Secure data and smart investments security are a unified march toward success, guaranteeing the safety of your business and building confidence in the relationship between business and customer. While it may be tempting to cut back on cybersecurity spending during times of economic uncertainty, a pound of prevention is well worth a pound of cure – and it’s much more cost-effective to invest in the prevention of incidents than for cleanup and recovery.
Although banks with investment accounts typically have sophisticated security strategies in place that include firewalls and anti-virus software, it’s essential for them to understand that a successful strategy for cybersecurity requires more than tools such as those. It also includes best practices such as limiting access to sensitive information only to those who require it, as well as encryption and authentication. It is also essential that financial institutions recognize the importance of investing https://24tradeway.com/ in a human firewall, as nearly 90% of data breaches are caused by employee error.
In addition to avoiding cyberattacks Investment banks can also boost their data protection efforts through the use of technologies like blockchain. This technology increases security by encrypting data at the point of storage and during transit and making it inaccessible to unauthorized users. In addition, it enables companies to monitor and secure their assets, allowing them to avoid data loss and other grave consequences.
Many financial institutions still struggle with the possibility that sensitive information about customers or investors could be lost. This can happen when employees use work devices outside of the office, participate in offsite meetings or even choose to work from home. Investment banks are able to apply their privacy policies to data regardless of whether the device is connected to a corporate network or public WiFi, or home WiFi, or connected at all.