6 Ways a Finance Company Can Benefit from a Managed Servicer Provider 

Managed IT

by - October 18, 2024

Financial services companies experience unique challenges when it comes to IT and security, as every aspect of your business–from operations to regulatory compliance to processing transactions–depends on having a mature IT infrastructure in place. 

Finance companies need a strong internal IT team and/or a responsive IT partner who can ensure your data, and your customers’ data, remains secure. 

Here are 6 things finance companies should be focused on when it comes to your IT infrastructure:  

  1. Enhanced Security 

With sensitive financial data at stake, the risk of cyberattacks is an ongoing concern for financial institutions. Companies should ensure they have proactive security measures in place to protect against breaches, malware, and other emerging threats and offer training so employees can recognize phishing attempts and practice safe password management.  

Finance companies need to adhere to state and federal security standards regarding data privacy and security. Your IT provider should be well-versed in government-regulated standards, and able to implement a layered security solution to safeguard sensitive information and control access.  

  1. 24/7 Monitoring and Support 

Financial operations run around the clock, and so should your IT support.  24/7 monitoring ensures your systems are always up and running. In the event of an issue, you want an IT team that will be available to provide immediate assistance, minimizing disruption and maintaining efficient operations.  
 

Your IT services provider should begin with an audit to identify any vulnerabilities in your current systems and design a plan to fix them. Long-term management will include ongoing updates and patches to maintain security and avoid costly emergency fixes. 

  1. Business Continuity 

Downtime can have a disastrous impact on financial firms. When a system failure occurs and employees are unable to work for an extended period, the consequences are costly. That’s why it’s important to have a business continuity plan in place. Your IT service provider should have an in-depth knowledge of the finance industry and take the time to understand how your company works. That will allow them to identify potential points of failure and create a plan to get you back in business with minimal downtime.  
 

Depending on your company’s needs and the potential severity of an interruption to operations, your business continuity plan may include a failover recovery system. Failover is a backup system that syncs all your data to a server at an offsite location so the duplicate system can take over if the primary server is disabled. 

  1. Proactive Management 

Rather than waiting for problems to arise, finance companies need to take a proactive approach to IT management. With continuous monitoring, potential issues can be dealt with before they become significant problems. In an industry where timing is crucial, being proactive will reduce the risk of system failures, data loss, and downtime that can impact day-to-day operations and damage your company’s reputation.  
 

A well-thought-out backup plan is essential to any financial firm to eliminate the possibility of lost data or work that has to be re-done. To make sure your data can be quickly restored, your IT provider should run regular recovery system tests.  
Your in-house IT team or managed service provider is responsible for keeping your company systems up-to-date and patching potential points of failure. They will also recommend and facilitate hardware, software, and system upgrades when necessary to maintain IT maturity.  

  1. Scalability and Flexibility 

Finance companies should have an IT infrastructure that’s flexible and scalable so it can easily grow with your business. Fluctuations in demand can mean greater volumes of data, transactions, and storage requirements, and the ability to adapt to changes quickly is essential.  

 
Your IT provider should be able to scale your resources–from cloud storage to network capacity–so your company stays competitive, agile, and prepared for future growth. Whether you’re expanding your markets, onboarding employees, or integrating new technologies, effective IT management will ensure that your systems can seamlessly adapt to meet your business needs.  

  1. Expertise and Innovation 

For finance companies, it’s important to have an IT infrastructure that can keep pace with change in order to handle everything from cyber threats to new industry regulations to rapid market fluctuations. You want a provider with deep expertise who is always looking for new ways to improve your systems and streamline operations.  

 
Whether your IT is managed in-house or by an MSP, your team needs to be proactive in implementing the latest technologies, security solutions, and best practices to ensure your business needs are supported by your infrastructure. Having an IT partner who brings both experience and innovative ideas can make all the difference in keeping your company efficient, forward-thinking, and future-ready. 

Technology is the backbone of the finance industry and effective IT management is critical to success. You need a trusted partner that will tailor their services to meet your company’s specific needs, ensuring your infrastructure is secure, reliable, and efficient. Contact us to learn more about how our managed IT services can give you peace of mind and enable you to achieve your business goals. 

Related Posts

IT Case Study: New Hampshire Municipality

Municipal governments are responsible for managing and delivering a wide range of essential services in the communities they serve. For all the departments involved to function effectively–from police and fire to social services and public works–a secure and reliable IT infrastructure is essential. The technology necessary to safeguard sensitive data, enable seamless communication, ensure compliance and accessibility, and keep large networks running smoothly can be difficult to navigate.  

At Nessit, we understand the unique needs and challenges that can make IT management complex for local governments. Experience has taught us that these clients often have to contend with budget constraints, aging infrastructure, unnecessary or redundant technology, and–most crucially–the threat of cyberattack. Effective management requires a trusted partner who knows how towns run and can see the big picture while meeting the client where they are.  

So, when a New Hampshire town became dissatisfied with their longtime IT vendor, they went looking for a second opinion. We were one of three managed service providers to submit a bid with remediation plans, and our bid was selected to become this municipality’s IT vendor. 

How did we create a custom proposal for their specific IT needs? First, we took a close look at their current infrastructure to identify and prioritize the issues we’d need to address. We also spent a lot of time listening, so we could begin with a thorough understanding of how the municipality worked and where their system was failing them. We came up with a comprehensive plan to fix the immediate problems, within budget, with the long-term goal of IT maturity. We assured them that Nessit would be an extension of their team and a partner they could count on to pick up the phone when they called.  

The Problem

The municipality’s IT environment wasn’t well-maintained, and because their tech infrastructure had been cobbled together, different departments couldn’t share resources or communicate with each other. The Water and Police Departments couldn’t talk to City Hall; the Highway Department didn’t have high speed internet, while the library was paying for internet they didn’t need. The town had no centralized print services, and employees were sharing login credentials and using a variety of cloud providers. File sharing was an issue, so that sometimes the employee at desk A couldn’t see updates from the employee at desk B. All of this created unnecessary complexity, with too many disconnected silos and no cohesive IT strategy. This system also left the town more vulnerable to cyberattacks, which is a growing problem in New Hampshire. The client needed an MSP who understood dispersed networks and could design and implement a unified IT infrastructure. 

How Nessit Fixed It

First, the system upgrade that their previous MSP attempted had to be reversed and re-done. Nessit reconfigured their server, putting together a unified stack to replace their piecemeal system. By centralizing services, all departments now have high speed internet and can easily communicate and collaborate. We provided everyone with their own login credentials–a crucial factor in improving security.  

Our job was to make their jobs easier by implementing technology that works seamlessly, requiring very little support and eliminating the downtime they had experienced while waiting for help. As the municipality’s budget increased, they asked Nessit to improve efficiencies in other environments, upgrading systems, networks and workstations. Our team ensured that all data was backed up and put a failover system in place. We created a data retention policy to reduce risk and ensure they maintained compliance with regulations.  

Most importantly, we built a personal relationship with the client, showing them what a true partnership is by listening to their questions and responding quickly to issues that arise. Our work is ongoing, and we continue to move the municipality towards IT maturity, spacing work out to fit their allocated budget.  

At Nessit, our clients’ success is our success. Every municipality faces different challenges and IT solutions need to be tailored to their unique needs. A Managed Service Provider should have a thorough understanding of dispersed networks, how towns run, and how to invest wisely in IT while respecting budget constraints. The need for robust security to counter the ever-growing threat of cyberattacks is critical, and often underestimated until a breach occurs and it’s too late. Nessit’s comprehensive management includes everything from employee education on security best practices, disaster recovery and continuity planning, and 24/7 monitoring. An MSP can provide a wealth of benefits for municipalities, ensuring smooth day-to-day operations so employees can focus on their core duties–ensuring safety, wellbeing, and quality of life for their community. 

If you’re a local government administrator looking for efficient, cost-effective IT solutions and support, we would love to put you in touch with other towns so you can hear firsthand how they’ve been positively impacted. Contact us. 

Understanding IT Maturity

Why It’s Important for Your Business and How Nessit Can Help

The effectiveness of your IT infrastructure greatly impacts the success of your business. Having basic IT systems in place is not enough. Achieving IT maturity is critical for long-term growth, innovation, and competitive advantage. So, what exactly is IT maturity, why is it important, and how can Nessit help your business get there? 

IT maturity refers to the development and optimization of your organization’s technology infrastructure, processes, and capabilities. As your business evolves, so should your IT strategy, moving from reactive problem-solving to a proactive, streamlined, and strategic approach that integrates technology into every facet of your organization. The more mature the infrastructure, the better your business can adapt to changes, ensure security, improve efficiency, and innovate. 

IT maturity is typically categorized through stages, ranging from basic operations to fully optimized systems. The level of maturity usually predicts how well an organization’s IT infrastructure supports its employees, processes, and end-users. The more mature the system is, the less likely a business is to be affected by security breaches, disruptions, and lost productivity. Identifying your organization’s current level of IT maturity is the first step toward optimization. 

Stages of IT Maturity

  1. Initial: At this stage, IT is often ad hoc and reactive, addressing issues as they arise without a cohesive strategy. Processes are inconsistent, insufficiently defined, and poorly documented, and overall IT support is ineffective.  
  1. Managed: IT systems are more structured and managed, but still largely focused on day-to-day operations. Some processes and procedures have been implemented, but there is no overarching strategy. IT is still reactive, rather than proactive. 
  1. Defined: Processes and framework are standardized and documented. IT is more predictable and there is some alignment with business goals. IT is more proactive and progressing toward standardization. 
  1. Quantitatively Managed: Metrics and performance indicators are used to assess and improve IT systems and processes. Objectives are defined and align with business goals. Processes can be measured, duplicated, and tracked, and overall efficiency is improved. 
  1. Optimized: IT is fully integrated with business objectives, driving innovation, automation, and long-term growth. Processes are monitored, updated and continually optimized. Performance is improved and risk is mitigated. 

Why is IT Maturity So Important for Businesses?

Achieving IT maturity provides several key benefits for your business. 

  1. Increased Efficiency: Mature IT systems streamline workflows, reduce downtime, and boost productivity by automating repetitive tasks and eliminating bottlenecks. 
  1. Enhanced Security: As your business grows, so do your security risks. IT maturity ensures a robust, proactive approach to cybersecurity, minimizing vulnerabilities, preventing data breaches, and protecting sensitive information. 
  1. Cost Savings: Well-optimized IT systems reduce waste, duplication, and unnecessary IT expenses, providing cost-effective solutions that maximize ROI. 
  1. Scalability and Agility: With a mature infrastructure, your business can easily scale operations and adapt to new market demands or technological advancements. This makes it easier to grow, innovate, and stay competitive in a rapidly changing environment. 
  1. Alignment with Business Goals: Optimized IT means that your technology supports and enhances business goals and objectives, rather than being an afterthought. This alignment promotes a forward-thinking company culture and ultimately drives success. 

How Nessit Helps Your Business Achieve IT Maturity

At Nessit, we understand that achieving IT maturity is an ongoing process, not a one-time fix. Every business is unique, and we take the time to really get to know you and your long-term business goals.  We work closely with you to assess your organization’s current IT capabilities and create a tailored roadmap to help you reach the highest level of optimization. Here’s how we help: 

  • Assessment and Strategy Development: Nessit begins by evaluating where your business stands in terms of IT maturity. We identify gaps, inefficiencies, and security risks in your current systems, and then develop a comprehensive IT strategy that aligns with and supports your business goals. 
  • Proactive IT Management: We take a proactive approach to managing your IT infrastructure. Rather than waiting for issues to arise, we continuously monitor, maintain and optimize your systems to ensure seamless operations and prevent potential problems. 
  • Security Solutions: Nessit implements cutting-edge cybersecurity measures to protect your business from attacks. We ensure that your security systems are robust and proactive to eliminate any vulnerabilities before they can be exploited.   
  • Scalable IT: As your business grows, we provide scalable IT solutions to meet new demands and opportunities. Whether you need to add new systems, upgrade infrastructure, onboard new employees, or improve cloud computing capabilities, we help your business stay ahead of the curve. 
  • Data-Driven Insights: Using advanced analytics and reporting tools, we help you gain deeper insight into your IT performance. This allows you to make smarter business decisions and continually refine your strategies. 
  • Ongoing Support: Nessit doesn’t just implement solutions. As your IT Managed Service Provider, we provide continuous support and guidance. As industry trends and technology evolve, we make sure your IT systems are always aligned with the latest best practices and innovations. 

IT maturity is essential for your business to succeed in a competitive landscape. With the right strategy and support, you can successfully transition your company from reactive IT operations to a fully optimized system that drives efficiency, enhances security, and drives long-term growth. Nessit is here to help you on that journey, from initial evaluation to ongoing support. Our comprehensive IT services ensure that your IT systems evolve with your business. Contact us to learn how we can help your business use technology to thrive. Your success is our success. 

Why Cybersecurity Training is Essential for Employees 

The single most effective way to safeguard your business from cyberattacks is through employee training. Human error due to inadequate training accounts for the vast majority of data breaches. To foster a collective security-first culture, awareness about potential threats is essential. Nessit’s Managed IT Service includes comprehensive cybersecurity education that will allow you to rest easy knowing your company’s assets are protected. 

Employees can unknowingly become the gateway for cybercriminals by clicking on malicious links, using weak passwords, falling for phishing scams, or accidentally sharing sensitive information that can compromise your entire network. Here’s what you need to know to protect sensitive data and maintain the integrity of your IT infrastructure: 

Understanding Common Threats 

Employees should be familiar with the most common types of cyber threats, including phishing, ransomware, malware, and social engineering. Training sessions should include real-life scenarios and case studies to illustrate how these attacks happen and their potential impact on your business. 

Safe Online Practices

Everyone within your organization should be able to recognize suspicious emails, avoid clicking on unknown links, and verify the authenticity of email senders and domain names. Employees should also be instructed on how to create secure passwords and the importance of multi-factor authentication. 

Data Protection and Handling

Cybersecurity training should include instruction on the principles of data protection. Employees at every level should understand how to securely store, transmit, and dispose of sensitive information. Training should also emphasize the importance of keeping software and systems up to date to eliminate vulnerabilities. 

Incident Response Protocols

Knowing how to respond to a potential security threat is crucial. Employees should be given clear guidelines about what to do if a data breach is suspected, including their first point of contact and what steps to take to mitigate the impact. 

Ongoing Training

Maintaining security is a constantly evolving undertaking, and staying updated on the latest threats and best practices is critical. Ongoing training sessions and refresher courses will help ensure that your employees’ knowledge remains relevant and effective. 

Invest in Success

Investing in cybersecurity training is an investment in the overall success of your business. Most security breaches are not the result of complex hacking schemes, but simple human error. Ongoing education empowers employees to become your company’s first line of defense rather than its weakest link. Knowledge about how to identify and respond to cybersecurity threats protects your organization from the inside out. Partnering with a Managed Service Provider like Nessit will ensure a secure and resilient IT environment for the long term.