In financial services today, smooth digital operations are as important to the success of a business as the financial products it offers. Even though the financial services industry is undergoing rapid digital transformation in product offerings, an astounding 45% of financial services firms have low maturity in their own IT service management (ITSM).
Encompassing incident response, management, and monitoring, ITSM is an essential set of processes and procedures that enables IT teams to efficiently deliver technology solutions that are both effective and efficient throughout the entire organization. ITSM is essential for collaboration, innovation, and risk management in the digital era.
As a result, many organizations across industries are in the process of adopting flexible tools to support agile workflows, with many—if not most—choosing Atlassian tools. But for financial services organizations, this process can be tricky, due to regulatory compliance requirements, internal governance, and the high-stakes need to protect data and retain customer trust.
So how can financial institutions maintain security and trust as they migrate from legacy IT tools to modern solutions? Contegix’s own migration to Atlassian tools from a legacy system gave us a first-hand look at the process. By following these best practices, financial services institutions can benefit from all the innovation and collaboration that agile tooling has to offer, while lowering risk, keeping themselves and their customers safe.
Evaluate Current ITSM Setup and Plan Ahead
Any ITSM transition starts with an evaluation process. First, IT leaders should evaluate the organization's existing ITSM maturity level. This assessment will help identify gaps, strengths, and areas of improvement within current IT processes, which are easiest to address prior to configuration of the new tool. Understanding the starting point will enable the IT team to develop a targeted transition plan and set realistic goals for the implementation of Atlassian ITSM tools.
Second, before embarking on any transition, financial services businesses must conduct a thorough risk assessment. Identify potential security vulnerabilities and understand the impact they may have on critical systems and data. This assessment should encompass the existing IT infrastructure, and the method of data transfer being used. An external partner can assist in this evaluation and make recommendations for reconfigurations during transition to the new tool.
Plan for Data Migration and Integration
Data migration is a complex part of the transition process, and one which can introduce enormous vulnerabilities if mishandled. IT teams must develop a comprehensive plan to ensure a smooth transfer of data from legacy systems to Atlassian tools. As part of this plan, teams can explore the many options for integrating Atlassian tools with existing systems to maintain a seamless workflow and avoid disruption to critical business operations.
It goes without saying, but IT teams must prioritize data security at each step in the process, attending to encryption needs. Atlassian offers zero-trust encryption capabilities. Teams should that sensitive information, both in transit and at rest, is properly encrypted using industry-standard protocols, to avoid the risk of data breaches and lack of customer trust. When implementing external plugins, leverage Atlassian's security information available in the marketplace or integrate with trusted encryption solutions.
Ongoing Monitoring and Incident Response
Maintaining a vigilant approach to security requires continuous monitoring and proactive incident response. Establish an incident response plan that outlines the steps to be taken in the event of a security incident and conduct regular drills to ensure preparedness, and leverage Atlassian's incident management and tracking capabilities to facilitate efficient resolution.
Atlassian tools are built with compliance, security, and risk mitigation in mind. Atlassian also provides a library of materials to help organizations bolster their security monitoring strategy, and offers transparent insight into their own incident management practices.
Opportunity for Risk—and for Transformation
Transitioning from legacy ITSM platforms to Atlassian tools presents financial services businesses with an opportunity to enhance security while harnessing advanced capabilities. However, like any software change that requires the transfer of data, the process of transition can create critical vulnerabilities.
Following these best practices will help organizations plan ahead, mitigating the risk inherent in transition. To bolster security and compliance, consider working with an experienced, knowledgeable external partner, who can design custom solutions, configure and manage new tools, and even handle data migration with in-house experts. By adhering to best practices, organizations can maintain data security, ensure compliance, and uphold customer trust throughout the transition.
Reach out to Contegix today to learn more about Contegix’s support for financial services companies.