7 best practices for creating a more secure environment in the financial sector

With threats originating from both the physical and cyber domains, the financial sector faces security challenges that are evolving in scope as well as intensity. Indeed, financial institutions are prime targets for criminal activity, as they are responsible for safeguarding vast sums of money, sensitive customer data, and critical infrastructure. 

Given the complexity of this landscape, a robust security program requires a thoughtful combination of best practices and strategic partnerships with third-party providers and public-private security initiatives. 

Below, I’ll explore key best practices, as well as an approach to building a comprehensive security program that leverages a combination of tactical resources, including third-party services, guard companies, system integrators, intelligence monitoring firms, and collaboration with government-led public-private partnerships. 

Best practice #1: Conduct comprehensive risk assessments

Risk assessment is the foundation of an effective security program. Financial institutions must continuously evaluate vulnerabilities and threats, from physical risks like robberies to cyber threats such as ransomware attacks.

• Strategic security advisory

  Use threat modeling and risk matrices to prioritize vulnerabilities. Assess entry points, surveillance blind spots, access control policies, and cyber risks like network vulnerabilities.

• Third-party and public-private integration

  Third-party consultants can enhance risk assessments with advanced tools and industry-specific insights. Additionally, partnering with organizations like the U.S. Secret Service’s Electronic Crimes Task Force (ECTF) offers access to government expertise on cybercrime prevention and physical security risks. 

  The FBI’s InfraGard program provides valuable threat intelligence and direct communication with federal law enforcement. Participating in these programs fosters a collaborative approach to identifying and mitigating threats. 

Best practice #2: Public-private partnerships for enhanced security

Public-private collaboration strengthens the financial sector’s resilience by facilitating information sharing and joint initiatives.

• Key partnerships

  U.S. Secret Service public-private partnerships: the secret service partners with financial institutions through initiatives like the electronic crimes task force to prevent fraud and cybercrime. Participating institutions gain access to investigative resources, specialized training, and cutting-edge technology for detecting electronic crimes.

  FBI InfraGard program: InfraGard connects businesses with the FBI to share information on critical infrastructure threats. Financial institutions benefit from sector-specific intelligence reports, emergency communications, and networking opportunities with law enforcement and security experts.

  NYPD Shield and Global Shield Network: Shield programs offer valuable intelligence-sharing networks and training to combat terrorism and crime. Institutions participating in Shield initiatives access actionable insights and best practices for risk mitigation.

• Benefits of public-private collaboration

  By aligning with government-led security programs, financial institutions gain a broader view of the threat landscape. These partnerships improve incident response coordination, enhance situational awareness, and create stronger ties between private sector leaders and law enforcement.  

Best practice #3: Implement access control policies

Access control prevents unauthorized entry to sensitive physical and digital spaces, protecting data and critical systems.

• Strategic security advisory

  Deploy layered access controls, combining biometric readers and digital solutions with strict permissions management. Regular audits should verify access levels.

• Third-party guard services

  Trained guards enhance access control by verifying credentials, managing visitor logs, and monitoring restricted areas. Ensure vendors provide guards with training in financial sector security protocols.

• Third-party integrators

  System integrators unify biometric systems, keypads, and access cards with central management platforms, enabling automated alerts and real-time monitoring.

• Public-private partnerships

  The U.S. Secret Service and local law enforcement partnerships can enhance access control strategies. Institutions working with public-private partnership groups gain access to specialized training on credential fraud detection and best practices for perimeter security. 

Best practice #4: Surveil and monitor

Surveillance deters criminal behavior and provides evidence for investigations. Cyber and physical monitoring are both crucial.

• Strategic security advisory

  Use high-definition cameras, advanced analytics, and automated alerts. Cybersecurity should include real-time network monitoring and intrusion detection.

• Third-party guard services

  Guards monitoring surveillance feeds act as rapid responders, reducing response times to incidents. Guards equipped with mobile technology enhance communication with centralized systems.

• Third-party intelligence monitoring

  External intelligence providers deliver proactive alerts about global and local threats. Subscribing to services integrated with InfraGard ensures timely warnings on critical infrastructure risks.

• Public-private partnerships

  Participation in InfraGard and NYPD shield improves situational awareness by accessing nationwide security bulletins and joint exercises. These programs strengthen readiness through real-time collaboration. 

   

Best practice #5: Mandate employee training and awareness

Employees must be trained to recognize and respond to security threats, as human error often compromises safety.

• Strategic security advisory

  Provide regular training on phishing, social engineering, and emergency response. Scenario-based drills reinforce learning.

• Third-party guard services

  Some guard services offer specialized training programs that align with internal security strategies.

• Third-party intelligence providers

  Intelligence services offer customized training resources. Public-private partnerships like InfraGard share case studies and threat analyses to enhance staff awareness. 

   

Best practice #6: Implement cybersecurity measures

Robust cybersecurity is non-negotiable in protecting financial systems and sensitive data.

• Strategic security advisory

  Employ layered defenses, including firewalls, multi-factor authentication, and encryption. Regular audits and penetration tests identify vulnerabilities.

• Third-party system integrators

  System integrators specialize in implementing and maintaining cybersecurity tools, ensuring compliance and best practices.

• Third-party intelligence monitoring

  Monitoring services detect anomalies in real time. Integration with InfraGard enables proactive defense based on the latest threat intelligence.

• Public-private partnerships

  The U.S. Secret service’s financial crimes division and InfraGard provide alerts on evolving cyber threats. Financial institutions can enhance cybersecurity defenses through access to government-led cybersecurity training. 

Best practice #7: Create an incident response plan

An incident response plan (IRP) reduces damage and accelerates recovery after security breaches.

• Strategic security advisory

  Develop a clear IRP outlining roles, escalation paths, and communication strategies. Conduct drills regularly.

• Third-party guard services

  Guards trained in emergency response execute IRP protocols effectively.

• Third-party system integrators

  Integrators provide automated lockdown and isolation tools to minimize breach impacts.

• Third-party intelligence monitoring

  Intelligence providers deliver early warning of attacks. InfraGard’s real-time alerts improve response times. 

Conclusion

Building a secure environment in the financial sector requires implementing best practices, integrating third-party services, and fostering public-private partnerships. 

Institutions that leverage guard services, system integrators, and intelligence monitoring in collaboration with the U.S. Secret Service and FBI programs like InfraGard gain strategic advantages in risk management. 

These partnerships provide access to critical intelligence, specialized training, and collaborative security frameworks that enhance preparedness and resilience against evolving threats.

Contact an expert to learn about steps you can take to enhance your security measures now.