Financial Services

Financial Services IT Landscape

Secure technology systems are critical in the financial services industry. Effective solutions must protect customers’ personally identifiable information (PII), such as Social Security numbers and banking details. Protecting this valuable data makes banks, credit card companies, credit unions and investment firms high-profile targets for cyberattacks and security breaches.

However, as technology advances rapidly, some finance companies find it challenging to keep up with these ongoing changes. The inability to adapt creates opportunities for hackers to compromise sensitive data. Beyond incurring a negative brand image and losing customer loyalty, the finance industry risks significant financial loss, with the average cost of a security breach at $5.86 million for the industry. Given these risks, more than 35% of chief financial officers (CFOs) state cybersecurity as their primary business concern.

Fortunately, you can access the professional assistance you need to optimize your information technologies (IT). Morefield offers IT services for financial services companies, helping our clients enhance their IT network security to improve customer experiences and keep up with industry demands. We are a full-service technology partner dedicated to helping businesses reduce the costs of acquiring and managing technologies.

Challenges the Finance Industry Faces

Financial service providers must overcome these cybersecurity challenges:

  • Frequent and persistent attacks: Cyberattacks are frequent since the financial industry manages both money and PII. According to a Proxyrack report, finance is the third most-targeted industry for data breaches. Hackers may attempt to divert funds from an institution into their account or steal Social Security numbers and bank account information.
  • Strict regulatory compliance: Due to the frequency of attacks, the finance industry faces some of the most stringent cybersecurity requirements, with new rules published regularly. The financial services industry must meet strict compliance requirements, and financial security teams face significant pressure to achieve compliance or risk costly fines and losses.
  • Banking technology advancements: Financial advancements such as peer-to-peer (P2P) payments and mobile apps make banking convenient for customers. However, this technology also increases the industry’s attack vector and vulnerabilities.

Looking for IT Support in the financial services industry?

We Can Help

Our IT Services for Financial Services Companies

Address your financial services company’s IT needs with Morefield’s robust and advanced managed IT services. By choosing our company as your cybersecurity partner in financial services, you’ll have access to our trusted solutions. We assist clients with regulatory and internal compliance, decreases in human error and developmental gains. Our services include:

  •       Security: Financial institutions are required to protect their customers’ data, regardless of their location. We can help you protect your clients’ sensitive information from breaches with finance cybersecurity services that secure your systems with disaster recovery solutions, risk assessments, authentication services and virus monitoring. These services improve your security stance to reduce the risk to your company. We also offer physical security solutions like access control, closed-circuit television (CCTV) and situation monitoring for your facility.
  •       Managed IT and networking: Through our managed IT services for finance, we handle all your IT responsibilities. Our fully managed services cover several areas — such as IT infrastructure life cycle management, branch connectivity and unlimited IT support assistance — to ensure smooth operations for your organization. Your company can realize lower operational costs and higher employee efficiency through managed services.
  •       Unified communications: Companies with multiple communication platforms struggle to correspond with team members effectively. We solve this issue by integrating all your communication technologies — such as email, telephone, video and voicemail — into a single platform for simpler and more efficient communications. Your customers can contact you more easily, and your team can provide better customer service.

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Why Choose Morefield for Finance Managed IT Services?

Morefield will serve as a true partner in your organization’s success. We understand the financial industry’s challenges and provide solutions to improve cybersecurity, IT management, communications and other essential facets of your operations. We invest our time, efforts and resources in helping financial services companies like yours protect critical data while complying with industry regulations.

With over 75 years of industry experience, we leverage our superior knowledge and skills to expertly identify, install, maintain and repair the most valuable modern technologies for your financial institution. Our team also delivers exceptional customer service for the best experience possible.

Invest in Your Companies’ Cybersecurity

You can improve your financial company’s IT with managed IT services from Morefield. Our nimble company delivers a wide range of products and services, fast turnaround times and prompt support to protect your institution against advanced attacks and enhance your security posture.

Contact us to get started with our services today!


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