Nathaniel Gravel, GraVoc’s Director of Information Security, recently spoke with Massachusetts Banker Magazine about the increasing necessity for banks of all sizes to outsource their IT and data security services to companies such as GraVoc. The article, “Above and Beyond: Building Success Through Outsourcing,” notes that as banks struggle to keep up with developments in technology that make it difficult to stay abreast of emerging threats and compliance requirements, they often turn to outside partners to handle security and regulatory concerns. Gravel refers to this as a “team approach” in which an outside firm is able to fulfill the role of several full-time jobs. This is usually a more cost-effective solution for community banks and credit unions.
The article cites a recent survey of financial services and other industries in which 60% of respondents considered outsourcing to be a standard practice, and 76% of those respondents currently outsource information technology services. The bank representatives interviewed in the Massachusetts Banker article cite cost-effectiveness, supplementing skills of internal staff, and enhancing customer experience as key reasons for outsourcing IT services. The article ultimately concludes that outsourcing is no longer an option but a necessity for financial institutions, stating that “Without question, community banks need to look above and beyond their own institutions to keep pace with technology, compliance, customers’ expectations and competition.” To read the full article, please visit http://www.massbankers.org/content.aspx?id=13283
For more information about how GraVoc can help you with your information security needs please visit us at www.gravoc.com.