Security of data and smart investments go hand-in-hand to ensure business safety 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 an ounce of cure and it’s much more cost-effective to invest in prevention rather than paying for cleanup and recovery.
Investment banks typically have sophisticated security systems in place, including firewalls and anti virus software. However, it is crucial to keep in mind that a successful cybersecurity plan requires much more than these tools. It also involves best practices like allowing access to sensitive information only on a»need-to-know» basis security, encryption, and authentication. It is also essential that financial institutions invest in a human firewall since almost 90% of breaches are the result of employee error.
Investment banks can improve their data security strategies, as well as avoiding cyberattacks. This is possible through implementing technology like blockchain. This technology boosts security by encrypting data both at rest and in transit and making it inaccessible to unauthorized users. It also allows businesses to keep track of their assets and secure these assets, helping them prevent data loss and other serious results.
Many financial institutions still struggle with the possibility that sensitive information on investors or customers could be lost. This could happen when employees use their work devices outside the office, join offsite meetings, or choose to work from home. By implementing solutions like DLP investment banks are able to apply their data protection policies regardless of whether the device is connected to the company network, a public or home WiFi or not connected to the Internet at all.