5 Reasons Why Financial Businesses Need Managed IT Support

The world of finance moves at a rapid pace, which means the businesses within it need to keep up. Not only do they need to avoid downtime and problems, but they need to be innovative, resilient and efficient.

Much of this will rely on the IT services that they have in place, which is why so many are now turning to managed IT support packages to ensure that they keep running and growing effectively. In this article, RoundWorks IT outline the key reasons why all financial businesses need their own managed IT support in place.

1. Innovation

At times, having an internal IT department means that the focus tends to look inwards, whereas a managed external service can provide a fresh outlook. They will often have access to professionals who have diverse experience across the financial sector who can bring new ideas and best practices to your IT setup to help you innovate and expand, while they provide scalable solutions alongside you.

2. Cybersecurity

Cybersecurity is of paramount importance to all businesses working within the financial industry. The amount of sensitive information that is kept on file, including global stock and investment algorithms, makes them a huge target for cybercriminals.

It is therefore vital that these financial businesses have robust cybersecurity in place. Without it, customers’ information is at risk, the business could face significant downtime and penalties, and their reputation could be destroyed.

IT support can play a key role in establishing the protection that is needed and will help to stay on top of it as new threats evolve.

3. Improving efficiency

In an industry that needs to move quickly through rules and decision-making, it is essential that IT support makes the job as efficient as possible. They can help to provide the type of technology that is able to gather information instantly and build strategies that will improve the efficiency of the business overall.

4. Regulatory compliance

The financial industry is one of the most heavily regulated, so it is important that everything you do remains compliant at all times. Any missed step can result in penalties, audits or more severe compliance violations.

By making use of managed IT support, it is possible to ensure that you adhere to many of the different rules and regulations that are in place. Whether it is taking all reasonable steps to ensure that data is kept safe and secure, or ensuring that there are systems for reporting information effectively, your IT providers can help to keep you on the right side of the law.

5. Disaster recovery

At some point, you are likely to experience an unexpected event, whether it is from a cyber-attack or a natural disaster such as a fire or flood. This is likely to wreak havoc on your operations, and you face the risk of websites being taken down, payments being unable to be processed, networks failing and other crucial data being inaccessible.

With managed IT support, your business can get back on its feet as quickly as possible if they have a robust disaster recovery solution in place.

They will be able to ensure that your data is always backed up so that your systems can be restored with minimal delays to avoid as much downtime as possible.

Managed IT support is incredibly important for all kinds of businesses, but it is proving to be essential in the financial industry. This is where you need more than someone who is just reliable, but a partner who can understand the challenges you are facing and provide solutions that will keep you ahead of the curve, whether it is avoiding attacks or simply embracing the new technology that is available.