When you think of investing smartly, you may be thinking about real estate, stocks, or new technology startups. Cybersecurity is an additional investment that yields immediate and lasting rewards. This investment is crucial to protect your business from costly cyberattacks, and also prevent costly fines and loss in confidence in your customers. But, it’s essential to recognize that cybersecurity requires more than just tools such as firewalls and anti-virus software. It’s also important to implement best practices such as limiting access to sensitive information only to those who require it, encrypting and logging in, and focusing on the human firewall, as nearly 90% of security incidents are the result of human error.
While it might be tempting to reduce cybersecurity expenditures in these uncertain times, it is crucial to keep in mind that a pound of prevention is worth a pound of cure. And it’s much more cost-effective to invest in preventative measures than spend money on cleaning up and recovering from data breaches. Additionally the majority of cybersecurity investments can be repaid in other ways such as reducing fines for regulatory violations and avoiding damaging reputational damage.
Having strong data security standards is crucial for investment banks to safeguard their clients’ and investors financial information, to comply with regulations and ensure the integrity of their internal processes. This means using encryption both in transit and in rest as well as setting up firewalls and scrambling data, ensuring only the right people get in, doing regular thorough checks, and keeping an eye over everything every day.
unlock the potential of m&a tools for successful integration
POSTED BY
John Avery
30th August 2024
