Secure data and smart investments security are a tandem march towards success, providing the safety of your business and building trust in the business-customer relationship. While it may be tempting to cut down on cybersecurity expenditures during times of economic uncertainty, an ounce of prevention is definitely worth the cost of a pound of treatment – and it’s far more cost-effective to invest in preventing incidents rather than paying for cleanup and recovery.
While banks that are investment-oriented typically have sophisticated security frameworks with firewalls and anti-virus software, it’s essential for them to understand that a successful strategy for cybersecurity requires more than tools such as those. It also includes best practices like allowing access to sensitive information only on a need-to-know basis security, encryption, and authentication. It is also crucial that financial institutions invest in a human firewall, as almost 90% of breaches are caused by employee error.
In addition to protecting themselves from potential cyberattacks, investment banks can increase their data protection efforts by implementing new technologies like blockchain. This technology increases security by encryption of information in transit and at rest, rendering it unreadable for unauthorized users. Additionally, it permits businesses to track and secure their assets, allowing them to avoid data loss as well as other negative consequences.
Many financial companies struggle with the possibility of losing sensitive customer or investor information. This could happen when employees use their work devices outside of the office, attend offsite meetings, or choose to work at home. By implementing solutions like DLP investment banks can continue to implement their data security policies regardless of whether the device is connected to the company network or a home or public WiFi or not connected to the Internet at all.
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