Smart investments and data security go hand in hand to ensure safety for business and build trust between the company and its customers. While it may be tempting to cut back on cybersecurity spending read new article at 24tradeway.com during times of economic uncertainty, an ounce of prevention is definitely worth one pound of cure and it’s much cheaper to invest in preventing incidents rather than paying for cleanup and recovery.
Investment banks usually have sophisticated security systems in place, such as firewalls and anti-virus software. However, it is important to remember that a successful cybersecurity strategy requires 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 crucial that financial institutions invest in the human firewall, as almost 90% breaches are caused by employee error.
Investment banks can boost their security measures for data, in addition to protecting themselves from cyberattacks. This is possible through implementing blockchain-related technologies. Blockchain technology enhances security by encrypting data during transport and at rest, rendering it inaccessible to unauthorised users. It also allows businesses to keep track of their assets and secure them, enabling them to avoid data loss and other negative consequences.
Many financial institutions are still struggling with the possibility of losing sensitive customer or investor information. This is a problem when employees take work devices outside of the office, participate in offsite meetings, or 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 WiFi network, a public one, home WiFi, or is not connected at all.