Data security and smart investments are vital to the success of a business. From securing against cyberattacks, to preventing pricey penalties and fees from regulatory agencies, as well as regaining customer trust cybersecurity should never be considered an afterthought. While it may seem tempting to reduce the amount of money spent on cybersecurity during times of economic crisis However, an ounce is worth a pound cure. It is far more cost effective to invest in prevention rather than spending on the prevention of an incident and recovery.

While many purchase banks have sophisticated cybersecurity frameworks however, a strong and effective defense requires more than just tools like firewalls and anti-virus software. It also requires the use of best practices to safeguard the data from attack by putting in layers of defense, including ensuring access to data according to a need-to know basis to encryption and authentication.

It is also essential that investment banks recognize the importance of investing in a human firewall. Human error is the reason behind the majority of breaches, regardless of whether it’s an accident, negligence or intentional. These companies can prevent security incidents by creating a safe, efficient workplace and training their employees to be more alert.

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