{"id":57365,"date":"2024-08-16T12:19:36","date_gmt":"2024-08-16T19:19:36","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/?p=57365"},"modified":"2025-02-17T23:09:38","modified_gmt":"2025-02-18T07:09:38","slug":"managed-cloud-services-banks-and-credit-unions","status":"publish","type":"post","link":"\/us\/en\/blog\/managed-cloud-services-banks-and-credit-unions\/","title":{"rendered":"Enhancing security and compliance in banking with managed cloud services"},"content":{"rendered":"

This is article #3 in the series on optimizing banking and credit union innovation and productivity through AI and cloud communications.\u00a0<\/em><\/p>\n

The threat of cyberattacks against banks and credit unions has never been more intense. According to KPMG research<\/a>, 84 percent of bankers expect cybersecurity risks to increase in the coming years, and 43 percent acknowledge that their organizations are inadequately prepared to protect customer data, privacy, and assets in the event of a cyberattack.<\/p>\n

Security incidents are also getting costlier. According to IBM\u2019s annual Cost of a Data Breach report, the average cost of a data breach for critical infrastructure has risen to $4.88 million. That\u2019s a 10% increase year over year and the highest number on record to date.<\/p>\n

Regulators are tightening their controls in response to these increased risks. The KPMG study found that 74 percent of risk management executives in the financial services sector expect that compliance risks will increase in parallel with cybersecurity risks.<\/p>\n

By partnering with the right technology platform providers, banks and credit unions can maintain a strong security posture, reducing the risk of costly security incidents, enhancing compliance, and ensuring that customers\u2019 financial data is secure.<\/p>\n

Managed cloud services offer a range of security benefits, including routine updates, security checks, and compliance with industry standards such as FINRA-regulated customer compliance\u00a0 requirements.<\/p>\n

<\/a>Unified communications as a service (UCaaS)<\/h2>\n

Even as banks and credit unions struggle to secure their systems and comply with evolving regulations, they must continuously strive to meet higher standards for customer experiences. Leveraging multiple communication channels, they endeavor to meet each client on their own terms. But as communication technologies evolve, these institutions must consider how such changes impact the cyber risk landscape.<\/p>\n

By adopting cloud communications, also known as Unified Communications as a Service (UCaaS)<\/a>, financial services get a holistic platform that offers voice, video meetings, messaging, file sharing, SMS texting, and more. This enables streamlined processes, enhanced productivity, improved collaboration, and better control over costs, and the communications data can be utilized in various AI tools<\/a> to improve productivity and customer experience.<\/p>\n

All of that translates to strong ROI<\/a>, positively impacting the bottom line. However, there are substantial benefits for security and compliance as well. In a highly regulated industry like banking, those benefits are strengthened by the additional advantages of managed cloud services.<\/p>\n

<\/a>The security advantages of managed cloud services<\/h2>\n

RingCentral\u2019s UCaaS solution enhances security for companies in the financial services sector in several ways:<\/p>\n