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Smart Investments and Strong Data Security
Smart investments and data security go hand in hand to ensure the safety of business and build trust between the company and its customers. It may be tempting to reduce cybersecurity spending in times of economic uncertainty. However prevention is always better than cure and is more effective to avoid incidents than spending money for cleanup and recovery.
Investment banks typically have sophisticated security system in place, like firewalls and anti-virus software. However, it’s crucial to keep in mind that a successful security strategy requires much more than these tools. It also requires 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 comprehend the importance of investing in a human firewall because nearly 90% of data breaches are due to employee error.
Investment banks can enhance their data security strategies, in addition to being able to avoid cyberattacks. This is possible by implementing blockchain-related technologies. This technology improves security by encrypting data both at rest and in transit, making it unreadable to anyone who is not authorized to use it. It also allows businesses to keep track of their assets and secure these assets, helping them prevent data loss and other negative outcomes.
Many financial institutions are still struggling with the fear that sensitive information on investors or customers could be lost. Employees could lose sensitive data when they use their work-related devices out of the office, attend meetings outside of the office or work from home. By implementing solutions such as 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.