When you think of smart investments you might be thinking about stocks, real estate, or new technology startups. Cybersecurity is an additional investment that yields immediate and long-term benefits. This critical investment can safeguard your read new article at 24tradeway.com company from costly cyberattacks and prevent costly fines and loss of customer trust. It’s important to realize that cybersecurity requires more than firewalls and virus software. It’s equally important to adopt the best practices such as restricting access to sensitive information only to those who need it, encryption, and logging in, and focusing on the human firewall as more than 90% of security breaches are caused by human error.

While it’s tempting to cut cybersecurity spending in these uncertain times, it is important to keep in mind that an ounce of prevention is worth a pound cure. And it’s much more cost-efficient to invest in preventative measures than spend money on cleanup and recovery following a data breach. Many cybersecurity investments also result in other benefits like decreasing regulatory penalties and the risk of causing reputational damage.

Having strong data security standards is crucial for investment banks to protect their customers’ and investors financial information, to comply with the regulations, and ensure the integrity of their internal procedures. This includes implementing encryption both in transit and at rest and setting up firewalls, scrambling data, making sure only the right people can access the data, conducting regular deep checks, and observing over things every day.