Data security and smart investments work in tandem to ensure safety for business and establish trust between the company and its customers. Although it might be tempting to reduce cybersecurity spending during times of economic uncertainty, an ounce of prevention is definitely worth the cost of a pound of treatment – and it’s much cheaper to invest in preventative measures 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 important to remember that a successful strategy for cybersecurity requires more than these tools. It also requires best practices such as allowing access to sensitive information only on a”need to know” basis, encryption and authentication. It is also essential that financial institutions recognize the importance of investing in the human firewall because nearly 90% of data breaches result from errors made by employees.
Investment banks can boost their data security strategies, in addition to stopping cyberattacks. This is achievable by implementing technologies like blockchain. Blockchain technology data-centric strategies driving success enhances security by encrypting information at stationary and while in transit, making it unreadable to unauthorized users. It also lets businesses monitor their assets and secure their assets, allowing them to prevent the loss of data and other harmful consequences.
Many financial companies struggle with the risk of losing sensitive customer or investor information. This could happen when employees use their work devices out of the office, take part in offsite meetings, or choose to work from home. Investment banks can enforce their data protection policies regardless of whether the device is connected to a corporate network or public WiFi, or home WiFi, or connected at all.
