IT maintenance and support for financial service providers and banks: the key to compliance and competitiveness

The financial sector is undergoing constant change, driven by Digitalization, new competitors (FinTechs) and an increasingly stricter Regulatorics. For banks and other financial service providers, the IT infrastructure is no longer just a supporting tool, but the heart of the entire business. It is the direct contact point to the customer, the basis for all transactions and the guarantee for compliance with legal requirements.

In this highly sensitive environment, a reactive IT strategy that only intervenes in a failure is not portable. Professional, proactive IT maintenance banks and comprehensive support are essential to ensure 24/7 availability, protect sensitive customer data and meet the complex regulatory requirements. This article highlights in detail the advantages and specific applications why managed services in the financial sector are now a necessity and no luxury.

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The unique challenges of financial IT

The financial sector differs from almost any other industry by the critical nature of its data and the extremely high requirements for safety and availability. These factors create unique challenges for IT departments.

Strenge Regulatory Requirements (DORA, MaRisk, BaFin)

Compliance is the biggest and most expensive challenge for financial institutions. The supervisory authorities, such as the BaFin in Germany, place extremely high requirements for digital operational resilience with rules such as the MaRisk (minimum requirements for risk management) and the new EU regulation DORA (Digital Operational Resilience Act).

> " Fourthly, each bank must modernise its IT infrastructure as necessary and ensure the necessary security of the systems." [1]

DORA aims to strengthen the resilience of the entire European financial sector against cyber incidents. This means for banks:

• Regular and strict tests of IT systems.

• Comprehensive management of ICT third-party risks (outsourcing).

• Detailed reporting on serious ICT incidents.

A specialized IT support is essential to ensure Compliance financial service provider. It ensures complete documentation, carries out the necessary patches and updates in a timely manner and supports in creating the required resilience and emergency plans.

The EU regulation DORA, which is fully applicable from 2025, requires financial institutions to consider the digital operational resilience holistic. This includes four central pillars where an external IT partner can significantly support:

1. ** ICT risk management:** Building a robust framework for identifying, measuring and controlling ICT risks.

Two. ** Establishing clear processes for classification and sc