Smart investments and data security are a perfect match to ensure safety for businesses and establish trust between the company and its customers. Although it can be tempting to cut down on cybersecurity expenditures in times of economic uncertainty, an ounce of prevention is well worth the cost of a pound of treatment – and it’s far more cost-effective to invest in preventing incidents rather than paying for cleanup and recovery.

While banks that are investment-oriented typically have sophisticated security protocols with firewalls and anti-virus software, it’s important to note that a good cybersecurity plan requires more than just tools like those. It also includes best practices, such as allowing access to sensitive information only on a”need to know” basis as well as encryption and authentication. It is also essential that financial institutions invest in a human firewall, as almost 90% of security breaches are the result of employee error.

In addition to avoiding cyberattacks Investment banks can boost their m&a tools for comprehensive market analysis and competitor research data security efforts through the use of technologies like blockchain. This technology increases security by encrypting data both at both in transit and at rest, making it unreadable to non-authorized users. In addition, it enables businesses to keep track of and protect their assets, helping them avoid data loss and other severe consequences.

Many financial institutions still struggle with the fear that sensitive information on investors or customers could be lost. This can happen when employees work from out of the office, take part in offsite meetings or opt to work from home. Investment banks can implement their privacy policies to data regardless of whether the device is connected to a corporate network, public WiFi, home WiFi, or connected at all.