ stakeholders engaged in CISA Millions of users are reached through CISA’s cybersecurity awareness campaigns and resources. With this guide, you’ll learn how to harness the full potential of CISA’s resources and tools to elevate your physical security operations. Let’s get into it! Table of Contents CISA’s Role in Physical Security CISA’s website is a goldmine for security pros Navigating CISA’s Website like a Pro CISA Resources for Security Directors Leveraging CISA Resources for Effective Physical Security 1. CISA’s Role in Physical Security While cybersecurity might be its first name, the Cybersecurity and Infrastructure Security Agency (CISA) plays a crucial role in safeguarding the physical security of critical infrastructure and public spaces. Instead of thinking of CISA as just a cybersecurity agency, it’s helpful to imagine it as a two-sided shield, standing strong against a myriad of physical and cyber threats. CISA provides free tools, training, info, and more to help everyone prevent, protect, respond to, and deal with security issues, and yes, that includes physical security! The challenge is navigating the vast amount of information on their website and figuring out what you need. 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Best Practices: Learn from experienced professionals through curated documents like “ISC Best Practices for Planning and Managing Physical Security Resources.” Tools: Utilize resources like the “Unattended vs. Suspicious Item Postcard and Poster” to raise awareness and build protocols within your community. Stay Informed: Access the “Homeland Threat Assessment” and other reports to stay informed about evolving physical security threats and trends. Connect with CISA: Explore regional CISA resources and attend relevant events to engage with specialists and build professional networks. CISA’s website is like a treasure chest filled with information, but without a handy filter, it can quickly turn into a noisy attic. 3. Navigating CISA’s Website like a Pro Navigating CISA’s treasure trove of resources can be daunting, but fear not because, with a few pro tips and tricks, you’ll navigate the website like a seasoned CISA champion in no time. 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Improved confidence and preparedness: Your team operates with confidence knowing they have a reliable guide and support system in place. 2. Why is a playbook essential for your security team? Security teams across organizations, regardless of size or industry, benefit immensely from having a playbook in place. Beyond the obvious benefit of having a single source of truth for security policies and procedures, a physical security playbook can help guide your security team in all aspects of their daily operations. But like most things in security, the value of a tool is best understood by seeing how it’s used. Let’s say you’re responsible for physical security at a large manufacturing company producing critical components for various industries, with multiple facilities across regions, each presenting unique security challenges. 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Needs: What information or resources would make their jobs easier and more effective? Gaps: Are there any areas where the current procedures are unclear, confusing, or incomplete? Observing workflows and processes is also critical to identify any roadblocks or areas where the playbook could provide better guidance. The process can be quite a rabbit hole, so using proven models and frameworks is important to help structure your analysis. 5. The Essential Physical Security Playbook Crafting a playbook can be a challenging endeavor, especially when you consider all the variables like site policies, team and vendor coordination. But it’s also a rewarding one, knowing that you’re building a roadmap to a more secure future for your organization. SiteOwl simplifies the challenging task of creating a physical security playbook by offering a customizable template that allows you to tailor it to your organization’s specific needs. 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