Because of compliance requirements and fierce competition, financial and accounting companies require the highest level of IT services and security. These companies also must protect and backup a huge amount of sensitive client data. In this article, we will discuss important ways in which an IT MSP (managed service provider) can help financial companies.
Ensuring complex compliance requirements are met
An IT MSP will assist your financial company in meeting a complex range of regulations and fulfilling compliance requirements. Some relevant standards and regulations that financial companies must abide by include the Sarbanes-Oxley Act (SOX), which has requirements for the storage and management of electronic financial records, Gramm-Leach-Bliley Act (GLBA), which regulates the collection and storage of private financial information, and the General Data Protection Regulation (GDPR), which protects consumer data and is necessary when doing business with European Union businesses and customers.
Financial securities firms must also abide by the rules of the Financial Industry Regulatory Authority (FINRA). This authority issues and enforces rules to protect investors from fraud, insider trading, and bad practices, such as insufficient protection of sensitive financial information.
The Federal Trade Commission’s (FTC) Safeguards Rule requires financial institutions and companies to implement measures to protect customer information. This rule applies to accounting firms of all sizes.
In addition, any companies or organizations that store or process customer credit cards must comply with the Payment Card Industry Data Security Standard (PCI DSS).
Financial and accounting companies not complying with these strict standards and regulations may be hit with costly fines and even imprisonment in some extreme cases. In addition to these harsh penalties, non-compliant companies will have to pay legal fees and any remediation expenses. Companies paying these penalties would also suffer from public relations damage to their brand and reputation, which would negatively affect future sales and revenue.
An IT MSP will help you avoid these issues by performing a comprehensive IT company assessment to identify any problem areas concerning compliance. Your IT Support partner will advise on and implement any necessary IT changes to ensure you are compliant with all applicable regulations. They will also help train your staff about relevant technology and processes to remain compliant and will monitor changes in these regulations.
Keeping applications and systems updated to help overcome competition
Financial companies require the latest software and system updates to stay ahead in a competitive industry. An IT MSP will make sure that your network hardware and software components and cloud-based applications are performing at the highest level. Your IT partner will ensure that all software and applications licenses, patches, and updates are current. They will also recommend and install innovative technologies as required.
An IT MSP’s close and constant attention to your company’s IT needs will ensure that your business is working efficiently and will help keep you ahead of your competition.
Reducing overhead and HR expenses
Through outsourcing your IT Support, your financial company will be able to save on infrastructure and personnel costs and instead devote more resources to hiring, training, and retaining skilled personnel in desired staff roles. Your organization will also be able to track your IT budget more accurately and not be burdened with unexpected IT expenditures. When an IT MSP is taking care of IT issues, your staff will be able to focus on your core business, which will improve morale and productivity. With your IT operations and staff outsourced or streamlined, your company’s bottom line will benefit.
Maintaining the highest level of cybersecurity
Bad actors target financial and accounting firms because of the opportunity to gain access to sensitive financial information, investment portfolios, and credit card accounts. Security experts note that cybercriminals are increasing their attacks and using innovative techniques and applications to breach network defenses. Experts also note that the financial sector is a prime target of hackers. As a result, cybersecurity must be the highest priority for your firm.
An IT MSP will help your company stay secure by ensuring you have the latest cybersecurity applications and firewalls and by closely monitoring your network for any breaches. Your IT MSP is a data security expert that will also provide robust backups to protect your sensitive data and ensure business continuity. They will also assist your business in training your employees on good cyber hygiene and proper email and internet behavior. Your IT partner will also evaluate your employees with simulated cyberattacks using phishing emails and other common scams.
Work with an Experienced IT MSP Partner
We recommend that your financial company work with an experienced and dependable IT Support partner, like Network Depot, to meet your comprehensive IT requirements most effectively.
A trusted IT MSP will assess your financial company’s current IT needs, offer critical technology insight, and will implement the best solutions to keep your business running smoothly. Their IT expertise will keep your company in compliance with all regulations and ahead of your competition. Your IT partner will also provide you with the highest level of cybersecurity in the face of ever-increasing threats from cybercriminals.
With your IT systems working well and your sensitive company and client data secured, your business will be able to keep its focus on serving your clients and achieving your unique goals.