• Deepak Juneja, at Tech Webers


• 02.08.2023 08:45 am
#security

The FinTech industry has experienced meteoric growth as financial institutions and startups embrace the simultaneous growth in technology. While the rapid expansion of the sector is welcome news, it isn’t without its challenges.

While it may appear that video security's role would diminish in such a predominantly digital industry, the reality is quite the contrary. Unassumingly yet effectively, video security is revolutionizing the FinTech landscape from within.

This article discusses why video security is not just relevant, but indispensable, in the current and future FinTech sector.

The Importance of Security in the FinTech Sector

Let’s begin by discussing the importance of security in the FinTech industry. The necessity for stringent security shouldn’t be a surprise to anyone. However, when we think about security in the digital age we generally think about firewalls, encryption, and other cybersecurity measures.

To be fair, these are a massive part of the story and cybersecurity will always be a first line of defense. But a surprisingly large proportion of data breaches are physical and modern video security systems are a critical component in helping to defend against this type of threat.

And it is a threat. A recent report by a UK insurer listed physical attacks as the seventh most common form of data breach, accounting for 10% of all attacks. This is not something that can be left to chance and the latest generation of video security systems is playing a large part in lessening this percentage.

For the FinTech industry, where customer trust is a most valued asset, this figure represents an unacceptable risk. The use of advanced video security systems is helping to sway the odds back in the industry's favor.

Video Systems: Revolutionizing FinTech Security

The problems of security and data privacy are two of the major challenges facing the FinTech industry.

Then there is the continuing arms race between cybercriminals and cybersecurity professionals.  In this fight, the use of cutting-edge technology like AI to assist in fraud detection might make video security look like a jaded concept.

However, the recent leaps in technologies like cloud computing and AI haven’t been overlooked by the video security industry either. Modern video security systems take advantage of the latest technologies and can help to slam the door on the 10% of risk that cybersecurity systems can’t touch.

Among the innovations and advantages of cutting-edge video security systems are:

·       Advanced imaging capabilities: Modern video security systems offer high-quality imaging, allowing for clear and detailed monitoring of both indoor and outdoor environments. This includes the ability to operate in various lighting conditions and provide consistent views within the camera's field of vision.

·       Easy installation and total coverage: These systems are designed to be easy to install and provide comprehensive coverage, including wall-to-wall and floor-to-ceiling monitoring.

·       Durability and resistance: Many video security systems are rated for vandal resistance and water resistance, making them suitable for a wide range of environments.

·       Integration with modern technologies: Video security systems are now leveraging advancements in technologies like AI and cloud computing. This allows them to provide more effective security measures, such as advanced analytics and adaptive IR technology.

·       Fixed IP cameras: These cameras operate in a static position, providing continuous monitoring of people and scenes of interest. Commercial IP cameras are particularly effective in environments where constant surveillance of a specific area is required.

·       Variety of form factors: Modern video security systems come in various forms to suit different surveillance needs and environments, such as indoor dome, box, bullet, and wedge cameras and outdoor fisheye cameras

·       Specialty cameras: There are also specialty cameras designed for specific environments and applications, such as those requiring corrosion resistance or those designed for hazardous conditions.

The days of banks of video screens monitored by bored security personnel are in the past. Modern systems use much of the same cutting-edge technologies that have helped to fuel the boom in the FinTech industry they are helping to protect.

Looking Ahead: The Evolution of Video Security in FinTech

Like all technologies, video security is constantly evolving to include the latest innovations. The integration of AI, cloud-based systems, and IoT technologies are testaments to this fact. But what does the future hold for video security?

Let’s get the crystal ball out and have a look at what the future holds for video security:

·       AI advancements: Further integration of AI for improved analytics and predictive capabilities.

·       Cloud expansion: Increased use of cloud-based systems for scalable and flexible security solutions.

·       IoT integration: Enhanced IoT connectivity for comprehensive security networks.

·       Cybersecurity convergence: Greater convergence of physical and cybersecurity measures.

·       Privacy enhancements: New technologies to balance security needs with privacy concerns.

The recent rapid improvements in AI show just how rapidly the goalposts can shift, and many of the predicted improvements are already knocking at the door.

Smile! Video Security Has It Covered

In the digital age, it is easy to overlook the importance of physical security measures. But not all hackers and cyber criminals are lurking in dark rooms staring at banks of screens and hidden behind firewalls and VPNs.

The fact is that the FinTech industry overlooks 10% of the risk at its own peril. This is where video security is helping to revolutionize the FinTech industry, by closing the door on the more traditional risks that have always been inherent in the financial sector.