If you're in the financial industry, you know security isn't just important—it’s everything. From processing payments to managing sensitive digital assets, there’s zero room for error when it comes to keeping data safe.
Cybercriminals are always looking for ways to breach financial systems, and without strong IT service management (ITSM) practices, you’re practically opening the door and inviting them for a feast.
But security doesn’t have to be overwhelming—a solid ITSM strategy can help triage service requests from employees quickly, automate security measures, and ensure compliance with strict financial regulations.
In this guide, we’re breaking down the best ITSM practices to keep financial transactions and digital assets locked down tight—without making life harder for IT teams.
1. Keep Access Tight with Strong Identity Management
Not everyone in your organization needs access to sensitive financial data, and frankly, the fewer people who have it, the better. Implementing strong identity and access management (IAM) controls ensures that only the right people can access the right systems at the right time.
Multi-factor authentication (MFA) should be non-negotiable—it’s an easy way to block unauthorized access. Regular access reviews help make sure permissions stay up-to-date, and role-based access control (RBAC) limits users to just what they need, reducing the risk of insider threats.
If access management feels like a headache, integrating ITSM tools with IAM solutions is the way to go. For instance, Siit’s integration with Okta can make it a breeze by automating identity verification and security policies.
2. Don’t Let Security Patches Fall Through the Cracks
No one likes dealing with software updates, but skipping them is like leaving the front door unlocked. Unpatched software is a hacker’s dream, and financial institutions can’t afford to take that risk.
The easiest way to stay on top of updates?
Automate your patch management so that security fixes are applied as soon as they’re available—without disrupting critical operations. A good ITSM platform helps track vulnerabilities, schedule updates efficiently, and make sure no system is left exposed.
This isn’t just about security—it’s about keeping IT teams sane by eliminating the constant stress of manual updates.
3. Use AI and Automation to Stay One Step Ahead of Fraud
Hackers and fraudsters are getting smarter, which means financial organizations need to get even smarter. AI-powered ITSM tools can detect suspicious patterns in financial transactions, flagging anything that looks off before it becomes a serious problem.
By integrating AI into your ITSM workflow, you can spot fraud attempts in real time, cut down false positives, and automate responses to security threats. This not only strengthens security but takes some of the pressure off IT teams, allowing them to focus on bigger issues rather than chasing false alarms all day.
4. Encrypt Everything—No Exceptions
If financial data isn’t encrypted, it’s vulnerable—plain and simple. End-to-end encryption ensures that even if data is intercepted, it’s unreadable to unauthorized parties.
Using industry-standard encryption like AES-256 for transactions, secure APIs, and encrypted communication channels is a must for financial organizations. A good ITSM system should monitor encryption compliance and alert IT teams if anything isn’t up to par.
Bottom line: if data isn’t encrypted, you’re playing with fire. Lock it down.
5. Adopt a Zero-Trust Approach
The days of trusting everything inside your network are over. Zero trust security means exactly what it sounds like—trust no one, verify everyone. Instead of assuming internal users are safe, a zero-trust model continuously verifies identities, access permissions, and system requests.
For financial institutions, this means requiring continuous authentication, limiting access based on least privilege principles, and constantly monitoring for anomalies. If someone logs in from a new location or tries to access sensitive financial systems, they should have to prove they belong there—every single time.
6. Make Security Audits and Risk Assessments Routine
Security isn’t something you “set and forget.” Cyber threats evolve daily, which means financial organizations need to constantly test, review, and improve their security posture. Regular security audits and risk assessments help identify weaknesses before hackers do.
A good ITSM system automates security audits, tracks compliance, and generates reports for GDPR, PCI DSS, and SOX regulations. That means less manual work and more confidence that your organization is protected.
7. Have a Solid Disaster Recovery Plan
The harsh truth is—things go wrong. Whether it’s a cyberattack, a system failure, or just human error, having a disaster recovery plan can make the difference between a minor inconvenience and a full-scale meltdown.
Every financial institution should have a clear, well-documented recovery plan that includes:
- Automated backups that run regularly and securely.
- Failover mechanisms that minimize downtime.
- Clear steps for restoring systems quickly and efficiently.
If your ITSM system isn’t handling disaster recovery planning and testing, it’s time for an upgrade.
8. Lock Down Remote Access and Endpoints
With more financial professionals working remotely, endpoint security is more important than ever. Each laptop, mobile device, or external connection represents a potential entry point for cyber threats.
To keep financial transactions secure:
- Use endpoint detection and response (EDR) tools to monitor remote devices.
- Enforce secure VPN connections for remote workers.
- Regularly update and patch endpoint security software.
Your ITSM system should help track and manage endpoint security, ensuring every connected device meets security requirements before it accesses financial systems.
9. Automate Compliance Tracking and Reporting
Financial institutions don’t just have to be secure—they have to prove they’re secure. Compliance regulations require financial organizations to document security practices, track incidents, and generate audit reports.
Instead of scrambling to pull reports manually, automate compliance tracking through ITSM. That way, you can generate audit-ready reports in seconds, not days, and always stay ahead of regulatory requirements.
10. Make Security Awareness Part of Company Culture
Even with the best ITSM practices in place, security is only as strong as the people using it. Employees need to be aware of security threats, phishing scams, and best practices to keep financial data safe.
Regular security training, simulated phishing tests, and easy-to-access self-service security resources can make a huge difference in preventing human error-related security breaches.
ITSM is Your First Line of Defense
Securing financial transactions and digital assets isn’t optional—it’s a necessity. The right ITSM strategy helps automate security, enforce compliance, and give IT teams the tools they need to protect financial data without drowning in manual work.
By using identity management, AI-driven fraud detection, encryption, and automated compliance tracking, financial institutions can stay ahead of cyber threats while keeping operations running smoothly.
If you’re looking for an ITSM solution that simplifies security, Siit’s AI-powered ITSM is built to help financial organizations secure their operations while staying compliant—sign up for a free trial and see for yourself.
