Effective investments and robust data security are a tandem march toward success, guaranteeing security for your business and establishing confidence in the relationship between business and customer. It’s tempting to cut down on cybersecurity expenditures during times of economic uncertainty. But prevention is more effective than cure and it’s more economical to prevent the occurrence of an incident than pay for cleanup and recovery.

Investment banks usually have sophisticated security system in place, like firewalls and anti virus software. However, it’s important to remember that a successful security strategy requires more than these tools. It also includes best practice like limiting access to sensitive data to those who require it, and ensuring that the data is encrypted and authenticated. It is also essential 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 potential cyberattacks Investment banks can boost their security measures for data through the use of technologies like blockchain. This technology increases security by encrypting information at both in transit and at rest, making it unreadable to non-authorized users. Additionally, it permits businesses to track and secure their assets, helping them avoid data loss and other grave consequences.

Many financial institutions struggle with the how to use operational review templates properly danger of losing sensitive customer or investor information. Employees can lose sensitive data when they take their devices out of the office, attend meetings offsite or work at home. With the help of solutions like DLP, investment banks can continue to enforce their data protection policies regardless of whether the device is connected to the company network, a public or home WiFi, or is not connected to the Internet at all.