6 Things Financial Institutions Should Demand from Their Managed Service Providers

In today's high-risk digital world, staying ahead of cyber threats is essential for financial institutions. With complex regulations, increasingly sophisticated attacks, and constant pressure to maintain efficiency, many organizations find themselves struggling to keep up.

This is where the right Managed Service Provider (MSP) becomes a critical partner. While your team focuses on managing finances and building trust with your members, a reliable MSP works behind the scenes to protect your systems and secure your data.

So, what exactly should you expect from a top-tier MSP? Here are six essential criteria to consider.

1.  Strengthened Security Measures

Cybercriminals are evolving rapidly, and your defenses must evolve too.
A dependable MSP will:

• Use AI driven tools like Endpoint Detection and Response (EDR) to detect and stop malware, ransomware, and phishing attempts.
• Block access to harmful websites with Web Content Filtering. 
• Provide Security Operations Center (SOC) services for 24/7 monitoring and early threat detection.
• Reduce Risk through Phishing Protection and continuous threat analysis.

2. Reliable Data Protection

If disaster strikes, your data must remain secure and quickly recoverable.

• Cloud-Based Backup and Server Recovery minimize downtime and protect valuable information.
• Endpoint Backup ensures individual devices are covered in case of accidental deletions or hardware failures.
• Saas Cloud Backup safeguards platforms like Microsoft 365 and supports business continuity.

3. Proactive Maintenance and Monitoring

A strong MSP doesn't just react to problems but works to prevent them.

• Proactive maintenance and monitoring are vital for maintaining system health for your organization. Remote Monitoring and Management (RMM) provides continuous oversight of all connected devices and ensures real-time visibility of all connected devices.
• Advanced Patching keeps applications up to date, closing security gaps and preventing vulnerabilities.
• Infrastructure Monitoring and Alerting help detect anomalies before they escalate.

These proactive strategies enhance cyber security and ensure reliable service delivery.

4. Empowering Users Through Training

Your employees play a crucial role in your cyber security strategy. Effective training makes a difference.

• End-User Awareness Training and Phishing Simulations can teach your staff how to spot and avoid threats.
• Dark Web Scanning identifies if employee credentials are exposed.
• Promoting habits like regular password changes and Multi-Factor Authentication (MFA) strengthens internal defenses.

5. Support for Regulatory Compliance

As we both know, financial institutions must meet strict regulatory standards. Your MSP should make this as easier by providing a variety of tools.

• Vulnerability Scanning helps financial institutions identify and mitigate risks, ensuring compliance with regulatory requirements.
• Quarterly Assessments of your network and cloud environments ensure ongoing compliance

6. Improved Operational Efficiency 

Technology should support your workflow, not slow it down. An MSP is designed to help your team work more effectively.

• Streamlined Support Systems reduce delays and speed up ticket resolution.
• Managed Multifactor Authentication (MFA) protect your systems while keeping processes user-friendly.

Investing in a Managed Service Provider is essential for financial institutions to stay ahead of cyberthreats, ensure data protection, and maintain regulatory compliance.

By utilizing comprehensive MSP solutions, you can strengthen security, improve operational efficiency, and concentrate on your core mission of managing financing.

Interested in taking the next step? Contact us to schedule a free deep web scan and learn how Syntrio's MSP tools can protect your institution's future.