Financial services firms are subject to some of the strictest security and compliance requirements imaginable. Given the types of data they hold, it’s not hard to see why. Investment portfolios, income and asset records, and estate planning documents are just a few examples. To threat actors, this information may as well be a goldmine.
But if your firm has chosen to outsource IT support to a managed service provider (MSP), then you might be in luck. The best support teams don’t just keep the lights on and your computers running. They can also reduce risk, improve compliance, and protect you when disaster strikes.
Why Security and Compliance are Especially Complicated for Financial Services
There are a few unique factors that make cyber security and compliance especially challenging for the financial services sector:
- Complex Regulations: The financial services industry deals with some of the strictest regulatory standards out there, due to the sensitive data firms handle on a daily basis. The consequences for breaking the rules are often harsh.
- Highly Specialised Software: Companies in this sector typically rely on highly specialised technological tools, which may be more difficult to secure than their more generic counterparts.
- High Risk of Attack: Sensitive data and weak defences make financial services firms one of the most highly targeted industries. In fact, according to the Australian government’s most recent cyber threat report, it is the third most commonly attacked sector in the country.
- Fragile Trust: When something does go wrong, the consequences extend far beyond downtime or lost data. Client trust is hard-won and extremely easy to break. The reputational fallout of a data breach could last for years.
Because of these challenges, in-house security is often not an option. But if you can’t afford a dedicated outsourced security service either, what can you do? Sometimes the best option is to work with what you already have.
How IT Support for Financial Services Improves Security and Compliance
While IT support services are often seen as basic troubleshooters, the reality is that they do far more than you might think. A good provider can even reduce your risk of experiencing a cyber-attack. They accomplish this in a few different ways:
Proactive Maintenance
One crucial task that high-quality IT for financial services will perform is proactive maintenance. This means that instead of sitting around and waiting for you to report an issue, they constantly update, patch, and optimise your digital infrastructure. These small activities are a crucial part of risk management. They close vulnerabilities that a threat actor might otherwise exploit.
Identifying Missed Threats
When your employees report a problem, the IT support team’s job is to identify the cause. This may mean they uncover cyber-attacks in progress that your team missed. Faster identification allows you to contain, remove, and recover from the threat while minimising harm.
Maintaining Audit-Ready Documentation
When regulatory bodies ask about your IT infrastructure, you need to have answers on-hand. An outsourced support team makes it easier to achieve this by maintaining clear, thorough documentation. Instead of rummaging through files searching for proof of compliance activities, you already have a paper trail ready.
Supporting Faster Incident Response and Disaster Recovery
In the absolute worst-case scenario, an IT support specialist is invaluable. They can implement specialised IT solutions for financial services that get you back online faster, with less damage, and most importantly: without jeopardising your compliance in the process.
What to Look for When Choosing IT Support for Financial Services
Not every IT provider is equipped to serve such a complex, high-risk industry. Here are some essential traits financial institutions should look for to ensure they’re making the right decision:
- Demonstrated experience with the regulatory frameworks that apply to your industry
- Familiarity with the practice management platforms your firm uses
- Proactive compliance monitoring (for instance, flagging regulatory changes that affect you)
- Comprehensive documentation as standard practice
- A security posture built around the specific threat profile your industry faces
Cost-Effective IT, Designed for Your Industry
IT for financial services doesn’t need to be expensive or complicated in order to strengthen your security posture. Even a decent support specialist can do plenty to reduce risk, help manage compliance, streamline operations, and secure systems. If you’re already searching for an IT provider, it’s worth looking for one experienced in your industry.
On the fence about whether outsourced services are worth investing in? Discover what they really cost.
FAQs
Specialised IT support for financial services is designed to address the highly specific security and compliance needs that this industry faces. Traditional managed services, in comparison, are often far more generic.
IT support services can help improve security and compliance by proactively addressing vulnerabilities, identifying attacks that slip through your nets, maintaining thorough documentation, and enabling faster incident response.
Outsourced IT solutions for financial services pricing depends on many factors, including the size and complexity of your digital infrastructure and your desired service level agreements (SLAs). Generally speaking, specialised services usually cost more than generic managed solutions.
When vetting out financial services IT companies, look for proactive communication, transparency, and a deep understanding of the security and compliance requirements your industry is subject to.