|By Business Wire||
|April 29, 2014 11:48 AM EDT||
An estimated 95% of American bank ATMs currently run on Windows XP, but, as of April 8th 2014, the clock officially ran out on Windows XP support. This means that there are no longer regular security updates available to patch holes in the operating system, leaving those ATMs exposed to new kinds of cyberattacks.1
Actively adapting to changes in technology is an important step in generating more revenue from ATMs, and if community banks fail to upgrade their ATMs to a newer version of Windows in a timely manner, customers might be at risk. Cummins Allison, the leading innovator of coin, currency and check processing technology, as well as ATM solutions, explains why community banks should consider an essential refresh of their ATM footprint.
Security is Essential after Windows XP Retirement
According to a recent report from Retail Banking Research, there are about 210,500 bank ATMs in the U.S. — and about 200,000 of those run on Windows XP. If hackers discover new flaws in Windows XP before community banks get a chance to replace their ATMs, those issues will go unaddressed and leave ATMs open for exploitation.
Given this risk, bank staff should notify its senior management in the event of potential exposure — support from the highest level within the organization is needed in order to develop and implement a plan that minimizes risk. If banks continue to run Windows XP, staff members should be prepared to articulate to bank examiners how they plan to patch the system and how they will eventually migrate to a supported operating system.²
ATM Investments Can Improve Service and Cut Costs
Many financial institutions throughout the U.S. have made it a priority to adapt to technological innovations and maintain strong performance levels at their individual establishments. Upgrading ATMs sooner rather than later is a great way for community banks to prepare their branches for future market changes and evolving consumer preferences. With the right software and security features, these organizations can focus their lobby design strategies to maximize customer convenience and emphasize the availability of user-friendly, self-service kiosks and machines. A robust ATM strategy also ensures that banks continue satisfying an important channel for years to come.
If community banks are considering replacing or upgrading their ATM fleet, now is the time. Banks can make a solid investment by selecting equipment that features the most up-to-date, security enabled software. These machines are equipped with the proper features, a major advantage in the long run, because banks can improve their overall services and ensure security for every customer.
To succeed in 2014, community banks must be careful not to ignore the significant impact that the Windows XP transition will have. Making large-scale changes to enterprise technology can be a headache for organizations that lack the necessary resources. It’s critical for community banks to select a vendor that can help upgrade their ATM fleet and offer their customers secure and reliable services with minimal complications.
1 95% of Bank ATMs Face End of Security Support,
² Community Bank Operations: Risk Related to End of Support for
Microsoft Windows XP
About Cummins Allison
Cummins Allison is a global leader in developing solutions that quickly and efficiently count, sort and authenticate currency, checks and coin. We also offer a complete line of full-function automated teller machines (ATMs). Our leadership in technology and product innovation spans more than 125 years. Cummins Allison serves the majority of financial institutions worldwide, as well as leading organizations in retail, gaming, law enforcement and government. Ninety-seven percent of our customers would recommend our products and services. The company holds more than 350 patents and invests double the industry average in R&D. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, wholly-owned subsidiaries in Canada, the United Kingdom, Germany, France, Ireland and Australia and is represented in more than 70 countries around the world. For more information, visit www.cumminsallison.com.
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