Smart investments and strong data security are essential to a company’s success. From securing against cyberattacks to avoiding costly penalties and fees imposed by regulators as well as building trust with customers security should never be considered a last-minute consideration. In times of uncertainty for the economy it is tempting to reduce cybersecurity expenditures. However, an ounce is worth more than a pound when it’s to safeguarding your company. It is more cost-effective to invest in prevention than focusing on the prevention of an incident and recovery.

Most purchase banks have sophisticated cybersecurity frameworks, but a robust and efficient defense requires more than tools such as firewalls and anti-virus. It is also crucial to implement best practices that add layers of protection, from making sure only those who have the need to know are able to https://24tradeway.com/how-to-use-operational-review-templates-properly/ access data up until the encryption and authentication.

It is also essential for investment banks to understand the value of investing in the human firewall. About 90% of breaches are due to human error, be it through accident, intent or negligence. By establishing an efficient, secure workplace and educating employees to be more vigilant, businesses can stop security incidents from happening in the first place.