Middle East financial institutions spearheading advanced security tech

Posted On: 08-01-2020

The banking and finance industry is emerging as a key driver of advanced security provision throughout the Middle East. As the sector rapidly embraces digital transformation to cater to an ever more competitive landscape with ever-increasing customer expectations, security is soaring up the segment’s investment agendas.

As investment is moving into cybersecurity and AI-empowered surveillance systems, banks and financial providers look to ring-fence their own assets and those of their hard-won customers. Findings from consultancy 6Wresearch put the issue into sharp focus. It suggests the GCC Video Surveillance Market alone will grow 5.7 percent annually over the next five years with analogue cameras fading into history.

Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, in the GCC market says several contributing factors have pushed up demand for more advanced systems.

“Analogue video surveillance cameras are gradually becoming obsolete and are being overtaken by IP based technology systems due to their superiority in terms of higher remote accessibility and video analytics support. Further, government regulations that promote the installation of high-resolution surveillance cameras in public areas have also led to an increase in demand for IP video surveillance systems in the GCC region.”

India’s leading surveillance technology provider Matrix Comsec says while Big Brother-style CCTV will still be in demand, it will go well beyond what we’ve come to accept and will be of paramount importance to the banking industry.

The company’s Global Sales Head, Abhay Joshi, says traditional video surveillance solutions, which are limited to providing reactive security have had their day, with demand now switching to systems with built-in intelligent video analytics that delivers pro-active security with real-time notifications.

“For example, if someone tries to enter the premises after working hours or intrudes the cash storage area, real-time notifications are provided in the form of an alert sent via email, SMS, video pop-up, alarm, or a TCP based notification to the concerned person’s device. Moreover, highly advanced face detection features will provide a snapshot of every person entering the premises, which becomes vital in the case of any criminal activity,” he explained.

Matrix says surveillance cameras with artificial intelligence and machine learning will be the preferred technology by the banking sector. It now plans to introduce a future-proof range of intelligent IP based video management solutions at Intersec, the world’s leading trade fair for security, safety, and fire protection, running at the Dubai World Trade Centre from 19-21 January.

The Matrix SATATYA range is being billed as the next big product in critical, pro-active security with centralized monitoring. The range can also be seamlessly integrated with other peripheral security systems including fire alarms, ATMs, and vibration sensors. Future integrated systems, says Joshi, will help detect and deter crime with its smart technology, advanced sensors, and intelligent video analytics - helping to prevent and protect banks from financial losses or loss of life due to criminal activity.

The security concerns facing banks in the digital era will come under a penetrating spotlight at the Intersec Arena, a dedicated space running alongside the exhibition. In the Arena, industry experts, tech insiders, and security practitioners will share their approaches to achieving resilient, responsive, and secure operations.

In a focused session ‘Shift Left Security’, industry insiders will examine the robust systems that can be embedded into security within financial industry operations.

“Delegates will gain deep insights via a case study of the security and integrity of Emirates NBD’s network and verification architecture through early testing of solutions prior to launch,” said Andreas Rex, Show Director at Messe Frankfurt Middle East, which organizes Intersec.

Industry experts will also probe how to achieve a balance between customer experience and security in a panel discussion featuring Illyas Kooliyankal, VP - ADIB, UAE; Ahmed Baig, Founder, CISO Council, UAE; Amit Mehta, Regional Head of Security- the Middle East & Africa, MasterCard, UAE, and Yazad Khandhadia, Vice President - Security Architecture & Engineering, Emirates NBD.

“There is no doubt that the banking and finance sector is at a security crossroads, having to prioritise the issue for business continuity, consumer confidence, and reputational management while needing to ensure that the systems they opt for will stand the test of near-future needs and contribute to cost-efficiency,” added Rex. “The sector’s progress will be keenly followed by other segments who may well need to follow where the banks’ lead.”

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Media Courtesy : CPI Financial