The Benefits Of Outsourcing Computer Network Support Services For Financial Firms
Technology has lifted geographical boundaries and other limitations in the financial sector. However, it also exposes organizations to potential risks. That’s why financial firms face the pressure of operating efficiently while ensuring the integrity and security of their networks.
When information technology (IT) disruptions and security breaches occur, losses are rarely focused on one or a few individuals. Instead, the integrity of the entire organization is compromised, leading to devastating consequences.
As cyber-attacks become more sophisticated and common, several financial firms rely on outsourced computer network support services. But is it worth it? Let’s find out.
Understanding Computer Network Support Services
Your computer network is composed of hardware and software tools that allow your devices to communicate with each other. A robust network ensures that the computers in your system can effectively share resources and information without the risk of security breaches.
Computer network support services encompass a wide range of tasks that ensure a computer network’s smooth functioning, security, and maintenance. Here’s a breakdown of the key areas covered by these services:
· Network Monitoring, Management, and Maintenance
Computer network support specialists proactively check the health of your network infrastructure, including servers, routers, switches, and firewalls. They can identify and address potential issues before they snowball into major outages.
· Security Management and Compliance Support
Network security specialists proactively safeguard your systems from cyber threats and minimize their impact on your business. Financial companies need to stay ahead of cybercriminals. In addition to implementing appropriate security controls to safeguard data privacy and integrity, financial firms must comply with industry security standards.
· Remote Access and Mobility Solutions
This involves providing secure remote access solutions so employees can connect to the company network while on the go. Virtual private network (VPN) solutions, mobile device management (MDM), and secure authentication mechanisms make this possible.
· Network Expansion
Networking specialists can help you plan, design, and implement network infrastructure upgrades to accommodate growth, new technologies, and changing business needs. This may involve expanding network capacity, upgrading hardware and software components, and integrating new services or applications.
· Troubleshooting and Technical Support
Not a tech whiz? Networking support providers assist and resolve technical issues related to connectivity, hardware malfunctions, software configuration, and other network-related problems.
· Disaster Recovery Planning
IT firms also offer consulting services, helping you develop a comprehensive disaster recovery plan. This document outlines the steps to take in case of a network outage, natural disaster, or cyberattack—ensuring business continuity and minimizing downtime in unforeseen circumstances.
· Software Updates and Patch Management
Network support services can automate the update process, guaranteeing your systems are always running on the latest and most secure versions.
As mentioned, computer network support services play a crucial role in ensuring a company’s network infrastructure’s reliability, security, and efficiency. Outsourcing computer support for Atlanta businesses and in various locations is key to staying ahead in today’s business environment.
This brings us to another important question: what competitive advantages do you get from outsourcing computer networking support?
1. Slashing Costs and Maximizing Efficiency
Running an in-house IT department can be a significant expense. You must factor in salaries, benefits, training, and the cost of maintaining hardware and software licenses.
Outsourcing network support flips this script. You only pay for the services you need, translating into significant cost savings. Plus, you eliminate the burden of recruitment, training, and managing an IT team, freeing valuable resources to focus on your core financial strategies. As a result, businesses can operate more efficiently, minimize downtime, and deliver better services to their clients.
Outsourcing=Scalability
Moreover, it provides scalability, allowing firms to adjust their IT resources according to their evolving needs. Whether scaling up during peak periods or downsizing during slower times, outsourcing offers the flexibility to align IT expenses with business demands. This scalability is particularly valuable for financial firms that experience fluctuating workloads or seasonal variations in activity.
Seeking experienced IT service providers also minimizes the risk of data breaches, which is crucial, as the financial sector is one of the industries most vulnerable to cybercrimes.
2. Strengthening Data Security
Between 2021 and 2022, financial firms reported 421 data breaches—second only to government institutions, which reported 495 incidents. Reports also indicate that a company spent USD$ 4.45 million on average to address a data breach as of 2023.
Fortunately, outsourcing providers employ industry-leading security measures, including firewalls, intrusion detection systems, encryption protocols, and regular security audits. Leveraging these advanced technologies and expertise enables financial firms to bolster their defenses against cyber threats.
More importantly, networking support specialists can ensure compliance with financial regulatory requirements, including the Payment Card Industry-Data Security Standard (PCI-DSS) and the Sarbanes-Oxley Act of 2022 (SOX).
3. Boosting Productivity with Seamless IT Support
Imagine your team spending hours troubleshooting a printer issue or waiting for an IT technician to resolve a software glitch. This wasted time translates to lost productivity and, ultimately, lost revenue.
Outsourcing network support eliminates this problem. With a team of dedicated professionals readily available, your employees can get the support they need quickly and efficiently, minimizing IT disruptions and maximizing their ability to focus on what matters most – generating profits.
4. Freeing Up Your In-House IT Team for Strategic Initiatives
Let’s face it: your in-house IT team likely wears many hats. They handle day-to-day operations, troubleshoot issues, and may even be tasked with tackling strategic IT initiatives. Outsourcing network support frees them from the daily grind, allowing them to focus on more strategic projects that can drive long-term growth for your financial firm. This could involve implementing new technologies, developing disaster recovery plans, or exploring innovative ways to leverage technology to enhance financial services.
5. Accessing Specialized Expertise and Latest Technologies
Keeping up with the latest cybersecurity threats, industry regulations, and software advancements in the financial industry can be daunting. Outsourcing computer network support services provides financial firms with access to specialized expertise and cutting-edge technologies that may be beyond the reach of an in-house team.
These companies invest in ongoing training and certifications for their staff, maintaining a team of experts at the forefront of technological developments. They can offer valuable insights and recommendations, ensuring your firm leverages the latest tools and technologies to stay ahead of the curve.
Additionally, outsourcing allows financial institutions to leverage advanced technologies like cloud computing, artificial intelligence, and predictive analytics to optimize their network infrastructure and drive innovation.
Securing Your IT Environment
Outsourcing network support is about more than just saving money. It’s a strategic business investment providing multiple benefits to your financial firm. Partnering with the right service provider guarantees a robust, secure, seamless, and industry-compliant IT infrastructure.
These benefits allow you to focus on your core operations and increase your competency to provide clients with value-added offerings they won’t find anywhere else. Simply put, it lays a solid foundation for your organization’s continued success.
Isn't outsourcing network support risky for financial firms? How can I ensure I choose a reliable provider?
Due diligence can significantly mitigate the risks. Look for providers with a proven record in the financial services industry and strong security certifications. Reputable outsourcing providers prioritize cybersecurity and adhere to strict security protocols to safeguard client data's confidentiality, integrity, and availability. It's also crucial to pick a company that aligns with your firm's specific needs and objectives.
What are some key considerations when negotiating a service level agreement (SLA) with a network support provider?
A well-defined SLA is crucial for a successful outsourcing partnership. Focus on these points:
· Clear uptime guarantees and penalties for any downtime exceeding those thresholds.
· Expected response times for different IT issues, ensuring prompt resolution to minimize business disruptions.
· Transparent reporting and communication guidelines to ensure you stay informed about the health and performance of your network.
· Your partner's security protocols and their responsibilities in the event of a security breach.
