Bank robberies, burglaries, and larceny are often the first types of security breaches that come to mind when considering external threats. According to FBI records, the number of bank robberies over the last several years range between four and five thousand per year – with losses to the financial institutions topping $33 million annually.
Banks, savings and loans, credit unions, and other financial institutions will always be a major target for attackers because of the number of assets held in offices and branches. Even remote locations with fewer assets are at risk because of the received availability of cash and sensitive data.
To protect against outside threats companies within the financial industry implement strict policies and procedures regarding security issues. Effective security requires controls tailored to each site in order to mitigate the risks of each branch or office based on location, vulnerabilities, and assets present. Addressing systemic and organizational issues, along with security gaps can effectively lower the risk of losses.
Organizations can identify security gaps by measuring the success of implementation. A few questions to answer might include the following:
- Does the company have adequate policies and procedures in place?
- Are new technologies available which would reduce losses in relation to the cost of implementation?
- Do employees closely follow written procedures designed to protect assets?
- Is training adequate to ensure compliance?
- Where are the gaps between installation and implementation?
- Do recommended policies and procedures meet compliance requirements?
In 2016, the FBI reported 4,251 attacks on financial branches in the form of bank robberies, burglaries or larceny. In most cases, victim institutions had various security measures in place, which included alarms, surveillance cameras, bait money, access controls, and other measures. For instance, out of the 4,251 incidents, 4,085 institutions had alarms, 4,210 had surveillance cameras installed, 595 used surveillance tracking devices, and 56 operated controlled access to the area breached.
While institutions had security measures installed, there was a high failure rate when reviewing how the same measures functioned during the breach. For instance, out of 595 institutions with tracking devices, only 292 used the device, and only 266 functioned, providing a success rate of approximately 44%. Access controls had a success rate of only 43%.
Advances in technology and upgraded security measures can improve both the use and function rate of installed devices to reduce losses to financial institutions.
Learn how Senseon can mitigate these risks by visiting our finance market page where you can get in touch with our team of experts and download a whitepaper.