Smart investments and data security are a perfect match to ensure safety for businesses and build trust between the business and its customers. It may be tempting to reduce cybersecurity expenditures during times of economic uncertainty. However prevention is always better than cure and it’s much more efficient to avoid incidents rather than paying for cleanup and recovery.

Although banks with investment accounts typically have sophisticated security protocols in place that include firewalls and anti-virus software, it’s essential to keep in mind that a successful cybersecurity strategy requires more than just tools like those. It also includes best practice such as limiting access to sensitive data only to those who need it, encryption and authentication. It’s also crucial that financial institutions recognize the importance of investing in a human firewall since nearly 90% of data breaches are caused by employee error.

In addition to avoiding cyberattacks, investment banks can increase their security measures for data by implementing new technologies like blockchain. This technology boosts security by encrypting data at stationary and while in transit, making it unreadable to unauthorised users. It also lets businesses keep track of their assets and secure their assets, allowing them to avoid data loss and other potentially dangerous results.

Many financial institutions are still struggling with the fear that sensitive information on investors or customers could be lost. This could happen when employees work from outside of the office, attend offsite meetings, or even opt to work at home. Investment banks can implement their data protection policy regardless of whether the device is connected to a company network, public WiFi, home WiFi, or is not connected at all.

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