When you think of investing smartly you might be thinking of real estate, stocks, or new technology startups. Cybersecurity is another investment that will yield both immediate and long-term dividends. 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 virus software. It’s also important to implement the best practices such as restricting access to sensitive data only to those who require it, encrypting, and securing, as well as focusing on the human firewall as almost 90% of security incidents are the result of human error.
In these uncertain times, it could be tempting to cut smart investments and strong data security back on cybersecurity spending, but it’s important to be aware that prevention is better than a cure. It is far more economical to invest in prevention rather than paying for cleanup and restoration following a data breach. In addition that many cybersecurity investments result in other benefits including reducing fines imposed by regulatory authorities and avoiding damaging reputational damage.
Investment banks should have strong data security standards to protect the financial information of their clients and investors adhere to regulations and ensure the integrity of their internal processes. This includes implementing encryption in transit and in rest and setting up firewalls, the scrambling of data, making sure only the right people can get in, doing regular deep checks, and observing over their operations every single day.