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:  Table of Contents Cyber-physical security convergence to improve operational efficiency Cloud adoption acceleration to strengthen resilience AI-enabled video analytics to gain insights Tools to enable data-driven decision making Lifecycle management platform to stay ahead of the curve 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

Keeping the physical assets of big enterprises secure is no small job. If your company has an annual revenue of over $500 million or more annually, you know exactly what we’re talking about. The task of creating a spot-on security budget can feel like an uphill battle. The common culprits? Lack of complete information about your security system and data that’s scattered across too many platforms. In this article, we’ll talk about five things you can do to get your budgeting done right. Table of Contents Kick things off with a physical security risk assessment Conduct a physical security system audit Estimate the cost of your physical security program Create a budget you can get behind Expect the unexpected 1. Kick things off with a physical security risk assessment A recent Ontic 2022 State of Protective Intelligence report found that 9 in 10 security leaders had experienced a dramatic increase in physical security threats. Protecting your organization against these threats requires knowing where you are and building a security program that supports your organization’s goals efficiently and cost-effectively. But with threats constantly evolving, how do you know where to start? Leading security experts say you start with the classic physical security risk assessment. What is a physical risk assessment? A physical security risk assessment is a systematic analysis and review of your organization’s current security measures. It is intended to identify the risks to your facilities, evaluate existing security controls and procedures, and recommend improvements to reduce risks. Here’s a basic outline of what you should plan to cover in your assessment. In sequence, they are:  Identify potential threats and risks Analyze the impact of each identified risk Compare the analyzed risks with established criteria to prioritize the risks that will be treated Build a strategy to mitigate prioritized risks Implement the strategy Monitor the implementation and review at regular intervals And, of course, the entire process should be documented and reported so it is easily understood by both your internal team and stakeholders.  One activity that is part of the risk assessment is a security system audit. We’ll cover that next.  2. Conduct a physical security system audit A full-on audit of your current security system isn’t a task for the faint-hearted. It’s resource intensive but well worth the effort. This audit should help you identify any physical security gaps you have in addition to providing useful information about the devices in your security system, such as device age, warranty status, failure rates etc.  Typically, the lifecycle of a video surveillance system is ten years, access control is seven years, and intrusion detection systems are three years, depending on the system manufacturer, usage, maintenance, and other factors. Download Security System Lifecycle Self-Assessment How to identify physical security gaps? While there isn’t a one-size-fits-all answer to this question, there are some common physical security gaps that you may want to focus on: Identifying areas that are not covered by surveillance systems.  High-traffic areas that lack access control. Information technology (IT) systems and equipment that are not monitored for unauthorized access. Public spaces that lack sufficient lighting.  In reality, this type of information is rarely centralized in most organizations. From spreadsheets to asset tracking systems to CAD Drawings, device-level information is rarely in one place.  With SiteOwl, security teams can aggregate device lifecycle information and generate readily accessible reports at the click of a button. This is a game changer for the security industry, which has traditionally resisted the integration of technology and relied heavily on legacy systems to manage physical security. 3. Estimate the cost of your physical security program You’ve figured out what your security needs are. Now comes the tricky bit – figuring out how much it’s all going to cost. Prices can swing wildly when it comes to security measures, a little homework can be helpful. Make sure to reach out to a few vendors to get quotes. This should give you a ballpark figure for your budget. Crunching the numbers for your security budget When the budget season rolls around, frame your budget in a way that keeps your organization’s security needs front and center. Many organizations make the mistake of focusing on Capital expenditures (CAPEX) and Operational expenditures (OPEX), but neglecting to include the Total Cost of Ownership (TCO) of your security infrastructure can cost you more down the road. As you work through your budget, don’t forget to include Installation and maintenance costs. How much will it cost to install your security infrastructure, keep it up and running, and operate it? Will a service contract work well in the long run?  Cost of hardware and software components. While the price tag for these items can vary widely, the more information you have about security costs, the more accurate your budget will be. The cost of training your team. This is one category that is often overlooked. But here’s the bright side – you can spread out the cost of training over the entire life of the system. And by working with top-notch integrators and consultants, you can be sure that the right people are trained to use the system effectively. Upgrades and replacements over time. Physical security is changing rapidly, so it’s vital to understand how the cost of your security infrastructure will change over time. By using a data-driven approach to budgeting, you can better predict and plan for these costs. Making budget planning a data-driven process Historically, planning a security budget has been a manual process prone to human error. Also, security leaders often had to rely on other departments for their budget planning data. This is not good for security management, as it encourages short-term thinking and creates a lack of alignment between departments. Times have changed, and security budgets are more complex now than ever. You need a robust budgeting process to ensure your figures are accurate. That’s where SiteOwl comes in. With SiteOwl, security leaders can plan for the future by gaining visibility into the current state of

Table of Contents You’re not aligning the security program with your organization’s goals Your budget is based on the wrong metrics You don’t have a clear picture of your security costs You don’t have a plan to communicate security needs You don’t have the right tools to trust your budget In the manufacturing industry, security leaders often struggle to trust their budget numbers due to the complex and evolving security landscape. With constantly emerging threats and ongoing supply chain challenges, it can be difficult to accurately forecast the resources required to effectively protect a facility.  Additionally, some security leaders may lack a clear understanding of the value that security investments can provide to the organization’s overall well-being. As a result, budget planning can become a daunting and frustrating task that leaves security leaders feeling uncertain about their ability to adequately protect the business. If you’re a manufacturing security leader, you know that a strong security program is not simply installing a few security tools and hoping for the best. Instead, it requires a robust approach to securing the entire manufacturing process and budgets that support it.  Here are five reasons you don’t trust your budget and practical ways to gain the confidence you need to have a successful security budgeting process: 1. You’re not aligning the security program with your organization’s goals As a security leader, it’s crucial to understand that your security investments must support your business objectives. Regardless of the vertical market, from healthcare to industrial manufacturing, your security strategy must align with your business goals. While this may seem like a no-brainer, many security leaders are unaware of how security fits into the broader organization or how to ensure it aligns with business goals. In addition to ensuring that security is a key component of your organization’s business strategy, you won’t trust your security budget if you don’t understand how your internal budget processes and how it fits into the overall company budget. Everything from security requirements to the security equipment required to meet those requirements must be considered in your budget. When budgeting for security, managers often make the mistake of focusing on the costs associated with tools and technology instead of the value of the tools and technology. Your team needs to focus on understanding how to use these tools to achieve your security program goals.  Here’s a six-point approach that you can use to align your physical security program with your organization’s budget and business objectives: Understand your organization’s business objectives: The next step is to understand your organization’s business objectives. What are the organization’s goals? What are the key priorities? Short-term and long-term goals? Once you understand your organization’s business objectives, you can start to develop a physical security program that supports those objectives. Understand your organization’s budget: The first step is to understand your organization’s budget. How much money is available for security? What are the priorities for spending? Process for justifying budget increases? Identify the security risks: Once you understand your organization’s budget and business objectives, you can start to identify vulnerabilities that could impact those objectives. This includes both internal and external risks. Internal risks are those that come from within the organization, such as employee errors or malicious insiders. External risks are those that come from outside the organization, such as unauthorized access or natural disasters. Develop a cost-effective physical security program: Since no cost is always a factor, you need to develop a cost-effective physical security program. This means selecting security controls that are appropriate for the risks and that are within budget. Communicate with senior management: It is important to communicate with senior management about your physical security program. This will help to ensure that you have the resources you need to implement and maintain your program. Monitor and review your physical security program: Finally, you need to monitor and review the physical security infrastructure regularly. This will help you to ensure that your program is effective and that it is aligned with your organization’s budget and business objectives. Imagine trying to do all of this with manual processes, spreadsheets, and whiteboards. It would be nearly impossible. Instead, you need to use a centralized security platform designed specifically for the security industry to help you manage and align your security programs with your business strategy. 2. Your budget is based on the wrong metrics One of the main challenges in security budgeting is that it is often focused on a static set of outdated metrics by the time the budget is approved. Physical security is a fast-changing landscape, but without a clear picture of your security risk, inventory, and operational costs, it isn’t easy to accurately forecast the resources required to protect your facilities adequately. Effective ways to address the issue of outdated metrics include:  Reviewing today’s risk environment to determine whether your security measures are adequate. While some departments have the luxury of budgeting based on historical data, this is not an option for manufacturing security leaders since the risk landscape is constantly changing. Regular reviews of your physical security plan to identify gaps in coverage and areas that need updating. The manufacturing sector is no stranger to change, and if your plan is not being regularly reviewed, it will quickly become outdated. Inventory your facilities to determine what assets you have, their location, condition, warranty information, and any other relevant data. Without a clear understanding of your inventory, it is difficult to determine whether your budget is adequate to protect your assets. From video surveillance to access control systems, an accurate inventory is the first step to ensuring you are spending your budget on the right things. By keeping these factors up-to-date, you will be better equipped to anticipate changes in your security environment and adjust your budget accordingly. Additionally, seeking input from other departments or external security experts may help gain a more comprehensive understanding of the security landscape. Get the right metrics with SiteOwl If you want to get the right metrics

Table of Contents Ditch the paper, pen and static CAD drawings Scope your project accurately to avoid scope creep Keep an eye on project progress Start with a solid kickoff meeting Implement a robust change management process If you’re in a security leadership role, you know firsthand that physical security projects are inherently difficult. They require a delicate balance between implementing effective measures to prevent security breaches and minimizing disruption to day-to-day operations. In a recent survey, only 43% of companies reported completing their projects within the established budget and on time. In the enterprise physical security world, nailing your projects on time and within budget is essential to keep your assets and employees safe. So, let’s dive into five proven ways to make sure your security projects are delivered like a pro, with relevant stats to back them up where we can. Security projects often suffer from poor communication, lack of coordination, and failure to meet deadlines. This is primarily due to the lack of a centralized project management system for all stakeholders to collaborate and create a proactive project management environment. In this article, we will discuss five of the most effective ways to bring your next physical security project in on time and under budget. 1. Ditch the paper, pen and static CAD drawings In today’s fast-paced digital world, outdated tools like paper-based designs and static CAD drawings are simply not practical for managing physical security systems. These methods are slow to update, prone to errors, and can lead to miscommunication and security vulnerabilities. Collaboration and sharing become especially challenging with remote teams when relying on paper documents, leading to delays in critical decision-making and response times. Fortunately, the shift towards digital solutions is accelerating. Companies adopting cloud-based security management tools like SiteOwl experience substantial benefits, such as a 20% reduction in project costs and a remarkable 45% decrease in document processing time. With SiteOwl you can: Collaborate with security consultants, integrators and internal stakeholders in real-time. Build designs that consider what you already have so you’re optimizing costs as effectiveness. SiteOwl allows you to see your current infrastructure while creating new designs. Easily approve designs over a video call rather than weeks of back and forth. Standardize your design process across all locations and projects. For example, you can create “favorites” to standardize your door packages. 2. Scope your project accurately to avoid scope creep Your budget for a multi-million dollar security project was approved, and half-way in, you’re realizing that the project is going to cost 20% more than was initially budgeted. Sound familiar? A study by the Project Management Institute found that 52% of projects experience scope creep, which often leads to delays and cost overruns. Getting the scope right from the get-go is crucial for ensuring your security project stays on track and within budget. By defining the scope of work upfront, you can avoid scope creep and costly change orders down the line. Conversely, incomplete scopes can have severe consequences for project timelines and budgets, ultimately opening the door for security scope creep. Here are a few tips to make sure you’re on point with scoping: Engage all stakeholders early in the process to identify objectives, requirements, and potential challenges. Do you need to involve IT or facilities to understand what their needs and objectives are? What potential roadblocks are they seeing that you aren’t? Perform a thorough site assessment to understand the existing security infrastructure and identify areas of improvement. Things you should consider are: What is your current warranty status on your devices? How old is your infrastructure? How many of your devices are end-of-life? Are there devices that fail more frequently than others and do you have a plan for replacing them? A physical security lifecycle management platform like SiteOwl provides all this information in a visual dashboard, making it easy to plan your project effectively. Leverage data from similar projects to make more accurate estimations on time, resources, and budget. With SiteOwl, you can go back to look at past projects and how much they cost for you to make better decisions. 3. Start with a solid kickoff meeting A well-organized kickoff meeting sets the tone for the entire project and helps align everyone’s expectations.  Here’s how to make the most of it: Invite all key stakeholders, including internal team members, vendors, and any other relevant parties. Clearly outline the project objectives, scope, timeline, and budget. Assign roles and responsibilities to each team member. Establish communication protocols and reporting procedures. Five key questions the kick-off meeting should answer Are all team members aware of the project objectives? Making sure that they are will help avoid miscommunication and ensure everyone is working toward the same goal. Do all team members understand their roles and responsibilities? They’ll also want all the knowledge and information necessary to fulfill their assigned roles and responsibilities. This includes access to any necessary tools, equipment, or resources required to complete their tasks effectively. Is everyone clear on how to communicate with each other?. You’ll want to establish methods for communication between team members and leadership, including regular check-ins, status updates, and designated points of contact for questions or concerns. Are project timelines and completion dates clear? Realistic and attainable deadlines can help teams manage resources accordingly and make sure tasks are completed on time. Have you addressed all questions from all team members? This includes following up on any outstanding questions from previous meetings and addressing any new concerns that have arisen. 4. Keep an eye on project progress According to the Pulse of the Profession, 2018 report by the Project Management Institute (PMI), organizations that use project management software reports a 28% higher success rate in meeting the original goals and business intent of their projects compared to those that don’t use such tools. This demonstrates the importance of adopting project management tools to improve the chances of successfully completing your security projects. Visibility of project progress and holding security vendors accountable (e.g., security integrators)