When you think of investing smartly you might be thinking about real estate, stocks or the latest technology startups. However, another option that pays both immediate and long-term dividends is cybersecurity. This critical investment can safeguard your business from costly cyberattacks, and also prevent expensive fines and loss of trust among customers. However, it’s important to understand that cybersecurity needs more than just tools, such as firewalls and anti-virus software. It’s also important to implement best practices like limiting access to sensitive information to those who need it, encrypting, and securing, as well as focusing on the human firewall since nearly 90% of security breaches are caused by human error.
While it’s tempting to cut spending on cybersecurity in these uncertain times, it is important to remember that an ounce of prevention is worth a pound cure. It’s also more cost-effective to invest in prevention than spend money on cleanup and recovery from data breaches. Many cybersecurity investments also result in other benefits by cutting down on regulatory penalties, and avoiding reputational damage.
Investment banks should have strong data security standards to protect the financial data of their customers and investors ensure compliance with regulations and ensure the integrity of their internal processes. This includes implementing encryption in transit and at the rest, setting up an firewall, securing data, and ensuring that only the authorized individuals are allowed access.