Every bank at some point will face a time of crisis. From lost or stolen credit cards of customers to data breaches to burglars attempting to steal from a branch, banks are always vulnerable to these risks and others like them. Additionally, the banking industry itself is seeing a seismic shift in digital dependency, making way for plenty more unprecedented vulnerabilities.
1. Insuring a Bank’s Future
As seen in recent months, major banking institutions are seeing a surge in lawsuits and liability issues. Customers are taking a stand against unlawful acts that banks try to pursue and the climate around banks in general is one of broken trust. While banks look to rebuild that relationship with customers they can opt for coverage like a bankers liability policy that protects them, their employees and executives during times of legal disputes. Having this insurance on hand means that a bank is taking responsibility and will display a level of transparency and accountability customers are looking for when it comes to security.
2. Customer Service
While banks are providing protection for themselves with a liability policy, they can provide more security for customers with improved customer service. This is a critical part of providing bank security. Banks can begin bolstering their customer service by seeing things from a customer’s perspective. What would you want out of a bank? How would you prefer a bank to act when a security issue occurs? These questions and more like them should be considered.
Providing proactive customer service can turn a problem into a learning opportunity. Having people call in with issues helps banks bolster their customer service objectives by evaluating response processes, security measures and technologies.
3. Cash Recyclers
Tellers should have updated cash recyclers that can help manage money coming in and going out of bank locations. Cash recyclers can handle money more efficiently than tellers. Recyclers can provide an added level of security in a bank. Banks can implement secure online banking measures to better suit the needs of consumers.
4. Unencrypted Data
Good cyber security means safe data, bottom line. All data stored on computers within a bank and online should be encrypted and kept safe. Even if data is stolen by hackers, it can’t be automatically used by them if it is encrypted. Having it unencrypted means it’s vulnerable to not only attacks, but actually being used right away. This will cause serious issues for banks of any size.
User devices such as computers, cell phones and tablets, that have been compromised by malware attacks create an all-around risk for the entire bank security system. Every time these devices are connected to the bank’s network they pose a risk to overall data hygiene. Sensitive data passes through this kind of connection and if malware is installed on these devices it could run through every data depot within a bank’s network.
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About Financial Guaranty Insurance Brokers
Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.