# Making video security a priority in financial services
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2020-08-14
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Why Video Security is Essential for Every Organisation in 2020
Meta Description: Learn why video security is crucial in the digital age, especially in high-value industries like banking. Stay protected against cyber threats and privacy
URL: https://financedigest.com/making-video-security-a-priority-in-financial-serviceshtml

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_By **Amit Walia,** EVP Managing Partner at [Compodium](https://compodium.com/)_

_In 2016, a_ seemingly _innocuous photograph of Facebook founder, Mark Zuckerberg, sat beside his desk at Facebook HQ, was_ [posted to his Facebook profile](https://www.facebook.com/photo.php?fbid=10102910644965951&set=a.612287952871.2204760.4&type=3) _.  Ostensibly, the post was celebrating the growth of Instagram, which Facebook had purchased several years earlier.  However, eagle-eyed followers soon identified what appeared to be tape covering both the camera and the microphone on Zuckerberg’s laptop.  Widespread debate ensued around the efficacy of covering webcams in this way.  However, given the individual in question is the CEO of one of the most valuable and influential companies in the world – and indeed one of the very few people to reach the status of Centi-billionaire – the overarching consensus from the security community was that “_ [Zuckerberg is sensible to take these precautions](https://www.nytimes.com/2016/06/23/technology/personaltech/mark-zuckerberg-covers-his-laptop-camera-you-should-consider-it-too.html) _.”_

_Mark Zuckerberg is undoubtedly a high-value target.  But in the modern, digital and [data-driven world](https://www.financedigest.com/the-role-of-intuition-in-an-increasingly-data-driven-world.html "The Role of Intuition in an Increasingly Data-Driven World"), a strong cybersecurity posture is vital for every type of organisation – large and small.  In high-value and heavily regulated [industries like banking](https://www.financedigest.com/how-is-green-finance-reshaping-the-banking-industry.html "How is green finance reshaping the banking industry?") and financial services, the threat is even greater – covering both traditional cyber-attacks and corporate espionage._

_**Making video security a priority**_

_The fervour around Mark Zuckerberg’s photo highlighted an interesting point – many of the comments were from people who had not considered video as a valuable [target for an attacker](https://www.financedigest.com/finance-industry-and-ddos-attacks-how-can-the-most-targeted-vertical-industry-protect-itself-from-ddos-attacks.html "Finance industry and DDoS attacks: how can the most targeted vertical industry protect itself from DDoS attacks?").  In 2020, the issue of video [security is more important than ever](https://www.financedigest.com/london-police-say-queens-funeral-poses-biggest-ever-security-test.html "London police say queen’s funeral poses biggest ever security test")._ Video conferencing platforms are now in high demand, with [COVID-19 forcing organisations to quickly adapt to a new way](https://www.financedigest.com/how-covid-19-paved-the-way-for-risky-financial-experimentation.html "How Covid-19 paved the way for risky financial experimentation ") of working.  One [application reported](https://www.financedigest.com/treasury-and-risk-management-application-market-to-bring-in-revenue-of-us-7-1-bn-by-2028-comprehensive-research-report-by-fmi.html "Treasury and Risk Management Application Market to bring in revenue of US$ 7.1 Bn by 2028 – Comprehensive Research Report by FMI") a 30-fold surge in users, whilst another clocked up more than 4.1bn meeting minutes in just one day in April, up from a daily average of 900m in early March.

_As we move beyond the more restrictive social lockdowns, financial [services organisations need](https://www.financedigest.com/financial-services-need-a-digital-transformation.html "Financial services need a digital transformation") to prepare for a new normal – one that caters for remote business opportunities just as effectively as those taking place face-to-face._ Employees across all industries are now used to working at home and while some organisations, [such as Barclays](https://www.bbc.co.uk/news/business-53579428), are looking to re-establish on-site operations as quickly as possible, others will remain – at least in some large part – remote.

There can be no doubt that video is now solidified as the primary method of remote communication.  Whether it’s a family catch up or a [blue chip](https://www.financedigest.com/siemens-energy-to-rejoin-germanys-blue-chip-dax-hellofresh-to-exit.html "Siemens Energy to rejoin Germany’s blue-chip DAX, HelloFresh to exit") board meeting, wherever a physical meeting is not possible, or practical, video conferencing is now a comfortable alterative for most people.  But with more people on video than ever before, the usage surge has also brought increased security concerns.  For example, incidents of Zoom-bombing – when strangers intrude on others’ Zoom meetings – have been widely reported.  In these cases, intruders have been able to eavesdrop undetected, or completely disrupt meetings, often in [ways that threaten the integrity and security of confidential business](https://www.financedigest.com/five-ways-businesses-can-prepare-themselves-for-the-digital-economy-be-kaler-pilgrim.html "Five ways businesses can prepare themselves for the digital economy – Be Kaler Pilgrim") information.

**A renewed focus on video security**

As the conversation around the wider security of video meetings has grown louder, Zoom has announced it will backtrack on previous refusals to provide end-to-end encryption to free users of the service.  It’s is a major victory for the activists and civil liberties organisations campaigning for privacy and [digital protection](https://www.financedigest.com/the-digital-finance-revolution-empowered-consumers-turn-digital-to-protect-financial-security.html "The digital finance revolution: empowered consumers turn digital to protect financial security").  Data transmission is one of the most [vulnerable areas](https://www.financedigest.com/identifying-areas-of-vulnerability-why-cybersecurity-shouldnt-be-an-afterthought-for-financial-organisations.html "Identifying areas of vulnerability: Why cybersecurity shouldn’t be an afterthought for financial organisations") of video communication and ensuring a comprehensive level of security is paramount for those taking part in digital conversations – whether that’s a personal conversation, or in a commercial environment.  During a video conversation, data travels over multiple networks – both public and private – and end-to-end encryption is the foundation of [protecting this data](https://www.financedigest.com/modern-data-protection-how-organisations-can-protect-against-cyber-attacks.html "Modern Data Protection: How organisations can protect against cyber attacks") in transit.

The recent campaign for access to encryption has placed a renewed focus on how vital security is to video communications – but this is something heavily regulated [industries like banking and financial services](https://www.financedigest.com/hybrid-working-a-risk-or-opportunity-for-the-financial-services-industry-2.html "Hybrid working: a risk or opportunity for the financial services industry?") have known for a long time.  But the [COVID-19 pandemic](https://www.financedigest.com/uk-sees-biggest-rise-in-foreign-workers-since-covid-19-pandemic.html "UK sees biggest rise in foreign workers since COVID-19 pandemic") forced many organisations to navigate a familiar landscape of uncertainty and regulatory pressure in an unfamiliar remote operational environment.  Finance is a high-risk, high-reward industry that requires rapid decision making and constant [information exchange](https://www.financedigest.com/the-health-information-exchange-market-to-grow-on-a-satisfactory-note.html "The Health Information Exchange Market to grow on a satisfactory note") – all while building and maintaining crucial client relationships.  Video conferencing technology has offered a lifeline for many finance organisations around the world, however the rapid shift to remote operations has been drastic and unprecedented.  Maintaining productivity in the [face of significant business](https://www.financedigest.com/saving-on-water-bills-more-than-just-a-drop-in-the-ocean-for-businesses-facing-the-cost-of-living-crisis.html "Saving on water bills: More than just a drop in the ocean for businesses facing the cost-of-living crisis") disruption has been the key priority; security and compliance considerations have all too often been an afterthought.

In finance, end-to-end encryption is not enough – in fact, it’s expected.  Video conversations contain highly sensitive and confidential information – they [must meet the same levels of security](https://www.financedigest.com/why-the-finance-sector-must-prioritise-mobile-security-over-innovation.html "Why the finance sector must prioritise mobile security over innovation"), privacy and confidentiality as in-person conversations.  In these environments, [security breaches and financial](https://www.financedigest.com/post-brexit-uk-workers-can-have-financial-security.html "Post Brexit – UK workers CAN have financial security") fraud can lead to significant regulatory, financial and reputational damage.

**End-to-end encryption is just the beginning**

Financial services organisations are the backbone of the [global economy](https://www.financedigest.com/imfs-georgieva-sees-darkening-outlook-for-global-economy-rising-recession-risks.html "IMF’s Georgieva sees ‘darkening’ outlook for global economy, rising recession risks") and during the COVID-19 pandemic, they have the challenge of quickly delivering seamless virtual connectivity.  Under unprecedented [pressure to roll out new technology](https://www.financedigest.com/how-communication-technology-can-help-relieve-pressure-on-staff-in-the-financial-services-sector.html "How communication technology can help relieve pressure on staff in the financial services sector "), it can be easy to overlook the more fundamental requirements, in favour of rolling out new services and capabilities at speed.  New [technology should not come at the cost of privacy and security](https://www.financedigest.com/top-5-security-technologies-that-every-finance-institution-workplace-should-consider.html "Top 5 Security Technologies That Every Finance Institution Workplace Should Consider").

End-to-end encryption – which is vital for privacy and security and will now soon be available via even the most basic video conferencing solutions – is not enough to meet the high standards required in financial [services](https://www.financedigest.com/integrated-finance-the-advantages-of-using-financial-infrastructure-as-a-service.html "Integrated Finance: the advantages of using financial-infrastructure-as-a-service").  Instead, authentication is the key to ensuring the growing adoption of [video conferencing in this industry meets the same high standards delivered](https://www.financedigest.com/cavai-and-azerion-deliver-industry-first-with-conversational-in-stream-video.html "Cavai and Azerion deliver industry first with conversational in-stream video") to clients in-person.

Authentication provides a double layer of trust, ensuring both advisors and clients can be confident that they are speaking to the right person within an entirely confidential virtual space.  Only by ensuring video conversations are both end-to-end encrypted and authenticated can [finance professionals provide the same level of privacy and security](https://www.financedigest.com/top-fintech-trends-for-2021-enabling-smart-and-secure-finance.html "Top Fintech Trends for 2021 Enabling Smart and Secure Finance") afforded to clients during a face-to-face consultation.  This ensures the identity of every conference participant is fully authenticated before the conference is initiated.

**The** [digital future](https://www.financedigest.com/back-in-barcelona-telecoms-bosses-stake-claim-to-digital-future.html "Back in Barcelona, telecoms bosses stake claim to digital future")

The video conferencing authentication process is simple, but hugely effective.  It represents the first step in a more digital, video-driven [future for financial services](https://www.financedigest.com/the-future-for-financial-services-is-digital-engagement.html "The future for financial services is digital engagement") – providing all the necessary foundations for client [security](https://www.financedigest.com/ferrostaal-group-formally-establishes-cyber-security-practice-in-middle-east.html) and privacy.  In the future, 2020 will undoubtedly be looked at as a year that [changed financial services](https://www.financedigest.com/how-advanced-self-service-technologies-are-changing-the-face-of-finance.html "How Advanced Self-Service Technologies are Changing the Face of Finance") forever – globally.  The world has been at war with a novel virus and the effects have been profound.  But as the great military, Sun Tzu, said, “In the midst of chaos, there is also opportunity.”  Social distancing, lockdown and [travel restrictions](https://www.financedigest.com/cathay-pacific-lowers-q4-capacity-forecast-as-travel-restrictions-linger.html "Cathay Pacific lowers Q4 capacity forecast as travel restrictions linger") have forced us to rethink how we deliver client [services](https://www.financedigest.com/incentive-fm-group-strengthenswindow-cleaning-portfolio-with-acquisition.html) and given us the opportunity to roll out cutting edge technology.  But while the results are already hugely positive, we need to ensure we are laying the right foundations for new innovation – making privacy and video [security a priority in financial services](https://www.financedigest.com/facilitating-open-finance-through-secure-services.html "Facilitating open finance through secure services") now – not later.


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