Competitive pressure is particularly high in the banking industry, forcing financial institutes to continually improve their products and services to retain customers who are as disloyal as ever. From an IT perspective, this means processes, tools and data cannot suffer failures, as any issue might have a direct, undesired impact on business. The implementation of reliable and performing IT Service Management (ITSM) solutions is thus absolutely essential for banks, as their success depends on the best possible service levels to support internal workflows and deliver great customer service.

With EU General Data Protection Regulation, Network and Information Security (NIS) Directive Payment Service Directive (PSD2) entering into force, a renewed spotlight is being placed on cybersecurity and the integrity, availability, authenticity and confidentiality of data. We need to consider 2017 was one of worst years in terms of cybercrime, with about 500 billion dollars of damages and a record number of attacks at global level. Stakes for the banking industry are really high, as it doesn’t only deal with business, but might compromise the stability of the overall payment and financial system, as well as trust relationships enabling it.

To improve security levels, banks are more and more integrating ITSM with ISMS (Information Security Management System), Incident Management and SIEM (Security Information and Event Management) tools. The goal is to realize what experts call ‘the cyber-physical security’, a virtuous model ensuring an overall protection to single retail offices, departments and teams, preventing unauthorized access to corporate systems and data, minimizing cyber attack risks and enabling security intelligence.

Beyond granting system integrity, data protection and legal compliance, such a model also favors innovation, both providing business teams with effective IT services, and reinforcing customers’ consideration and preference. Ideally, this closes the loop, having ITSM as a strategic business lever for growth-oriented financial institutes.

Author: Sabis Chu, IT Technology Evangelist at KRIU