Smart Investments and Strong Data Security

Investments in smart technology and solid data security are a perfect pair towards success, ensuring security for your business and establishing confidence in the relationship between business and customer. While it may be tempting to cut back on cybersecurity spending in times of economic uncertainty, a pound of prevention is more than one pound of cure and it is much cheaper to invest in preventative measures rather than paying for cleanup and recovery.

Investment banks usually have sophisticated security systems in place, which include firewalls and anti-virus software. However, it’s crucial to keep in mind that a successful cybersecurity strategy requires much more than these tools. It also involves the best practices for granting access to sensitive information only on a need-to-know basis, encryption and authentication. Furthermore, it is essential that financial institutions realize the importance of investing in a human firewall, as nearly 90% of breaches result from errors made by employees.

In addition to avoiding cyberattacks Investment banks can boost their data protection efforts through the use of technologies like blockchain. This technology improves security by encryption of information in transit and at rest, making it unreadable for unauthorized users. It also lets businesses track their assets and secure them, enabling them to prevent data loss and other serious consequences.

Many financial institutions still struggle with the risk that sensitive information about investors or customers could be lost. This could happen when employees use work devices outside of the office, attend offsite meetings or even choose to work at home. Investment banks can implement their data protection policy regardless of whether the device is connected to a company network, public WiFi, home WiFi, or is not connected at all.

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