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Effective investments and robust data security are a step towards success, providing security for your business and establishing trust in the business-customer relationship. It’s tempting to cut down on cybersecurity investment during times of economic uncertainty. However prevention is better than cure, and it’s more efficient to avoid incidents rather than paying for cleanup and recovery.
Investment banks often have sophisticated security systems in place, such as firewalls and anti virus software. However, it’s important to remember that a successful cybersecurity plan requires more than these tools. It also requires best practices such as limiting access to sensitive information only to those who require it, encrypting and authenticating. Additionally, it’s vital that financial institutions recognize the importance of investing in the human firewall, as nearly 90% of data breaches are caused by employee error.
In addition to avoiding potential cyberattacks investment banks can enhance their data protection efforts by implementing technology like blockchain. This technology improves security by encrypting information in transit and at rest, rendering it unreadable to anyone who is not authorized. It also lets businesses track their assets and secure these assets, helping them prevent data loss and other potentially dangerous consequences.
Many financial institutions struggle with the risk that confidential information on investors or customers could be lost. Employees could lose sensitive data when they take their devices out of the office, go to meetings offsite or work at home. Investment banks can enforce their privacy policies to data regardless of whether the device is connected to a company network or WiFi network, a public one, home WiFi, or connected at all.
