6 Reasons Why Financial Firms Need an IT Managed Service Provider (MSP)
There are few industries as heavily regulated – or as relentlessly targeted – as financial services. Between constantly evolving compliance requirements and constant cyber threats, staying ahead of both can feel like a full-time job. (And for many financial firms, it is.)
Finance consistently ranks among the top five industries most targeted by cybercriminals. Combine that with mounting pressure from clients and regulators alike, and it’s no wonder that data security remains a top concern for financial institutions.
So, where do you turn for help? A managed service provider (MSP).
In this post, we’ll break down six key ways MSPs can help secure financial firms – plus what to look for when choosing the right partner for your business.
Let’s dive in.
1. Top-tier Cybersecurity
Few targets are more appealing to cybercriminals than financial firms. When a business handles money, it naturally attracts those looking to exploit vulnerabilities. It’s no surprise, then, that two-thirds of all financial institutions faced cyberattacks in 2024.
With such a high level of threat, defending against these attacks without help isn’t realistic – especially for smaller firms.
Enter the MSP.
Leading MSPs don’t just install antivirus software and call it a day. They deploy advanced, 24/7 monitoring tools, regular backups, and full-scale disaster recovery plans (more on that shortly). Because any true cybersecurity expert understands: security isn’t a one-time fix – it’s a layered, evolving ecosystem.
When a firm partners with an MSP, they’re not just getting a shield. They’re getting a fortress – and an experienced crew who knows how to hold to line.
2. Compliance Management
Most financial firms know how important it is to stay on top of regulations. Fall out of compliance, and you could be looking at hefty fines, reputational damage, and a higher risk of cyberattacks.
But let’s be real – there are a lot of rules to keep up with: SOX, FINRA, GLBA, PCI DSS, and much more. It’s no surprise that many smaller financial firms feel overwhelmed or burnt out trying to stay ahead.
That’s where MSPs come in.
Simply put, MSPs are compliance pros. Most of their cybersecurity tools help with compliance, and their advanced monitoring makes it way easier to prep for audits. No more scrambling to find documentation or worrying about hidden gaps in your systems – your MSP already has it covered.
Even better, MSPs stay on top of changing regulations. They don’t just know what’s required now – they keep an eye on what’s coming and can help you plan ahead with compliance roadmaps and updates.
When it comes to something as serious as compliance, it’s worth having a partner who really knows their stuff – and any top-tier MSP definitely does.
3. Cost Savings
Budget-conscious financial firms might look at an MSP’s monthly fee and wonder, “Why not just pay when something breaks?”
Because the break-fix model doesn’t work anymore – not in today’s complex tech environment.
MSPs offer a smarter alternative: predictable, flat-rate pricing. Many, like The 20 MSP, offer bundled packages that include monitoring, backups, updates, support and more. This means paying one stable rate each month without any surprise invoices.
Even more important? MSPs help prevent downtime by keeping everything running exactly as it should be. Because IT isn’t just about fixing problems – it’s about stopping them before they start.
4. Cloud Computing
The cloud’s here to stay – with over 98% of organizations worldwide using cloud services, and for good reason. The cloud makes data storage simple and collaboration easy. But cloud computing isn’t plug-and-play – it can be a serious process, especially when it comes to your first migration.
MSPs are uniquely positioned to help financial firms like yours make the move to the cloud. They’ve got the overhead, the experience, and the tech to plan exactly what you need, how to get there, and how to do it right.
For the financial firms that are either just getting started or looking to optimize their current setup, an MSP can make the process smoother, safer, and a whole lot less stressful.
If you’d like to know more about the cloud, we’ve got an entire blog series on it – check it out.
5. Disaster Recovery
Let’s face it – sooner or later, something’s going to go wrong. Very wrong. Maybe it’s a fire in the building. Maybe it’s ransomware locking down your files. For financial firms handling sensitive data, the stakes couldn’t be higher.
When disaster strikes, you need more than hope. You need a proven recovery plan – and an MSP will make sure that plan is robust, well-tested, and crystal-clear.
With extensive backups, on-site support, and hardware replacements, an MSP will get you back up and running as fast and as safely as possible.
Because every movement you’re down is money lost.
6. Improved Customer Experience
Most people think of IT as a behind-the-scenes service. But the truth is, it has a big impact on your clients’ experience.
MSPs help keep your tech in tip-top shape by maintaining systems, applying updates during off-hours, and preventing downtime before it happens.
It’s simple: financial firms with faster, more secure, and easier-to-use systems run better for your team and your clients.
How Do You Choose
So, we’ve convinced you to partner with an MSP. Great! But now comes the big question: how do you actually find the right one? Here are a few things to look for:
1. Check Their Expertise
Do they understand the finance industry – really understand it? Your MSP should be familiar not just with big-picture challenges, but with the day-to-day problems that financial firms deal with on the job.
2. Ask About Their Security
Be direct. Ask what security tools they use and how they protect your systems.
Don’t just take their word for it. Do a little homework. Look up any tools they mention. See how those tools stack up against what other MSPs use – and what’s recommended for financial firms specifically.
You’re trusting them with sensitive data. Make sure they take that responsibility with the utmost seriousness.
3. Look at Their Compliance Commitment
Are they up to speed on the regulations financial firms face? And more importantly, can they prove it?
For example, The 20 MSP recently earned SOC 2 certification – an extremely rigorous security standard that very few MSPs achieve. MSPs are guardians of numerous businesses’ data. Is yours fully committed to keeping everything compliant and secure?
4. Do They Offer 24/7 Support?
Tech doesn’t sleep, and neither should your MSP. The best ones are true 24/7/365 services. If they don’t, keep looking.
5. Do They Train Their Customers?
Your IT folks shouldn’t be the only ones in the know. The best MSPs train their clients on security awareness, internal systems, and everyday best practices.
Or You Could Just Call Us
We check every box for financial firms: industry expertise, strong security, compliance know-how, round-the-clock support, and hands-on employee training – all wrapped into one truly flat-rate package.
No surprise invoices. No games.
With over 40 acquisitions under our belt, we’ve brought together some of the best minds in the business. If you’re looking for a trusted IT partner who knows their stuff – let’s chat.
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About The 20 MSP
As a leading provider of managed IT services, The 20 MSP serves thousands of businesses nationwide, providing each one with white-glove service, secure and streamlined IT infrastructure, and 24/7/365 support. We believe in building lasting relationships with clients founded on trust, communication, and the delivery of high-value services for a fair and predictable price. Our clients’ success is our success, and we are committed to helping each and every organization we serve leverage technology to secure a competitive advantage and achieve new growth.
