When you think of investing smartly you might be thinking of stocks, real estate or the latest technology startups. Another investment that will yield both instant and long-term rewards is cybersecurity. This essential investment can protect your company from costly cyberattacks, and also prevent expensive fines and loss of trust from customers. It’s crucial to realize that cybersecurity requires more than just tools such as firewalls and antivirus software. It is essential to follow the best practices, for example, restricting sensitive information to those who need it. Secure encryption, authentication and focusing on the “human firewall” are also vital.
Although it may be tempting to cut spending on cybersecurity in these uncertain times, it’s important to keep in mind that an ounce of prevention is worth a pound of cure – and it’s far more cost-efficient to invest in preventative measures than to pay for the cleanup and recovery from the aftermath of a data breach. Many cybersecurity investments yield benefits in other ways, such as decreasing regulatory penalties and avoid damage to reputation.
Having strong data security standards is vital for investment banks to safeguard their customers’ and investors financial information, abide with the regulations, and ensure the integrity of their internal procedures. This means using encryption both in transit and in the rest of the data as well as setting up firewalls and scrambling data, making sure only the right people access the data, performing regular thorough checks, and keeping an eye over their operations every single day.
