You may think of real estate, stocks or new technology startups when you think of smart investments. Cybersecurity is another investment that pays immediate and long-term dividends. This critical investment can safeguard your business from costly cyberattacks and prevent expensive fines and loss of trust among customers. It’s important to realize that cybersecurity is more than firewalls and virus software. It’s also essential to adopt 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 breaches are caused by human error.
In these uncertain times it could be tempting to cut back on cybersecurity expenditures however, it’s important to keep in mind that prevention is more effective than treating. It’s far more cost-effective to invest in prevention instead of paying for the cleaning and recovery following a data breach. Additionally that a lot of cybersecurity investments pay off in other ways such as reducing regulatory fines and avoiding reputational damage.
Strong data security standards is crucial for investment banks to safeguard their clients’ and investors financial information, abide with regulations and ensure the integrity of their internal processes. This includes implementing encryption in transit and at the rest creating an firewall, securing data and making sure only the right people are allowed in.