Is your bank up to date with FFIEC regulatory guidelines?
Ensuring IT compliance for your financial institution is a complex process. From getting the proper documentation to reinforce the best IT practices you employ to regular database testing and vulnerability management, there is a lot that goes into making sure auditors see your bank as a safe and secure ecosystem.
So how can MSPs help with IT compliance? At Abacus, we offer a range of services to help financial institutions of all sizes prepare for regular audits. From steering IT committees to create robust DR documentation from the ground up to offering flexible managed services, MSPs can help you prepare for audits year-round and ensure that everything is up to date.
4 Reasons Why You Should Let MSPs Handle Your Audit
1) They Are Up To Date With FFIEC Regulatory Guidelines
One of the biggest benefits of working with an MSP is that they understand FFIEC regulatory guidelines like the back of their hands.
Federal compliance laws and regulations can be a landmine. Staying up to date with the ever-changing landscape of financial IT regulatory compliance can be especially tricky if you’re not a cybersecurity expert.
Working with an MSP removes the burden of following the latest trends and regulations, and making sure every little nuance is being applied by your financial institution. MSPs have a documented process, which simplifies your preparations and removes any cybersecurity liabilities from your end.
2) They Offer Disaster Recovery Testing and Documentation
A well-documented disaster recovery process is crucial in any IT compliance audit. Auditors want to know how you’ll respond to breaches and hacks, as well as measures you’ll be putting in to prevent it in the first place.
MSPs can build this documentation from the ground-up whether you have an existing IT team or not. Managed service providers can streamline the process with documentation and proactive IT quarterly meetings that will help your organization prepare for audits.
Services such as server backup and disaster recovery testing will give MSPs the right information to fortify your cybersecurity infrastructure, alongside a well-documented process of tests, results, and recommendations for future tests.
As your business scales, MSPs can determine the best software and hardware to add to your system, including which server to choose for optimal performance in the event of a disaster.
3) Your IT Ecosystem Offers Full Protection
Too many people think that basic endpoint protection is enough to keep cybersecurity criminals away from your data. And while email phishing remains to be one of the threats, there are tons of other threats lurking in the shadows.
Auditors are constantly looking for chinks in your infrastructure’s armor, and simple endpoint protection isn’t going to cut it.
MSPs can help you navigate the world of cybersecurity protection and recommend which software is most compatible with your needs and your hardware. MSPs will often recommend an endpoint disaster recovery (EDR) program instead of an antivirus software as these provide extra safeguards in the event of a breach.
4) You Get Scalable Solutions
Should you get a cloud-based server or should you buy a physical one? Which disaster recovery program is best for a growing business?
MSPs can help scale your operations and your security without ever running the risk of interfering with your day-to-day operations.
As your customer base increases, your need for a reliable database and cybersecurity infrastructure also becomes more urgent. With MSPs, you can scale infinitely and with ease, avoiding the common bumps associated with growing pains.
[Download] Are MSPs Beneficial To Your Financial Institution?
In this free resource, you’ll find a more detailed explanation of the services pertaining to IT compliance, and how MSPs like us can help your financial organization prepare for the worst and prevent it from happening in the first place. Download our free IT compliance resource to learn more.