Why Community Banks Are Turning to Managed Service Providers

Why Community Banks Are Turning to Managed Service Providers

Dec 7, 2020

Cybercrime is on the rise, and many hackers have started to target banks in the US with more and more frequency. This is because financial institutions can provide an incredibly lucrative incentive for cybercriminals—after all, banks are where the money is.

When it comes to finding extra protection, many banks are now turning to MSPs for help. With the right company, an MSP offers the technical backbone to keep the security in check. Especially with the hit of COVID-19 and an increase of related cybercrime, a business needs to protect its security integrity.

MSP Basics

MSP stands for Managed Service Provider, and it describes a company that can be employed to manage, advise, and oversee a particular business’s networks. There are many benefits to outsourcing these tasks; it is a cost-effective way for companies of any kind to receive expert support and protection for their data.

An MSP will review security, provide updates, offer emergency technical support, and help a business streamline its operations to maximum efficiency.

Maintaining Compliance

As with specific industries, compliance must be upheld for the legal protection of clients and businesses. Certain MSPs uphold specific compliance regulations to fully support financial institutions, so researching IT companies to ensure they have the compliance necessary for your company is essential before signing them on.

Failure to comply with these can lead to severe consequences. Not only will an MSP provide a service that takes a detailed, expert look at a security system to ensure it matches up with the required levels of compliance, but through compliance it keeps the clients’ data secure, and the business safe from lawsuits of any potential data breaches.

Security Improvement

One of the main benefits of an MSP is its ability to improve banks’ security and any other business type significantly. When first employed, an MSP will conduct a thorough review of the security system already in place, identify any weak spots that need improvement, and provide any feedback on where the security could be reinforced.

They will then work with the business to fix these problems by advising upon the best product or solution. By employing a professional IT specialist team, an MSP can spot potential issues that the business may have missed and work accordingly to plug any leaks.

Reducing Downtime

Extended downtime levels are a serious threat for any business, but it is particularly bad for banks, as it can lead to problems with customers accessing their funds. A good MSP can operate an emergency call-out service with guaranteed response times, ensuring the bank is never left offline for too long.

What Characteristics to Look for in an MSP

If you are looking for an MSP to work for your business, several characteristics are worth keeping an eye out for. You’ll want a reliable MSP in Austin, Texas who offers guaranteed response times for various issues, who understand your industry, and who employs experts across the field of IT to keep your business’s networks as secure as possible.

Conclusion

When it comes to protecting your financial institution, there are many advantages and securities associated with employing an MSP—which is why banks across the country are turning to Managed Service Providers.