Secure data and smart investments security are a perfect pair towards success, providing security for businesses and building trust between the business and its customers. Although it can be tempting to cut down on cybersecurity expenditures during times of economic uncertainty, an ounce of prevention is worth an ounce of cure and it’s cheaper to invest in preventing incidents rather than paying for cleanup and recovery.
Although investment banks typically have sophisticated security systems with firewalls and antivirus software, it’s vital to note that a successful strategy for cybersecurity requires more than just tools like those. It also involves the best practices for granting access to sensitive information only on a need-to-know basis as well as encryption and authentication. It’s also important that financial institutions invest in the human firewall since almost 90% of data breaches are the result of employee error.
Investment banks can enhance their data protection efforts, in addition to protecting themselves from cyberattacks. This is achievable through implementing technology like blockchain. This technology improves security by encryption of information in transit and at rest, rendering it inaccessible to unauthorised users. It also allows businesses to identify their assets and protect them, enabling them to avoid data loss and other serious outcomes.
Many financial institutions still struggle with the risk that sensitive information about customers or investors could be lost. This can happen when employees work from outside of the office, participate in offsite meetings, or choose to work from home. By implementing solutions like DLP investment banks can continue to enforce their data protection 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 unlock the potential of m&a tools for successful integration at all.