Data security and smart investments are essential to the growth of a company. Cybersecurity is essential for a variety of reasons, including defending against cyberattacks, delaying costly regulatory fees and penalties as well as gaining back the trust of customers. In times of uncertainty for the economy it is tempting to cut back on cybersecurity expenditures. However, an ounce is worth a pound when it comes to securing your business. It is much more cost-effective to invest in prevention rather than spending on the aftermath of an incident and then recovering.

While most purchase banks have sophisticated security frameworks in place however, a strong and effective defense requires more than just tools like firewalls or anti-virus software. It is also essential to implement best practices to add layers of security, starting with ensuring only those with a need-to know basis have access to information, up until the encryption and authentication.

It is also essential for investment banks to recognize the value of investing in the human security. About 90% of breaches are the result of human error, regardless of accident, intent or negligence. Companies can avoid security incidents by creating an effective, safe working environment and by training their employees to be more alert.