Effective investments and solid data security are vital for a company’s success. From securing against cyberattacks to avoiding costly penalties and fees imposed by regulators as well as getting the role of data security in wealth management back the trust of customers cybersecurity should never be considered a last-minute consideration. Although it is appealing to cut down on spending on cybersecurity during times of economic stress however, an ounce of security is worth a pound cure. It is much more cost-effective to invest in prevention than spending on containing an incident and recovering.
The majority of purchase banks have advanced cybersecurity systems, but an effective and robust defense requires more than tools like firewalls and antivirus. It also requires the implementation of best practices that protect data from attack by adding layers of protection, from ensuring access to data according to a need-to know basis to encryption and authentication.
It is also vital that investment banks understand the importance of investing in human firewalls. Nearly 90% of security incidents are caused by human error, be it through mistake, intention or negligence. By establishing a secure working environment and by educating employees to be more vigilant, companies can prevent security breaches from happening in the first place.
Leave A Comment