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IT Security Just as Crucial for Community Banks and Credit Unions

Community banks and credit unions are the lifeblood of small towns around the country, providing their customers and members with the same financial services that the larger banks offer. Just as with the larger banks, small community banks and credit unions must keep their information secure, and they must accomplish that with much less capital investment than their larger counterparts.

Even in small communities, bank IT security administration takes place in an ever-changing landscape of new devices, new software, new vulnerabilities and new tools. As threats to computer security evolve, so do the practices and tools for IT security in banks. This diversity of computing devices significantly complicates bank IT security management and planning.
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Kaseya Monitors VMware Virtualization in Financial Industry Private Clouds

Financial institutions are transitioning to cloud computing with the goals of growing revenues, reducing costs and increasing responsiveness to risk. These are difficult times in the financial sector. Against a backdrop of uncertain economic growth, consumer distrust and increasing regulation, financial organizations are working to maintain a healthy bottom line and boost consumer confidence in their offerings.

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Faster Software Patches Means Better Bank IT Management and Happier Regulators

This blog post is based on a story by Shane Kite that originally appeared in Bank Technology News.

Manually updating 600 devices with the latest service packs, security patches and system changes had become unmanageable for IT administrators at Georgia Bank & Trust. The Augusta, Georgia based community bank just couldn’t keep up with the onslaught of system and security updates from Microsoft and Symantec.

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Banking IT Management: Fewer Tools, Vendors and Less Training

The majority of banks still employ multiple point products to manage their banking IT management systems. In fact, less than a third use a single, consolidated management solution to monitor their systems. Point products can help facilitate better availability of financial IT systems but require much more attention from administrators due to a ‘silo’ management strategy.

Hands-on maintenance of distributed banking IT management systems can be disruptive. Every software update, security scan and system remediation requires a bank’s users to stop working on their devices and wait for the maintenance or remediation to occur. Customers want to come in, conduct their transactions and be on their way. If tellers and bank officers can’t access critical banking systems, customer transactions can’t be made. This negatively impacts revenue, customer service and the bank’s reputation.

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3 Ways an Automated Financial IT Management Solution Creates Value

Large banks have been using an automated IT financial management solution for decades and today, an increasing number of small to midsized institutions are taking the same route as well in the interest of saving time, money and hassle. IT staff at community banks and credit unions are stretched thin in today’s ‘do more with less’ banking environment. Yet, many financial institutions continue to rely on time-consuming and error-prone manual processes for IT financial management tasks such as configuring and monitoring antivirus software, server hardening, verifying backups and patch reporting.

By automating IT tasks, financial institutions can enable their IT staff to focus on proactive, value-added systems management rather than putting out fires or performing redundant tasks. An automated IT financial management solution should include:

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Tackle IT Financial Management Issues Head On with Automation

It’s difficult for community banks, which typically have limited IT administration resources, to keep their systems up to date and running smoothly. IT financial management is a major pain point for any financial institution, especially small community banks that are growing and may not have the resources to maintain a large remote IT staff.

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