Industry guide

Managed IT Services for Financial Services Firms

Financial services firms — wealth managers, RIAs, insurance agencies, accounting firms, credit unions, and banks — face some of the most demanding IT and cybersecurity requirements of any industry. Regulatory frameworks, client data obligations, and the high-value nature of financial data make this sector a prime target and a high-compliance environment simultaneously.

Regulatory Frameworks Your MSP Must Know

• SEC Cybersecurity Rule — Investment advisers and broker-dealers must adopt written cybersecurity policies, conduct annual reviews, and report significant incidents
• FINRA Requirements — Data retention, access controls, and cybersecurity obligations for broker-dealers
• SOC 2 Type II — Many financial services firms require their MSP to hold SOC 2 certification, and some require it of vendors as well
• Gramm-Leach-Bliley Act (GLBA) — Safeguards Rule requires financial institutions to protect customer financial data
• NY DFS Cybersecurity Regulation (23 NYCRR 500) — Stringent requirements for financial companies operating in New York
• PCI DSS — For any firm processing payment card transactions

What Financial Services MSPs Must Deliver

• Written information security program (WISP) development and maintenance
• Annual cybersecurity risk assessments
• SOC 2-compliant operations and documentation
• Data encryption at rest and in transit
• Multi-factor authentication across all systems
• Email archiving compliant with SEC/FINRA retention requirements
• Privileged access management (PAM)
• Incident response planning and tabletop exercises
• Vendor due diligence documentation support

Financial IT Pricing

Expect to pay a premium for financial services-specialized MSPs: typically $150–$280 per user per month for fully managed services including compliance support. The higher cost reflects the regulatory expertise, documentation requirements, and elevated security tooling required in this sector. This is not the place to cut costs on IT.