You might think of real estate, stocks or the latest technology startups when you think of smart investments. Cybersecurity is an additional investment that pays immediate and long-term dividends. This critical investment can safeguard your company from costly cyberattacks and prevent costly fines and loss in customer trust. It’s crucial to understand that cybersecurity requires more than firewalls and virus software. It’s equally important to adopt best practices like limiting access to sensitive data only to those who need it, using encryption, and logging in, and focusing on the human firewall because nearly 90% of security incidents are the result of human error.
In these uncertain times, it might be tempting to cut down on cybersecurity expenditures, but it’s important to be aware that prevention is better than treating. It’s far more economical to invest in prevention instead of spending money on cleanup and recovery after an incident. Many cybersecurity investments also pay off in other ways including decreasing regulatory penalties and avoid damage to reputation.
Investment banks should have strong data security measures to protect the financial information of their customers and investors ensure compliance with regulations and ensure the integrity of their internal processes. This means using encryption both in transit and in the rest of the data by setting up firewalls, scrambling data, making sure only the right people can access the data, conducting regular deep checks, and looking over everything every day.
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