The financial services industry is undergoing a dramatic transformation driven by shifts in consumer behavior, regulatory requirements and the rapid adoption of new technology, including mobile banking, chatbots, advanced trading platforms and more. That means security is facing new challenges never before imagined.
These new technologies have brought speed and convenience to banks, insurers and financial services firms, enabling leaders within these organizations to rethink their operations and how to best serve their clients.
However, for all the good these advances have brought, they’ve also introduced a host of new, complex challenges. Security measures that were once straightforward to manage have now evolved to protect sensitive data and digital operations offer a wide range of cyber threats.
Leading this transformation are security systems integrators. Once focused solely on physical systems, they now design comprehensive security strategies to help financial institutions navigate today’s digital challenges.
The Critical Need for Security Modernization
Many banks still use old systems that leave them vulnerable to security threats and compliance issues, increasing the risk of financial loss, damaged reputation, lost customer trust, and hefty fines. With data breaches averaging over $6 million, updating these systems is a must.
For years, financial institutions have relied on outdated biometric systems to protect people and assets. However, these systems were never built to tackle the advanced threats we face today:
- Keycards can be lost, cloned, or stolen
- Disconnected systems create inconsistent security measures
- Legacy infrastructure struggles to integrate with modern digital tools
- Multiple authentication systems create unnecessary complexity and disparate experiences for end users
This is where security integrators step in, but not just as technology vendors, but as strategic partners. They can help banks bridge the gap between physical and digital security, and design a unified system that ensures consistent protection and reduces vulnerabilities across all access points.
The real challenge isn’t just getting financial services clients to adopt new security tools but helping them fully understand how these tools work and the value they provide to their business operations. Security integrators bring clarity to that process.
The Foundation of Modern Financial Services Security
Digital identity management is a scalable, compliant, and efficient way to reduce security risk, but it’s not a quick fix. Security integrators must ensure these solutions work seamlessly across all systems to unlock their full value for banks.
Mobile wallet-based access control is a practical solution for integrators helping financial institutions adopt digital identity. These technologies:
- Improve security through encrypted credentials
- Simplify authentication processes
- Address rising privacy concerns
- Provide flexible, scalable options for both employees and customers
Integrators are key to driving this shift, guiding financial institutions’ transition to mobile wallet credentials and interoperable systems. This strengthens identity strategies and creates long-term adaptability as security needs continue to evolve.
Advanced Financial Services Security Deployment
What sets great integrators apart is their ability to look beyond immediate needs. They are key in implementing advanced digital security technologies, expanding beyond basic identity management to include features such as:
- Multi-factor authentication (MFA) using biometrics, behavior analysis, and contextual awareness
- Encryption methods to protect sensitive data in transit and at rest
- Data loss prevention (DLP) to block unauthorized access
- Advanced firewalls and intrusion detection systems
- Network segmentation for added defense layers
As financial institutions increasingly leverage cloud services, integrators ensure a secure transition by implementing cloud-specific security products and establishing robust access control features in these dynamic environments.
Driving Proactive and Adaptive Security
Integrators go beyond deployment by creating proactive and adaptive security plans. They assess risks in IT and digital systems, identifying weaknesses in applications, infrastructure, and processes. The process starts with a thorough review of each client’s infrastructure and access points, followed by identifying vulnerabilities and implementing systems that meet regulations and add value by:
- Improving operational efficiency
- Reducing manual oversight requirements with remote management
- Providing interoperable access control in all locations
- Enabling continuous monitoring and threat detection
They use Security Information and Event Management (SIEM) platforms to analyze security logs in real-time, allowing for immediate identification and action against potential security threats. Moreover, they manage vulnerability programs to ensure timely patching and strengthening of digital assets.
Navigating Financial Services Security Requirements
Integrators ensure security is built into the Software Development Lifecycle (SDLC) by promoting safe coding practices and testing for weaknesses early on. They also set up systems that work together smoothly, reducing costs and simplifying access to things like printing, building entry, and encrypted email – all through a single, secure credential.
The financial sector must also comply with strict regulations like GLBA, PCI DSS, and emerging digital finance rules, which security integrators help navigate. In the event of a security incident, integrators play a crucial role with response plans, security tools, and recovery, all while ensuring compliance with reporting requirements.
Architects of technical prowess
As security threats rise and regulations tighten, financial institutions need trusted partners to help them adapt. Security integrators strengthen defenses, ensure compliance, and build trust by providing secure, scalable solutions that work with existing systems.
With expertise in merging physical and digital security, deploying advanced technologies, and fostering proactive security, they are essential to the digital transformation of finance. As institutions embrace digitalization, integrators’ guidance will be critical in protecting assets, reputation, and customer trust in an interconnected world.
Jason Glover is the global vice president of sales at Wavelynx.
