The business landscape today is going through a period of rapid digital transformation in order to remain relevant. But as technological innovation increases the number of devices connected to the network of a highly regulated industry, it can quickly get complicated.

As technology evolves rapidly in the age of ransomware attacks, it can get overwhelming for internal IT departments with limited resources and staff a. As a result, financial service firms look to managed service providers (MSPs) to effectively implement the right mix of staff augmentation and service providers to get the job done.

Financial firms are now the primary focus of cyber attacks.

Credit unions, banks and other financial institutions rely on technology to efficiently and effectively serve their customers.

Over the past decade, the shifting needs and growing expectations of the modern consumer have driven the development of a number of new technologies, software and applications that are changing the delivery of banking services.

With these new technologies comes a need for increased security and a focus on meeting compliance requirements.

Most banks and credit unions partner with a managed services provider (MSP) to help them meet changing regulatory compliance requirements. What some financial institutions may not consider, however, is that an MSP can also help improve efficiencies and allow them to provide more competitive products and services to their customers or members.

When you hire a managed IT services provider, you are getting a partner in technology and security. An MSP can support your financial institution in four important ways:

1. Helping Maintain Compliance

When you think of a managed IT services provider for financial institutions, the first thing that probably comes to mind is compliance.

Financial institutions are subject to a number of different compliance standards from the federal government. Credit unions and community banks need to comply with additional state regulations regarding backups, disaster plans, cybersecurity and overall data procedures.

MSPs can help your financial institution ensure that it is maintaining regulatory compliance with state and federal regulations to avoid penalties.

2. Improving Security

Banks and credit unions need to take measures to secure operations and data if they want to continue to offer customers effective banking experiences. Because the customer data held by financial organizations is so valuable, they are one of the top targets of cybersecurity breaches.

Preventing these threats means implementing certain security measures around email, firewall, data storage and more.

MSPs help put these protections in place and design an end-to-end security strategy to govern all your assets. They can also make sure that your financial institution is applying all the necessary updates to keep your systems secure.

A managed services provider also provides continuous training for end-users, making them aware of the types of phishing emails, ransomware and other scams that could lead to vulnerabilities.

3. Reducing or Eliminating Downtime

Whether an organization has lost its internet connection briefly or experienced an entire system shutdown due to malicious behavior, this downtime can negatively impact it and its customers’ experience.

This is especially true in the financial industry, where consumers rely on online portals and applications to access data, make payments, etc.

An MSP ensures that there are redundancies, security measures and a disaster plan in place to prevent or minimize downtime from threats big and small.

4. Supporting Competitive Advantage

One of the greatest business challenges facing financial institutions is competition. There are a lot of competitors in the banking industry and a variety of financial services that appeal to different client bases.

A managed IT service provider can assist your financial institution in setting up the right systems and security measures to maintain efficiency and provide better, more secure services to your customers.

Where ICS Comes In

As a managed services provider, ICS has comprehensive experience working with clients in the financial industry.

We have become a trusted partner for many financial institutions, providing them with the information they need to protect themselves and grow their organization.

Our team stays up to date with the latest technologies and cyber security compliance requirements for banks and credit unions so that each organization can focus on what it does best — providing secure, quality financial services for its customers and members.

When you partner with ICS, you’re not working with just one individual. Instead, you have a team of professionals, each with different experience and expertise. Our whole team is behind you when it comes to helping you secure your systems while protecting and growing your organization.

Want to see what we can do for you? Schedule a free consultation today to learn more about our managed services.