Your Trusted IT Partner for the Financial Services Industry
At Connectability, we know that you want to be a trusted, respected leader in the financial services industry.
To achieve that, you need secure systems, uninterrupted access to client data, and proactive support from technology experts who understand the unique challenges of your industry, such as meeting ever-changing compliance requirements, safeguarding sensitive financial data, and ensuring seamless client service during critical reporting or transaction periods.
The problem is, unresponsive IT providers, network issues, and the increasing complexity of cyberattacks make you feel vulnerable, anxious, and overwhelmed. These challenges can expose sensitive data to malicious actors, result in regulatory fines, and negate client trust which is the key to your business success.
We believe you shouldn’t have to worry about whether your IT systems can handle evolving compliance demands, whether your IT provider will respond promptly to security incidents, or whether you’re adequately protected from cyber threats targeting financial firms.
At Connectability, we understand the compliance burdens, client confidentiality, and operational pressures financial firms face. That’s why we’ve spent the last 30 years developing IT services tailored to your industry. Our solutions are designed to ensure data security, regulatory compliance, and operational continuity for financial service providers – all while acting as a trusted partner with guaranteed response times and solutions to protect your operations.
Here’s how we do it:
Step 2
We Conduct a Confidential and Non-Disruptive Assessment to Deliver A Report Of Findings And a Customized Action Plan
Step 3
We Help You Implement the Plan and Protect Your Operations with Ongoing Support
So, schedule your risk assessment consultation today. And in the meantime, download our free report, “The Toronto Business Owners’ Guide to IT Support Services and Fees,” so you can stop worrying about costly security breaches, regulatory penalties, and client dissatisfaction caused by IT issues. Instead, enjoy the confidence of knowing your IT systems are secure, compliant, and designed to support your business growth.
Why Strong IT Security Matters in the Financial Services Industry
Data Privacy & Regulatory Compliance
Canada’s financial sector faces strict data privacy laws like PIPEDA and OSFI’s Guideline B-10, requiring institutions to safeguard sensitive customer information. Non-compliance can lead to severe fines and reputational damage.
- Canadian banks must protect sensitive financial data and prevent unauthorized access.
- Non-compliance with PIPEDA can result in fines up to $100,000 per violation.
- Financial institutions must also secure third-party vendor access to prevent supply chain vulnerabilities.
Source: Office of the Privacy Commissioner of Canada
Financial Fraud & Identity Theft Threats
- Rising Financial Fraud & Identity Theft Threats
- Financial institutions in Canada remain prime targets for fraud and identity theft, with cybercriminals using tactics like phishing, account takeovers, and malware to gain access to financial systems.
- Fraud-related losses in Canada exceeded $500 million in 2023.
- Tactics like unauthorized wire transfers, fake invoices, and credit card fraud are on the rise.
- Real-time fraud detection powered by AI and behavioral analytics is essential for risk reduction.
Source: Canadian Anti-Fraud Centre
Cloud Security Risks
As more financial institutions migrate to cloud-based infrastructure, the risk of data breaches and compliance failures grows.
- Protecting data in transit and at rest with strong encryption is critical under PIPEDA.
- Managing multi-cloud environments increases the attack surface, requiring stronger identity and access management (IAM) controls.
- OSFI’s Guideline B-13 emphasizes the need for strict cybersecurity controls when handling financial data in the cloud.
Source: OSFI Guideline B-13
Data Breach Costs
According to the 2024 IBM Cost of a Data Breach (CODB) report, the average cost of a data breach in the financial sector has reached $6.08 million, an increase of 22% from the global average of $4.88 million. 40% of data breaches involved data stored across multiple environments. Breached data stored in public clouds incurred the highest average breach cost at USD 5.17 million.
Partner with Connectability for Reliable Managed IT Support in Toronto
Your business deserves an IT partner who not only understands your needs but also works proactively to keep your technology running at its best. With Connectability’s Managed IT Services, you gain access to expert support, advanced cybersecurity, and strategic IT consulting tailored to your goals.
Let us take the complexity of IT off your plate so you can focus on growing your business. Contact Connectability today to discover how our Managed IT Services can transform your technology into a competitive advantage.
You can also reach us by calling 416-966-3306 or at [email protected].
FAQ’s
How can you help financial firms stay compliant with data privacy laws?
We provide proactive cybersecurity solutions, including data encryption, secure backups, and regular compliance audits aligned with Canadian regulations to ensure your data protection measures meet industry standards.
What cybersecurity protections do you offer to prevent cyber attacks targeting the financial service industry?
Our services include advanced threat detection, endpoint security, real-time monitoring, and other advanced toolsets to identify suspicious activity early. We also offer employee security awareness training to reduce human error leading to fraud incidents.
How do you protect sensitive financial data stored in the cloud?
We ensure cloud environments are secured with multi-factor authentication, encryption for data at rest and in transit, and regular security assessments. Our team ensures compliance with PIPEDA and OSFI B-13 standards for cloud security.
Do you offer disaster recovery services for financial institutions?
Yes, we provide comprehensive business continuity and disaster recovery (BCDR) plans, including regular backups, rapid recovery protocols, and ongoing testing to minimize downtime in the event of a cyber incident or system failure.
How quickly can you respond to a cybersecurity incident?
We offer 24/7 monitoring with rapid incident response to address critical threats as they emerge. Our team prioritizes financial institutions for faster resolution times, ensuring minimal disruption to your operations.
Can you help assess the security of our third-party vendors?
Absolutely. We conduct thorough third-party risk assessments, including security audits and compliance checks, to ensure your vendors meet the same security standards you do.