Three IT areas financial institutions can enable for a competitive advantage
Technology is an enabler for all businesses and when implemented effectively, can do everything from protecting businesses from cyber threats to providing actionable data insights to grow. Nowhere is this more important than in the finance industry. Whether you are the CFO of a major financial company or a CPA running their own practice, the right technologies can give you a significant advantage over your competition.
IT Areas Financial Institutions Can Enable For Success:
1. Cybersecurity
Financial institutions are especially susceptible to cybercrimes, so it is essential for them to have a robust cyber security solution in place to protect the money and data entrusted to them by their customers. These institutions need to have fundamental protections in place (e.g., anti-virus, anti-malware), as well as more advanced solutions (e.g., recurring vulnerability scans, cyber training, 24×7 monitoring) in order to meet stringent compliance requirements and regulations, such as those set forth for banks by the Basel Committee. Additionally, regular reviews of their cyber program is critical to ensure their cyber hygiene remains in good standing and that there are not existing security gaps that remain unaddressed.
How You Benefit: A robust cybersecurity program significantly reduces the risk of a cyber threat exploiting vulnerabilities in your network and demonstrates to your customers that the safety of their money and data is a top priority. The investment in a cyber program significantly outweighs the potential cost of a cyber breach, potential lost revenue or data, and a stained reputation.
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