Due to the lockdown imposed as a consequence of the COVID-19 outbreak, many industries are adopting the Work-From-Home model. Among these industries is the banking sector, which is now forced to rely on mobile networks and residential WiFi for various activities. However, due to the sensitivity and confidentiality of these activities, it’s crucial that banks follow proper protocol and adopt various measures to ensure their data is secure and they are able to negate any fraudulent risks.
Banks are operating with a variety of policy, procedure, and architectural considerations that influence remote workers’ productivity as they aim to manage remote-access operations. The difficulties range from large-scale laptop optimisation to security issues, such as handling the onslaught of newly released two-factor authentication systems.
Real-time sharing platforms have been a source of debate. The usage and misuse of videoconferencing software have increased, exposing security threats like Zoombombing and network interruptions.
Allowing staff to exchange Excel worksheets and also email containing confidential material, whether client- or banking-related, across home WiFi networks can be enticing in the attempt to get people working virtually. However, that’s a risk that you don’t want to succumb to under any circumstances.
To help you adopt the WFH model better, we’ve listed the top 5 factors to consider to get remote working right in the banking sector.
Conduct Business As Usual
Maintain vital business functions by allowing safe remote access to the company PCs and internal software even during worldwide pandemics or local disasters. Although, keep in mind that not everyone needs portable laptops or PCs.
Many workers would most likely be able to complete their tasks on tablets or perhaps even smartphones instead of computers, at least at the moment. People in roles like administration, human resources, as well as other shared services should avoid large-screen activities such as dealing with spreadsheets and Powerpoint presentations. Banks could reduce the pressure of providing everybody with a laptop by adjusting the job to the equipment.
Also, consider tracking your workers’ remote job experiences to improve teamwork. Constructing a remote-work strategy is a complex, mission-critical procedure with many dependencies. By creating one, you can identify not only security flaws and also monitoring challenges and areas in need of platform and workflow optimization. Identifying the remote-work path will help the company transition from needed reactive rescue steps to moving to a proactive stable digital business model.
With that said, do not really forget to follow RBI, GLBA, FFIEC, and other protocols by offering users situational and risk-based remote access. Utilize comprehensive audit logs to gain insight into user practices.
Prevent Data Leakage In Remote Endpoints
With several banks reporting a rise in cybersecurity and fraudulent activities, it is critical to track not only your own bank’s systems but even those of third party companies. Most banks outsource mission-critical operations to third-party companies including service management providers and independent contract workers such as small businesses and code programmers. It is not unusual for these third-party companies to subcontract out projects that they are unable to complete. This is potentially a security breach just waiting to happen.
With their limited capital and the increased amount of modifications to handle, multiple banks are reducing the number of collaborators and subcontractors to a selected few.
Enable access only from compatible devices to avoid data leakage. Monitor users’ internet connection and block data transfer, copy-paste, print-screen, screen capturing, and printing functions.
Know Your Limitations
It is important to acknowledge the processes that your bank cannot, at least at the moment, digitalize. Banks are permitted to have staff on-site in certain countries because they are important businesses, so it is critical that these employees stick to social-distance standards at work.
Such advanced functions, such as fraud prevention, as well as some middle- and back-office processes for asset management and financial markets, are not yet available for WFH. Fraud detection, like trading, is a very crucial feature, with no network occurrences tolerated.
Conclusion
There’s no doubt that banks face difficulties in achieving safe, remote access. The trick is to strike stability between practical, short-term strategies and the creation of a long-term plan for digital operations. Banks will then concentrate on the next two stages: developing their WFH partnership network to drive competitiveness and a greater environment for staff, clients, and consumers, and planning their business’s end-to-end digitization.
Trying to solve the COVID-19 dilemma is the ultimate digital use case for banks since its organizational effect will be felt for the longest time. To emerge in a stronger position after the epidemic has subsided, banks must improve their digital thought and implementation to enable workers to work from anywhere they will have to be.
To fulfill this mission and to ensure a seamless transition into the WFH model, consider contacting our experts at AccOps to make use of our technology and services.