Smart investments and strong data security are a perfect pair towards success, providing security for your business and establishing trust between the business and its customers. Although it can be tempting to cut down on cybersecurity expenditures in times of economic uncertainty, an ounce of prevention is more than one pound of cure and it’s far more cost-effective to invest in preventing incidents rather than paying for cleanup and recovery.
Investment banks usually have sophisticated security systems in place, such as firewalls and anti virus software. However, it’s crucial to keep in mind that a successful cybersecurity strategy requires more than these tools. It also incorporates best practices like allowing access to sensitive information only on a”need-to-know” basis and encrypting the information with authentication. It is also essential that financial institutions invest in the human firewall, as almost 90% of security breaches are the result of employee error.
Investment banks can increase their data security strategies, in addition to being able to avoid cyberattacks. This is possible through implementing technology like blockchain. This technology increases security by encrypting data while it is in transit and at rest, rendering it unreadable for unauthorized users. It also lets businesses identify their assets and protect them, enabling them to prevent data loss and other negative consequences.
Many financial institutions still struggle with the risk that tech integration techniques for holistic growth confidential information about investors or customers could be lost. This can happen when employees take work devices outside of the office, attend offsite meetings, or even opt to work from home. By implementing solutions such as DLP, investment banks can continue to enforce their data protection policies regardless of whether the device is connected to the company network, a public or home WiFi connection, or not connected the Internet at all.
