At this very moment, someone is getting cyberattacked.

Studies show over 2,200 attacks occur daily, equating to one attack every 39 seconds. With that degree of vulnerability, it’s no wonder cybersecurity is a common concern, particularly for companies in the financial services industry. 

A Gartner survey found that 80 percent of organizations plan to increase their spending on information security in 2024, likely impacting the company’s IT department. 

According to Search Logistics, 66% of small businesses are very concerned about cybersecurity threats in 2024. Additionally, 85% of small business owners plan to increase their spending on managed security services

However, with IT teams already pressed to explore new AI-supported innovations and figure out how these work with existing systems, train IT teams on new compliance regulations, and monitor a changing workforce–all amid a rapidly changing financial services market and often with no additional staff or resources, many companies are turning to managed services to help support these growing responsibilities. 

“In the digital era, where these firms are becoming more virtual and less brick-and-mortar, they cannot afford to fall behind. Both traditional, pure digital, and hybrid digital financial organizations endeavor to leverage everything from cloud computing and data analytics to AI to remain competitive,” said Philippe Rosiere, a business thought leader and managed services expert. 

“However, such transformation has its obstacles, including complex IT environments, the need for additional and specialized talent, and growing security concerns, leaving less time for keeping the business ahead of the game and achieving a sustainable competitive advantage through innovation.”

He added, “While a managed services provider can take over day-to-day operations and keep the light on, the right partner can also bring rare expertise and thought leadership and spur advanced innovation.”

At Simplus, we understand the vulnerabilities within the financial services industry. Along with industry-specific system expertise, our Strategic Managed Services team can launch proactive responses to threats, develop solutions for vulnerability management, and continuously monitor regulatory compliance and risk management. 

Here’s how: 

 

Provide advanced threat detection and incident response 

Prevention is the best solution for data security. But the large volumes of sensitive and valuable data, including personal identification information (PII), financial transactions, and account details that finance companies handle daily, make them prime targets for cybercriminals looking to steal, manipulate, or extort money from these data assets.

Our team provides 24/7 monitoring, advanced threat detection, and rapid incident response capabilities. 

Since financial services companies often use a complex array of legacy systems, modern technologies, and third-party applications, our expert team can eliminate vulnerabilities and security gaps common with combining legacy systems with newer technologies. 

 

Offer comprehensive security solutions and vulnerability management

Did you know that 95 percent of digital breaches are due to human error? Misconfigured systems, weak passwords, falling for phishing schemes, and other human errors can lead to security breaches. In addition, with large-scale staff reductions, the risks of disgruntled former employees creating insider threats place data security at constant risk. 

Moreover, Financial services companies often rely on third-party vendors for various services, which can create potential security vulnerabilities if these vendors do not have adequate security measures.

Our Strategic Managed Services team is skilled at instituting multi-layered security defenses; conducting regular vulnerability assessments, scans, and penetration tests to identify and address security weaknesses before attackers can exploit them; routinely updating system access for staff members; and designing robust endpoint protection. 

 

Support regulatory compliance and risk management 

Financial services companies are subject to numerous regulations and standards, such as PCI-DSS, GDPR, SOX, and GLBA, which require rigorous security measures. Meeting these compliance requirements can be complex and resource-intensive.

In addition, the rapid development of new technologies can outpace security measures, leading to potential vulnerabilities.

The Simplus Strategic Managed Services team can provide guidance and support to ensure financial services companies like yours meet industry-specific regulatory requirements and standards, oversee compliance management, and offer audit support. 

Expanding your IT staff may not be an option, but the threat of cyberattacks or data breaches is growing daily. Partnering with a trusted and experienced managed services team is a smart option. 

By leveraging Strategic Managed Services, financial institutions can enhance their cybersecurity posture, manage risks more effectively, and ensure a stronger defense against evolving threats. If you have questions on how Simplus can help you, let’s talk.