Smart Investments and Strong Data Security

Security of data and smart investments go hand-in-hand to ensure business safety and build trust between the company and its customers. It’s tempting to reduce cybersecurity investments during times of economic uncertainty. But prevention is more effective than cure, and it’s more effective to avoid incidents than spending money for cleanup and recovery.

Investment banks typically have advanced security system in place, like firewalls and anti-virus software. However, it’s crucial to keep in mind that a successful strategy for cybersecurity requires much business growth through strategic digital initiatives more than these tools. It also includes best practice like limiting access to sensitive information only to those who require it, and ensuring that the data is encrypted and authenticated. It is also essential that financial institutions comprehend the importance of investing in a human firewall as almost 90% of security breaches result from employee error.

Investment banks can improve their security measures for data, in addition to protecting themselves from cyberattacks. This is possible by using technologies such as blockchain. This technology increases security by encrypting information in transit and at rest, making it unreadable to unauthorized users. Additionally, it permits businesses to monitor and protect their assets, allowing them to avoid data loss and other grave consequences.

Many financial institutions are still struggling with the possibility that sensitive information about customers or investors could be lost. This is a problem when employees take work devices outside of the office, attend offsite meetings, or choose to work at home. Investment banks are able to apply their data protection policy regardless of whether the device is connected to a corporate network or public WiFi, or home WiFi, or is not connected at all.