Smart Investments and Strong Data Security
Security of data and smart investments go hand-in-hand to ensure the safety of business and establish trust between the business and its customers. Although it might be tempting to reduce cybersecurity spending in times of economic uncertainty, an ounce of prevention is more than one pound of cure and it’s far more cost-efficient to spend on prevention rather than paying for cleanup and recovery.
Investment banks typically have advanced security system in place, like firewalls and anti-virus software. However, it’s crucial to keep in mind that a successful cybersecurity plan requires much more than these tools. It also requires best practices like restricting access to sensitive data to those who need it, encryption and authentication. Additionally, it’s vital that financial institutions comprehend the importance of investing in a human firewall as almost 90% of data breaches result from errors made by employees.
As well as avoiding potential cyberattacks, investment banks can increase their security measures by implementing new technologies like blockchain. Blockchain technology enhances security by encrypting data both at the point of storage and during transit, making it unreadable to non-authorized users. Additionally, it permits businesses to monitor and protect their assets, helping them avoid data loss and other serious consequences.
Many financial organizations still struggle with the risk of losing sensitive investor or customer information. Employees are at risk of losing sensitive data when they use their work-related devices away from the office, attend meetings offsite or work at home. By implementing solutions like DLP, investment banks can continue to enforce their data protection policies regardless of whether a device is connected to the company network, a public or home WiFi, or is not connected to the Internet at all.