Bankers Bank, an Atlanta-based correspondent bank, has licensed the BorderShield and GLB Compliance products from Guarded Networks, Cooper City, Fla., to deliver to its financial institution customers. BorderShield, a network security service, will provide 24/7 information systems security monitoring, plus protection against network breaches, for the 1,500 community banks in the Southeast served by Bankers Bank.
Bankers Bank will market BorderShield to its community bank customers and assist Guarded Networks with customer support. Guarded Networks has also signed a marketing agreement with Bankers Bank's strategic partner, Atlanta-based InterCept.
BorderShield is a suite of cost-effective information technology security services and management reporting tools that proactively manage information security and regulatory compliance as required by the Gramm-Leach-Bliley Act.
Financial institutions are increasingly dependent upon connectivity with worldwide networks of core processors, business partners, customers and the Internet, noted Bruce Leonard, chairman and CEO of Bankers Bank. "Along with this comes significant security risks. Our program enables institutions to mitigate the risks inherent with the increased use of technology and interconnectivity."
For smaller banks, outsourcing security is cost-effective while offering a high level of expertise, according to Richard Dobrow, founder and president of Guarded Networks. "With security risks on the rise in today's technology environment, financial institutions now more than ever are looking toward service providers to establish and maintain security capabilities."