Smart investments and strong data security are a step towards success, ensuring the safety of your business and building confidence in the relationship between business and customer. It may be tempting to cut back on cybersecurity investments during times of economic uncertainty. However prevention is more effective than cure, and it’s more effective to avoid incidents than pay for cleanup and recovery.
Investment banks typically have advanced security systems in place, including firewalls and anti virus software. However, it is important to remember that a successful cybersecurity strategy requires much more than these tools. It also incorporates best practices such as allowing access to sensitive information only on a”need-to know” basis, encryption and authentication. It’s also important that financial institutions invest in a human firewall as nearly 90% of breaches are the result of errors made by employees.
In addition to avoiding potential cyberattacks investment banks can enhance their data security efforts by implementing technology like blockchain. This technology increases security by encrypting information in transit and at rest, making it unreadable to unauthorized users. It also allows businesses to monitor their assets and secure them, enabling them to prevent data loss and other serious results.
Many financial institutions are still struggling with the risk long-term investment that sensitive information about customers or investors could be lost. This could happen when employees take work devices outside of the office, attend offsite meetings or even choose to work from home. Investment banks can enforce their privacy policies to data regardless of whether the device is connected to a corporate network or WiFi network, a public one, home WiFi, or is not connected at all.
