In part one of this three part series, David Kristof, VP Services Portfolio, introduced the results of a recently commissioned study conducted by Forrester Consulting on behalf of Diebold. In part two of this series, K. Mark Slemon, VP Solution Portfolio North America, broke down the statistics from the survey of over 220 business and IT decision-makers responsible for the security and management of ATMs at retail banks. In this third and final post of the series, I highlight the next steps financial institutions should take in finding the right partner for their ATM security management.
Why? Because engaging with a trusted partner not only improves current state security, it mitigates future risks — and retail banks and credit unions of all sizes need to have a plan of action to secure their most valuable assets (and the assets of their consumers) from all types of fraud. Of the various financial institutions surveyed in the study, 61% said their in-house security teams are challenged by a lack of dedicated internal staff and/or have inadequate security expertise.
This leads me to one simple question: Is your organization’s ATM security as strong as it could be?
If you can’t answer “yes” with 100% confidence, it’s time to connect with a team that can provide the experience and expertise you need.
Start a Conversation
The first step is to talk with your existing ATM vendors about their management capabilities. Get an understanding of what they offer and if they can complement your strategic goals. The right vendor will be a partner, not an order taker. A true partnership is highly collaborative and transparent, providing clear processes, objectives and roadmaps.
Remember, you are the customer. So look for vendors that make you feel more confident in your ATM security program, not a vendor that makes you feel like you’re losing even a sliver of control or authority over your precious ATM network and consumer data.
As you consider potential partners, ask them these questions:
- Can you conduct an ATM security assessment, including a risk analysis?
- What is the delivery method of real-time ATM security reporting tools?
- What are the processes for how and when you’re able to access information about your fleet?
- How frequently will the vendor share information with your internal security experts?
- If an issue needs to be escalated to mitigate a sudden risk, what steps are taken on their end?
- What are their protocols for communication and alerts?
- How can their incident management team function as an extension of your team?
Taking the time to research and get answers to these questions will help you select a partner that can operate as an extension of your team. After all, it is your business’s reputation and consumer trust on the line when breaches occur.
Don’t Settle for a “Set it and Forget it” Approach
Our team works with organizations to establish a roadmap that can evolve and shift as their needs change. The most successful roadmaps incorporate input from multiple channels within a bank: IT, ATM operations, Retail, Security, Compliance and more. We are experienced in bringing all stakeholders to the table to facilitate cross-functional collaboration, which is so important when it comes to ATM security. Through road mapping, we can build an informed, actionable plan based on industry insights and trends, so our customers can get the efficiencies and ROI they need for continued success.
As a partner in ATM fleet management, we bring a multi-layered approach to security that includes measures to protect against card and currency fraud, physical attacks and information security threats. Through dashboard reports and ongoing collaboration, you’ll get a line of sight to the threats we’re mitigating and the potential attacks we’re monitoring.
Diebold’s VP, Solution Portfolio, summed up our strategy poignantly: “The Diebold philosophy is to scrutinize, monitor and maintain networks … so we can always stay one step ahead of fraudulent activity.”
When it comes to managing ATM fleet security, we approach every financial institution differently, quite simply because every FI has its own needs, demands and unique challenges.
Like the study suggests, managing security is often a bigger task than internal teams can handle.
Now, reconsider the question that was the catalyst for the entire study: “When it comes to your ATM fleet management and security, how prepared are you?”
Let us help. Download the full research study: “Why Financial Institutions Should Consider Managed Services For Their ATM Fleet.” In addition, the site has an Infographic, on-demand presentation and a roundtable Q&A featuring key subject matter experts and me. You can find those materials here.