The Ultimate Guide to Managed IT Services for Financial Institutions
Financial institutions need robust security to protect client data and transactions. Banks, credit unions, insurance companies, and other financial firms must shield financial and personal data from cybersecurity threats. Cyber attackers frequently target financial organizations to steal money — successful attacks can cost more than $4.35 million for companies.
Managed IT services for investment firms and other financial firms let organizations outsource IT tasks. Instead of managing an internal IT team, you hire a third-party provider to handle security and technology concerns. Managed services proactively address security problems, provide ongoing technical support and handle installations or upgrades.
Benefits of Managed Services for Financial Institutions
Committing to a managed IT service solution can benefit your institution in many ways. Here are a few examples:
Proactive Security Monitoring
Your managed services provider can monitor your networks and devices for security issues at all times. IT experts catch security threats before they become more significant problems, reducing costly and dangerous breaches. Remote monitoring lets service providers track your security activity no matter their location.
If your provider identifies a threat, they work immediately to resolve the problem. Providers communicate with your organization to explain the concern and their plans for resolution. They use their expertise to de-escalate the issue as quickly as possible.
Managed IT services’ speed and knowledge minimize network downtime, helping your financial institution remain efficient. They address all problems externally, lowering stress within your internal departments.
Managed IT services can also lower costs for your financial institution. If you shift from an in-house IT team to a managed service provider, you no longer have to pay for:
- Monthly salaries
- Office supplies
- IT management tools
Instead, you pay a monthly or annual set cost with your service provider. Your team members can focus on higher-priority tasks, increasing departmental efficiency.
In addition, preventing security breaches can save you millions. Financial institutions face significant risks from cyber attackers who want to access sensitive data and financial funds. By blocking breaches, your organization can remain financially sound.
More Access to Advanced Technology
When you partner with a managed services provider, you gain access to their resources, consulting services, and software. Providers can advise you on technology upgrades, installation tactics, and security strategies. The managed services team uses expertise and industry knowledge to develop plans tailored to your needs.
Your service provider can also offer advice on compliance standards. Your organization must meet the required federal and state laws to keep running safely. Managed service teams can monitor your compliance statuses and suggest how to enhance them.
The best managed service IT providers offer 24/7 support. They respond to questions or concerns immediately, letting your employees resolve problems faster. Your provider can assist with anything from helping with login credentials to answering a question about using a network feature.
Consistent support reduces downtime, allowing workers to complete tasks with minimal questions. 24/7 support structures let you communicate at any time, eliminating time zone differences or confusion.
When Should You Consider Hiring Managed IT Services?
The selection process can seem overwhelming with so many managed service providers available. Preparing beforehand lets you make the most informed decision. It’s important to consider your organization’s circumstances before deciding on a provider. Consider aspects like:
- Budget: While managed IT providers can lower your overall IT expenses, you still need to manage a monthly or annual payment for them. Consider your current IT budget and how much you can spend on a service provider. By keeping your budget in mind, you can narrow down available options to the ones in your price range.
- Specific security concerns: If you have particular security issues or concerns, you can look for providers specializing in those areas. For instance, you might have significant trouble with phishing attacks and can search for providers with expertise.
- Growth levels: Consider your organization’s growth rate and how your IT needs might change in the future. As you browse provider options, look for partners who offer scalable solutions.
You can also arrange a list of questions for providers as you discuss their solutions. For example, you could ask about their response processes, annual costs, data restoration strategies, or other elements critical to your organization.
These are other important traits to look for in managed services for finance:
- Proven experience: The provider should have technicians and engineers with proven experience in IT systems and security. You can also look for options with direct experience with financial organizations. You can browse online testimonials and reviews for more information on their approach.
- Constant support: Ongoing support and communication are important for success with your managed service provider. Ask about their support availability and communication processes as you narrow down options. The more availability they have, the easier you can resolve technical issues.
Get Started With Framework IT Today
Security is vital for financial organizations and institutions. Managed IT services for investment firms and other financial institutions can increase efficiency and security. If you’re ready to commit to a managed IT solution, choose Framework IT today.
We combine consistent support, technological strategies and proactive security for a comprehensive managed solution. Our dedicated team works closely with you to build an IT solution for your exact needs and security concerns. We can help your financial institution stay secure and efficient.