Smart Investments and Strong Data Security

Smart investments and data security go hand in hand to ensure the safety of business and establish trust between the company and its customers. It may be tempting to reduce cybersecurity investment during times of economic uncertainty. But prevention is always better than cure, and it’s more efficient to avoid incidents rather than paying for cleanup and recovery.

Although banks with investment accounts typically have sophisticated security strategies that include firewalls and anti-virus software, it’s essential for them to remember that an effective cybersecurity strategy requires more than just tools like those. It also incorporates best practices, such as allowing access to sensitive information only on a »need to know » basis as well as encryption and authentication. It is also essential that financial institutions invest in a human firewall, as almost 90% breaches result from employee error.

In addition to avoiding potential cyberattacks investment banks can enhance their security measures through the use of technologies like blockchain. This technology improves security by encryption of data during transport and at rest, rendering it unreadable to unauthorized users. It also lets businesses monitor their assets and secure them, helping them to prevent data loss and other negative outcomes.

Many financial institutions are still struggling with the danger of losing sensitive investor or customer data. Employees can lose sensitive data when they use their work-related devices away from the office, go to meetings offsite or work at home. Investment banks are able to apply their data protection policies regardless of whether the device is connected to a corporate network or public WiFi, or home WiFi, or is not connected at all.

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