Managed IT service provider launches whitepaper to help financial institutions create a safe, secure and complia
Xamin, a leading provider of managed IT services for highly regulated and reputation-sensitive companies, announced the availability of the second whitepaper in its five-part series, “Rise of the Remote Workforce: SOC Certified Technology Partners Are No Longer A Recommendation, But A Necessity.” In the whitepaper, Xamin assesses financial institutions’ security concerns regarding work-from-home options and explains the importance of technology providers obtaining SOC certifications.
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Utilizing technology partners to help protect financial institutions’ data has become increasingly important as the remote workforce expands and the threat of attack to community banks and credit unions continues to grow. According to Banking Dive, “Financial services companies have more to lose – both in reputation and customer base – than do other businesses.”
In fact, two-thirds of consumers reported they would switch to a competitor if an institution’s detection and response times were ineffective or too slow. To combat these challenges, financial institutions must hold technology partners accountable by requiring providers to obtain a SOC certification – ensuring the services provided are secure and effective.
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To address these security concerns, Xamin’s latest whitepaper explores the need for higher standards for institutions’ technology partners – providing business leaders with more confidence when entrusting critical data to an outside IT management provider. Additionally, the whitepaper assesses security challenges and threats facing financial institutions; defines the AICPA’s trust principles; details the SOC 2 certification process; and explores the need for better oversight, accountability and compliance.
“Our whitepaper explains how banks and credit unions must hold technology providers to the highest security standards in order to truly protect consumer data, ensure accountability for end-to-end risk and be positioned for optimal detection and response,” said Jonathan Smith, President and CEO of Xamin. “Whether your employees are back in the office or working remotely, using a SOC certified technology provider is no longer just a recommendation – it is a necessity.”
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