Xamin, a leading provider of managed IT services for highly regulated and reputation-sensitive companies, announced today 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.
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.
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.”
To learn more about the “Rise in the Remote Workforce” series or to download the latest whitepaper, visit Xamin’s website.
Founded in 1999, Xamin offers industry leading managed IT services to financial institutions as well as other highly regulated and reputation-sensitive industries. The organization provides a suite of technology solutions including infrastructure, security, cloud, data protection and professional services. Xamin specializes in transforming IT to a revenue driving capability for an organization rather than a cost and compliance challenge. Its consultative, “white glove” approach ensures its services meet the needs of the customer and auditors. Xamin has committed annually to the examination and reporting of controls in a service organization under the SOC2 Type II certification. For more information, visit www.xamin.com.