Effective investments and robust data security are a tandem march toward success, guaranteeing the safety of your business and building trust in the business-customer relationship. While it is tempting to cut back on cybersecurity spending in times of economic uncertainty, an ounce of prevention is worth an ounce of cure and it’s much cheaper to invest in preventing incidents rather than paying for cleanup and recovery.
Investment banks typically have advanced security systems in place, which include firewalls and anti-virus software. However, it is important to remember that a successful strategy for cybersecurity requires much more than these tools. It also incorporates best practices, such as allowing access to sensitive information only on a”need-to-know” basis security, encryption, and authentication. It’s also important that financial institutions invest in the human firewall since almost 90% of data breaches are the result of errors made by employees.
Investment banks can enhance their data security strategies, in addition to being able to avoid cyberattacks. This is achievable by implementing blockchain-related technologies. This technology improves security by encrypting data at both in transit and at rest, making it unreadable to unauthorized users. Additionally, it allows businesses to keep track of and protect their assets, allowing them to avoid data loss and other severe consequences.
Many financial institutions still struggle with the fear that sensitive data about customers or investors could be lost. This is a problem when employees use their work devices outside of the office, participate in offsite meetings or opt to work at home. Investment banks can implement their data protection policies regardless of whether the device is connected to a corporate network or public WiFi, home WiFi, or not connected at all.
read more to explore the future of data rooms and their evolving role in businesses