Secure data and smart investments security are a perfect pair toward success, ensuring the safety of your business and building confidence in the relationship between business and customer. Although it might be tempting to cut back on cybersecurity spending during times of economic uncertainty, an ounce of prevention is well worth a pound of cure – and it’s much more cost-efficient to spend on preventing incidents rather than paying for cleanup and recovery.

Although investment banks typically have sophisticated security protocols that include firewalls and anti-virus software, it’s crucial to note that a good cybersecurity plan requires more than just tools like those. It also incorporates the best practices for granting access to sensitive information only on a”need to know” basis security, encryption, and authentication. It’s also crucial that financial institutions understand the importance of investing in a human firewall since nearly 90% of data breaches result from employee error.

In addition to avoiding potential cyberattacks, investment banks can increase their security measures for data through the use of technologies like blockchain. Blockchain technology enhances security by encrypting data both at the point of storage and during transit, making it unreadable to unauthorized users. It also lets businesses identify their assets and protect these assets, helping them prevent data loss and other negative outcomes.

Many financial institutions are still struggling with the possibility of losing sensitive customer or investor information. Employees are at risk of losing sensitive data when they use their laptops or other devices out of the office, go to meetings offsite unlock the potential of m&a tools for successful integration or work at home. Investment banks can implement their privacy policies to data regardless of whether the device is connected to a company network, public WiFi, home WiFi, or is not connected at all.