Security of data and smart investments are vital to the success of a business. From protecting against cyberattacks to preventing pricey regulatory fees and penalties, as well as getting back the trust of customers, cybersecurity ensuring compliance in an ever-changing tech landscape should never be considered an afterthought. In times of economic uncertainty it is tempting to reduce cybersecurity expenditures. However the truth is that every ounce counts as an ounce when it comes to protecting your business. It is more cost effective to invest in prevention rather than focusing on containing an incident and recovering.
Although most purchase banks have complicated security frameworks in place, a robust and effective defense requires more than tools like firewalls and anti-virus software. It also requires the implementation of best practices that protect your data from attacks by adding layers of protection, ranging including ensuring access to data on a need-to-know basis to encryption and authentication.
It is also crucial that investment banks recognize the importance of investing in human firewalls. Almost 90% of incidents are caused by human error, regardless of accident, intent or negligence. These companies can prevent security breaches by establishing an effective, safe work environment and training their employees to be more cautious.