data-centric strategies driving success
You might think of real estate, stocks or the latest technology startups when you think about smart investments. However, another investment that will yield both instant and long-term returns is cybersecurity. This investment is crucial to safeguard your business from costly cyberattacks and fines, and loss of confidence from your customers. It is important to recognize that cybersecurity is more than firewalls and anti virus software. It’s equally important to adopt best practices, such as restricting access to sensitive information only to those who need it, encrypting and securing, in addition to focusing on the human firewall, as almost 90% of security breaches are the result of human error.
While it might be tempting to reduce cybersecurity spending in these uncertain times, it is crucial to remember that an ounce of prevention is worth a pound cure. And it’s much more cost-efficient to invest in preventative measures than spend money on cleanup and recovery after a data breach. Additionally, many cybersecurity investments pay off in other ways such as reducing regulatory fines and avoiding damaging reputational damage.
Strong data security standards is crucial for investment banks in order to protect their customers’ and investors financial information, to comply with regulations, and guarantee the integrity of their internal procedures. This means using encryption both in transit and at rest, setting up firewalls, blocking data, ensuring only the right people can be able to access it, performing regular deep checks, and watching over everything every day.