• With regulatory bodies such as the Saudi Central Bank and the UAE Central Bank enforcing stricter compliance requirements, open architecture, unification, cybersecurity, workflow automation, and data optimisation should always be a top priority.

Many retail banks and financial institutions across the Middle East are still using physical security technologies that were deployed well over a decade ago. Often, these older video, access control, intrusion, and other systems are proprietary, closed solutions. This creates siloes in system management, maintenance and information sharing.

Compounding this challenge are the escalating cyber threats, especially prevalent in the banking sector. A recent report by the UAE Cyber Security Council and CPX found that government, finance, and energy sectors are among the primary targets for malicious actors.

With the region’s financial hubs like Dubai, Riyadh, and Doha driving digital transformation, the risk of cyberattacks continues to grow. To remain competitive, compliant, and resilient, banks and financial institutions need to be able to adapt.

Investing in a more flexible and unified security platform can help centralise risk mitigation strategies and build a stronger, more cybersecure foundation. It’ll open them up to a host of new cutting-edge technologies.

These include cloud applications, business analytics, and various solutions that automate and digitize outdated processes. With regulatory bodies such as the Saudi Central Bank (SAMA) and the UAE Central Bank enforcing stricter compliance requirements, open architecture, unification, cybersecurity, workflow automation, and data optimisation should always be a top priority.

Across banks and financial institutions, physical security teams aren’t solely focused on keeping people safe, securing buildings, and safeguarding assets. Today, they’re also trying to mitigate fraud, fight cybercrime, identify insider threats, and address workplace violence.

Retail banks

Retail banks manage physical security across branch locations, whether a few sites or hundreds nationwide. Their goal remains the same: keeping employees and assets safe while ensuring a smooth customer experience.

To achieve this, branches deploy various security technologies, including video surveillance, access control, and intrusion systems. However, many rely on older, proprietary solutions that create security blind spots and complicate system maintenance. In markets like the UAE and Saudi Arabia, where financial services are rapidly digitising, outdated systems can also hinder seamless customer interactions and compliance with evolving data protection laws.

Mergers and acquisitions further exacerbate this issue, as different technologies across branches often lack interoperability.

Legacy security equipment also hinders scalability and compliance with evolving data protection standards. Additionally, outdated systems miss the opportunity to transform security data into valuable business insights that could enhance customer experience.

Financial institutions

Financial institutions secure large corporate sites or multiple offices in busy city centers or suburbs. Thousands of employees, visitors, and contractors pass through daily, requiring security teams to monitor various systems like surveillance, access control, intrusion, and fire safety. However, these systems operate in silos, forcing operators to switch between them during incidents.

Managing credentials with outdated technologies lacking automation complicates requests and visitor tracking. Relying on binders for standard operating procedures (SOPs) and spreadsheets for credentials is inefficient.

With financial hubs like Riyadh and Abu Dhabi attracting more multinational institutions, there’s an increasing need for high-security solutions that align with global best practices. As these institutions digitize operations, they need modern physical security technology to enhance efficiency, streamline processes, and meet evolving security standards.

Physical security must-haves

When organisations begin looking for a new physical security solution, there’s a lot to consider. And while banks and financial institutions might have different criteria on their wish lists, they often prioritise some of the same foundational elements that lead to a successful physical security deployment. Below, explore some of the most important must-haves for banks and financial institutions to consider during physical security upgrades.

• Choose open architecture solutions over proprietary hardware and software. Standardise on a flexible system that allows you to scale security operations and add new cutting-edge technologies and cloud-connected appliances as needs arise.

• Bring your video, access control, intrusion, and other systems within one unified security platform. Connect all systems and sites back to a security operations centre and apply mobile capabilities for remote monitoring and response. 

• Consolidate cybersecurity and privacy efforts using one platform. Use built-in cyber defenses and privacy features to mitigate potential risks and tap into cloud and hybrid-cloud deployments to streamline updates and cybersecurity best practices.

• Prioritise automation to enhance incident response and investigative work. Try new advanced modules, features, and solutions to digitize processes, cut costs, and empower your operators in new ways.

• Invest in a platform with built-in capabilities that help optimise data. Unlock valuable insights to improve the customer experience, track facility usage and occupancy, and enhance building automation initiatives.

To stay competitive, compliant, and resilient, retail banks and financial institutions need to modernise their approach to physical security. By adopting flexible and unified security platforms, institutions in the Middle East can not only strengthen their defenses but also align with evolving regional regulations and technological advancements.

• Firas Jadalla is the Regional Director for Middle East, Turkey and Africa at Genetec Inc.