Security of data and smart investments go hand in hand to ensure the safety unlock the potential of m&a tools for successful integration of business and build trust between the company and its customers. It’s tempting to cut back on cybersecurity investment during times of economic uncertainty. But prevention is always better than cure and it’s more cost-effective to prevent incidents rather than pay for cleanup and recovery.
Although investment banks typically have sophisticated security strategies that include firewalls and anti-virus software, it’s important for them to understand that a good cybersecurity plan requires more than just tools like those. It also includes best practice such as limiting access to sensitive data to those who need it, encrypting and authenticating. It is also crucial that financial institutions invest in a human firewall as nearly 90% of data breaches are the result of errors made by employees.
In addition to avoiding potential cyberattacks investment banks can enhance their data protection efforts by implementing technologies such as blockchain. This technology improves security by encrypting information at rest and in transit which makes it unreadable to non-authorized users. It also allows businesses to keep track of their assets and secure them, enabling them to prevent data loss and other potentially dangerous outcomes.
Many financial institutions are still struggling with the risk that sensitive information on investors or customers could be lost. Employees could lose sensitive data when they take their work devices away from the office, go to meetings offsite or work from home. Through the use of solutions such as DLP investment banks can continue to implement their data security policies regardless of whether a device is connected to the company network or a home or public WiFi network, or not connected to the Internet at all.
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