You might think of stocks, real estate or even startups in the field of new technology when you think of smart investments. However, another investment that will yield both instant and long-term rewards is cybersecurity. This essential investment can protect your business from costly cyberattacks as well as prevent costly fines and loss in trust from customers. It’s essential to understand that cybersecurity is more than firewalls and anti virus software. It’s also important to implement best practices, such as restricting access to sensitive information only to those who require it, encrypting and securing, in addition to focusing on the human firewall because more than 90% of security incidents are the result of human error.
In these uncertain times, it may be tempting to reduce cybersecurity spending but it’s important to keep in mind that ensuring compliance in an ever-changing tech landscape prevention is more effective than treating. It’s far more cost-effective to invest in prevention instead of paying for the cleanup and recovery after a data breach. In addition that many cybersecurity investments pay off in other ways such as reducing regulatory fines and avoiding damaging reputational damage.
Investment banks must have strong security standards for data protection to safeguard the financial data of their customers and investors ensure compliance with regulations and ensure the integrity of their internal processes. This includes implementing encryption in transit and in rest as well as setting up firewalls and blocking data, ensuring only the right individuals can access the data, performing regular deep checks, and looking over everything every day.
