Data security and smart investments work in tandem to ensure safety for businesses and build trust between the business and its customers. While it may be tempting to reduce cybersecurity spending in times of economic uncertainty, a pound of prevention is well worth the cost of a pound of treatment – and it’s cheaper to invest in preventative measures rather than paying for cleanup and recovery.
While banks that are investment-oriented typically have sophisticated security systems that include firewalls and anti-virus software, it’s important to note that a successful strategy for cybersecurity requires more than tools such as those. It also incorporates the best practices for granting access to sensitive information only on a”need-to know” basis, encryption and authentication. It’s also crucial that financial institutions realize the importance of investing in the human firewall, as nearly 90% of data breaches result from employee error.
As well as avoiding potential cyberattacks, investment banks can increase their security measures for data by implementing technologies such as blockchain. This technology increases security by encrypting data while it is in transit and at rest, making it unreadable to anyone who is not authorized. It also allows businesses to monitor their assets and secure them, helping them to avoid the loss of data and other harmful consequences.
Many financial institutions still struggle with the https://24tradeway.com/how-to-use-operational-review-templates-properly/ fear that sensitive information about investors or customers could be lost. Employees can lose sensitive data when they take their devices out of the office, go to meetings offsite or work at home. By implementing solutions such as DLP, investment banks can continue to apply their data protection policies regardless of whether a device is connected to the company network, a public or home WiFi connection, or not connected the Internet at all.