Data security and smart investments work in tandem to ensure safety for businesses and establish trust between the company and its customers. It’s tempting to reduce cybersecurity expenditures unlock the potential of m&a tools for successful integration during times of economic uncertainty. However, prevention is better than cure and is more effective to avoid incidents than pay for cleanup and recovery.
Investment banks typically have sophisticated security systems in place, such as firewalls and anti-virus software. However, it’s important to remember that a successful security strategy requires much more than these tools. It also includes best practice like restricting access to sensitive data to those who need it, and ensuring that the data is encrypted and authenticated. Furthermore, it is essential that financial institutions realize the importance of investing in the human firewall because nearly 90% of data breaches result from errors made by employees.
Investment banks can improve their data security strategies, as well as stopping cyberattacks. This is possible through implementing technology like blockchain. Blockchain technology enhances security by encrypting information at rest and in transit which makes it unreadable to unauthorised users. It also lets businesses monitor their assets and secure these assets, helping them avoid data loss and other serious results.
Many financial companies struggle with the possibility of losing sensitive investor or customer information. This can happen when employees take work devices outside of the office, attend offsite meetings or even choose to work from home. By implementing solutions such as DLP, investment banks can continue to enforce their data protection policies regardless of whether the device is connected to the company network or a home or public WiFi or not connected to the Internet at all.
