Automation has improved security at banks:It has long been difficult for banks and other financial institutions to keep up with the rapidly changing world of cybersecurity threats. Automation, however, has become a potent tool that institutions can use to strengthen their security posture in recent years.
Banks and other financial organizations can benefit from automation in numerous areas, including business culture, data collecting, fraud protection, customer service, and cost savings associated with SOX compliance.
Compliance experts discuss how automation has benefited banks, particularly in the area of security, and how other businesses in highly regulated industries might take advantage.
Establishing a Culture of Compliance
Banks are under a lot of pressure to keep their facilities safe and guard against data breaches. An automated compliance management system (CMS) fosters a culture in which security is a habitual concern rather than a last-minute consideration.
A significantly more secure environment is created when everyone in the organization is aware of and accountable for their respective roles in compliance. Even better, by incorporating compliance management principles into regular activities, staff can make them second nature and less prone to human mistake.
Creating Trust and Confidence in Data Collection
Banks must gather information from multiple departments and examine it for potential threats in order to identify security risks. According to Pathlock, carrying out this process manually can be time-consuming and prone to mistakes.
Banks can obtain the data they need to identify possible dangers fast and accurately by automating data collecting. Additionally, it does away with the possibility of human mistake, which can result in missed threats or false positives.
Banks can improve their confidence and trust in the accuracy of their data by automating data gathering, which will enable them to make better choices regarding how to preserve their data.
Immediately neutralizing potential threats
It is crucial to take immediate action to address a possible threat when it is discovered. Automation can assist banks in quickly evaluating the risk and taking the necessary action.
Automated systems can be used by banks to immediately stop suspicious activity, notify the necessary employees, and take other countermeasures. Banks can reduce the harm from a possible assault by acting swiftly.
Putting SOX Compliance in Place
In reaction to the Enron affair of the early 2000s, the Sarbanes-Oxley Act, also known as SOX, is a federal law of the United States that was passed in 2002. Many people lost a lot of money as a result of tax fraud. As a result, SOX mandates that businesses put controls and procedures in place to guarantee the accuracy of financial reporting. Additionally, it enhances corporate responsibility for senior executives’ bad behavior.
If a financial institution is publicly traded, it must adhere to SOX regulations. Automation can assist down SOX compliance costs even if compliance might be expensive. Banks can use less time and money to comply with SOX regulations by automating data collecting and other processes.
Awareness of Activity Trends
To prevent fraud and other hazards associated with banking compliance, banks must comprehend “normal” conduct. They are able to recognize anomalous behavior and potential threats as a result.
Automation monitors activity trends over time and alerts users to any action that deviates from the norm. This enables banks to recognize possible hazards and act fast to avert them.
In the 2016 Bangladesh Bank Heist case, fraud was infamously avoided by monitoring activity trends. Automated systems picked up on a peculiar transaction pattern and informed bank staff, who were able to stop almost all of the $1 billion the hackers intended to steal.
Developing Better Relationships with Customers
Banks can give their customer care agents more time to work on more complicated problems by automating routine processes like requests for password resets. Building trust and confidence between the financial institution and its clients can be facilitated by providing faster, more effective service.
Additionally, banks can proactively inform clients about probable fraud using automation. Banks can stop fraud before it starts and the customer service problems that result from it by being proactive.
Providing Complete Information
Banks want access to detailed data so they may make informed security decisions. To create a clear image of the organization’s current security posture, banks might use automation to gather and arrange data from numerous sources.
Situational awareness and the detection of potential dangers can be achieved with this data. Additionally, it can be used to evaluate the success of present security precautions and, if necessary, implement enhancements.
Automating Your Bank by Using Automation
By fostering a culture of security, boosting confidence and trust in data collecting, promptly neutralizing potential threats, comprehending activity trends, and improving customer service relationships, automation can help banks increase their security posture.
If you want to automate your bank, seek for a solution that will enable you to do so and can be tailored to meet your unique requirements. By doing this, your bank can keep up with the ever changing world of cybersecurity risks.
