Smart investments and strong data security are crucial to a business’ success. Cybersecurity is important for many reasons, such as protecting against cyberattacks, avoiding costly regulatory fees and penalties as well as gaining back the trust of customers. While it may seem tempting to reduce the cost of cybersecurity in times of economic crisis, an ounce of protection is worth a pound cure. It is more cost effective to invest in prevention rather than spending on the prevention of an incident and recovery.
While most purchase banks have intricate cybersecurity frameworks however, a strong and effective defense requires more than just tools like firewalls and anti-virus software. It is also important to adopt best practices that add layers of security, starting with ensuring only those with a need-to know basis have access to the data until the encryption and authentication.
It is also important that investment banks understand the importance of investing in human firewalls. Almost 90% of breaches are the result of human error, regardless of accident, negligence or even intent. They can reduce the risk of security breaches by creating an effective, safe work environment and training their employees to be more cautious.