Why Financial Services Firms Can't Afford Generic IT Support
Financial services firms operate under a level of scrutiny that most industries simply don't face. Whether you're running a boutique wealth management practice, an independent financial advisory firm, or a mid-sized accountancy business, your IT infrastructure isn't just a convenience — it's a compliance asset or a liability, depending on how well it's managed.
In 2026, the regulatory landscape continues to tighten. The FCA has sharpened its focus on operational resilience, data governance, and third-party supplier risk. DORA (the Digital Operational Resilience Act) now applies to many UK-aligned financial entities. And cyber threats targeting financial data have become more sophisticated, more frequent, and far more costly to recover from.
This guide is designed to help UK financial services decision-makers understand what good IT support actually looks like in this environment — and what to demand from any provider you work with.
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The Regulatory Framework You Need to Understand
FCA Operational Resilience Rules
Since March 2022, FCA-regulated firms have been required to identify their important business services, set impact tolerances, and demonstrate they can remain within those tolerances during severe but plausible disruptions. By March 2025, firms needed to have tested those tolerances — and now they must maintain and evidence ongoing resilience.
What this means practically: your IT systems, backup processes, disaster recovery plans, and incident response procedures all need to be documented, tested, and reviewable. A managed IT provider supporting financial services needs to understand this — not just keep the lights on.
DORA Compliance for UK Firms
While DORA is an EU regulation, many UK financial firms with European operations, clients, or third-party relationships fall within its scope. DORA mandates rigorous ICT risk management frameworks, incident reporting timelines, digital operational resilience testing, and oversight of third-party ICT providers.
For firms subject to DORA, your IT support partner is technically a third-party ICT provider — which means their processes, security standards, and contractual arrangements are now part of your compliance picture.
GDPR and Financial Data
Financial services firms handle some of the most sensitive personal data imaginable — income details, investment portfolios, pension information, credit histories. The ICO continues to investigate and fine firms for inadequate data security. Strong access controls, encryption, audit logs, and data retention policies aren't optional extras for FCA compliance IT support — they're baseline requirements.
The Cyber Threat Landscape in 2026
Financial services remains one of the most targeted sectors for cybercrime globally. In the UK specifically, the NCSC has repeatedly highlighted the sector as a primary target for:
- Ransomware attacks — often delivered via phishing emails or unpatched vulnerabilities
- Business email compromise (BEC) — fraudulent instructions to transfer funds or change payment details
- Supply chain attacks — compromising IT vendors or software providers to gain access to multiple clients
- Credential stuffing — using leaked login data to access client portals and internal systems
For managed IT for wealth managers and advisory firms, a single breach can destroy client trust built over decades — and trigger FCA notifications, ICO investigations, and potential fines simultaneously.
What IT Support for Financial Services Should Actually Include
Too many financial firms are running on IT support contracts designed for generic SMEs. Here's what financial services-specific IT support should look like in practice:
1. Cyber Essentials Plus as a Minimum
Cyber Essentials is a UK government-backed scheme, but the Plus level — which involves independent verification — should be the minimum standard for any firm handling financial data. Your IT provider should not only hold this certification themselves but actively support you in achieving and maintaining it.
2. Multi-Factor Authentication Across All Systems
This is non-negotiable. MFA should be enforced on email, cloud platforms, VPNs, client portals, and any system holding financial or personal data. At Coreitech, we routinely find that newly onboarded financial services clients have gaps in MFA coverage — often on legacy systems that have been overlooked for years.
3. Endpoint Detection and Response (EDR)
Traditional antivirus is no longer sufficient. EDR tools provide continuous monitoring of devices, detecting behavioural anomalies that signature-based tools miss. Every device connecting to your network — including remote workers' laptops — needs this coverage.
4. Documented Disaster Recovery and Business Continuity Plans
Your IT support provider should be able to produce clear documentation of your backup schedules, recovery time objectives (RTOs), recovery point objectives (RPOs), and the steps taken in the event of a critical system failure. This documentation may be requested during an FCA review.
5. Regular Vulnerability Scanning and Patching
Unpatched systems are one of the leading causes of successful cyberattacks. Financial services IT infrastructure should be subject to regular automated scanning for vulnerabilities, with a defined and enforced patching schedule — not ad hoc updates when someone remembers.
6. Role-Based Access Controls and Privileged Access Management
Not every member of staff needs access to every system. Proper access controls limit the blast radius of a compromised account and are a core requirement for both FCA compliance and GDPR. Your IT support team should be actively helping you map and manage access rights.
7. Security Awareness Training
The human element remains the most exploited vulnerability. Staff should receive regular, updated training on phishing recognition, password hygiene, and safe handling of sensitive data. This should be tracked and evidenced — particularly relevant for regulated firms.
Choosing the Right IT Partner: Questions to Ask
If you're evaluating IT support for accountancy firms or financial advisory businesses, ask any prospective provider these questions directly:
- Do you have experience working with FCA-regulated firms?
- Can you provide documentation to support our operational resilience obligations?
- What is your own cyber security certification status?
- How do you handle data processed on our behalf under GDPR?
- What is your incident response process, and what are your notification timelines?
- Can you support us with DORA-aligned third-party risk documentation?
If a provider struggles to answer these confidently, they're not the right fit for a financial services environment.
London Financial IT Support: Why Sector Expertise Matters
General-purpose IT support companies can keep printers working and reset passwords. That's not enough for firms operating under FCA oversight. You need a provider who understands the regulatory context, speaks the language of compliance, and can translate technical decisions into business and risk terms that your leadership team, auditors, and regulators can follow.
London financial IT support providers with genuine sector experience will proactively flag risks before they become incidents, help you build the evidence trail regulators expect, and act as a genuine partner to your compliance and risk functions — not just a break-fix helpdesk.
Take the Next Step
If you're reviewing your IT infrastructure for financial services ahead of an audit, regulatory review, or simply because you know your current setup isn't fit for purpose — now is the right time to act.
Coreitech works with financial services firms across London and the UK, providing managed IT support built around the compliance and security requirements of regulated businesses.
Speak to the team today: 📞 0203 834 9728 📧 sales@coreitech.co.uk 🌐 coreitech.co.uk