How Managed IT Helps Finance Institutions Meet Regulatory Demands
Updated: Nov 12, 2020
Regulations exist to protect account numbers, SSNs, payment cards, and overall personal data. As customers shift to more digital banking services, new ones pop up to cover the security gaps. How does your FI stay up to date on these compliance changes? Does it cause a strain on your internal resources?
Fortunately, there’s a new wave of technologies that are built specifically to help companies overcome compliance challenges. In addition to providing user-friendly tools for your customers, you can increase data security, risk identification, and network performance without physical hardware maintenance.
A Managed Services partner helps implement, manage, and support IT that meets industry mandates. Here are a few core services to consider:
Whether you’re installing new hardware/software or making changes to existing infrastructure, a trusted partner ensures your IT is leveraging enterprise-level solutions. Legacy systems often fall into non-compliance, putting your FI at risk for stiff penalties and fines. Professional configuration of firewalls, switches, and other tech tools eliminates these vulnerabilities.
2. Continuous Monitoring
Financial institutions need real-time alerting and cybersecurity to detect fraud attempts. Monitoring thousands of network entry points can be time-consuming for in-house IT staff and take their focus away from more valuable projects. Third-party support not only detects suspicious activity but also uses the appropriate incident response to protect your IT assets from damage while keeping compliant.
3. Data Storage and Access Management
Multiple regulations stipulate how financial data must be encrypted, stored, and accessed. To meet compliance standards, your FI should employ sophisticated access management tools that authenticate users and prohibit unauthorized devices. Additionally, your critical data should be stored in the Cloud and an off-site, geographically-separate data center for redundancy.
4. Wireless Security and Connectivity
Thanks to mobile banking and online investment apps, customers don’t necessarily need to enter a brick and mortar FI anymore. Processing large amounts of transaction data requires strong network connectivity and security. Professional IT networking offers real-time visibility into both private employee and public customer WiFi connections. Unlimited scalability to match growth is a big plus as well.
As people create new methods to manage and share money, regulatory demands will increase to protect them. Partner with a Managed Services provider to standardize your technology, highlight your compliance gaps, and move your financial institution to a new level.