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TheStreet Open House

2012 Physical Security In Financial Services In The United States

NEW YORK, March 27, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

2012 Physical Security in Financial Services in the United States http://www.reportlinker.com/p01020586/2012-Physical-Security-in-Financial-Services-in-the-United-States.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Security_SystemsThis customer research measures the physical security demand as perceived among facility/security managers within the financial services industry in the United States. A Web-based survey methodology was utilized. The fieldwork was conducted during July of 2012. The sample consisted of managers (n=100) responsible for physical security in financial institutions. The study covered the video surveillance (network/IP and analog cameras), access control (keypads, card readers, and biometrics), intrusion detection systems as well as integration of systems, and budget issues. Video surveillance technologies and access control systems are more widely used than intrusion detection systems.

Research Objectives and Methods Research ObjectivesThe overall research objective was to measure the physical security demand as received among facility/security managers within the financial services industry. Specifically, the aims are to identify the top risks/threats facing financial services facilities, the physical security technologies currently used to manage/minimize risks, and the extent the technologies are integrated while also investigating the decision-making and budget processes when choosing physical security technologies.

MethodologyA Web-based survey methodology was utilized. The fieldwork was conducted during July of 2012. Sample United States managers (n=100) responsible for physical security in financial institutions. The following four slides provide firmagraphic details of the survey participants.Reporting Notes: Due to rounding, percentages in charts and tables may not sum to .

Executive Summary and ImplicationsThe financial services sector tries to manage and minimize risks and challenges, among which the most important are: unauthorized data access, cyber attacks, and unauthorized entry. In terms of future trends, facility managers anticipate an increasing number of risks, especially related to data protection. To manage these challenges, financial services adopt physical security systems and technologies. Video surveillance technologies and access control systems are more widely used than intrusion detection systems.Notably, usage and adoption plans of network/IP and analog surveillance technologies are quite similar (although network/IP will experience more significant growth). If stated intentions materialize, there will be more users of network/IP than analog video surveillance technologies in just two years. But, as costs/budget issues are the biggest obstacles in adopting IP cameras and their encompassing systems, implementation of these plans will depend upon the economic situation improving.With regards to brand usage, GE Security is most used in the network/IP segment. ADT is most used within the analog segment. Meanwhile, ADT is perceived as the best brand in both segments.Card readers and keypads are more widely used in financial services facilities than biometric readers. However, use of biometrics is expected to grow significantly within the next five years. Honeywell Security stands out not only as the primary used brand in all access control categories but also as the perceived best brand (in terms of first-ranking results).Intrusion detection systems are used by roughly one-third of surveyed facilities, and future adoption may increase to nearly percent within the next five years. Honeywell is the primary brand used, and is perceived as the best brand of intrusion detection systems.

Integration of security systems is fairly advanced at present, but further integration is expected. Interestingly, external integrators have been used by just percent of those who have integrated their systems. Generally, integration is perceived as neccessity, as it brings many benefits (such as a higher degree of security). Yet, there are doubts due to compatibility issues and fear of failure of the whole system (instead of just a part of it, if not integrated).Decisions regarding physical security are usually made company-wide, but they are also made on the facility level. Chief security officers and chief information officers/IT managers have the most influence.Video surveillance receives larger shares of budgets compared to other security systems.In spite of a difficult economic situation, the budget for 2012 for security systems did not decrease (compared to 2011), and increases may be expected within the next few years.Roughly one-third of the surveyed companies from the financial sector do not measure return-on-investment (ROI) on their physical security investments. Security of data, assets, clients, and employees is top priority; thus, ROI measurement is sometimes not a neccessity. In cases for which ROI is measured, it is typically done via indirect measures (e.g., general increase of safety), and generally managers do not employ quantitative indices.

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