Smart Investments and Strong Data Security

Investments in smart technology and solid data security are a tandem march toward success, guaranteeing security for businesses and building trust in the business-customer relationship. While it is tempting to cut down on cybersecurity expenditures during times of economic uncertainty, an ounce of prevention is definitely worth a pound of cure – and it’s cheaper to invest in preventing incidents rather than paying for cleanup and recovery.

Although investment banks typically have sophisticated security systems in place, which include firewalls and antivirus software, it’s vital to keep in mind that a good cybersecurity plan requires more than tools such as those. It also involves best practices, such as allowing access to sensitive information only on a need-to-know basis, encryption and authentication. It’s also crucial that financial institutions recognize the importance of data-centric strategies driving success investing in the human firewall since nearly 90% of security breaches result from errors made by employees.

In addition to protecting themselves from potential cyberattacks investment banks can enhance their security measures by implementing technology like blockchain. This technology increases security by encryption of information in transit and at rest, rendering it unreadable for unauthorized users. It also allows businesses to keep track of their assets and secure these assets, helping them prevent the loss of data and other harmful outcomes.

Many financial institutions still struggle with the risk that sensitive information about investors or customers could be lost. This could happen when employees work from outside the office, join offsite meetings, or even opt to work from home. Through the use of solutions such as DLP investment banks are able to implement their data security policies regardless of whether a device is connected to the company network, a public or home WiFi connection, or not connected the Internet at all.