Smart investments https://24tradeway.com/how-to-use-data-room-software-to-leverage-your-due-diligence-team/ and data security are crucial to the success of a business. From securing against cyberattacks, to preventing pricey penalties and fees imposed by regulators as well as building trust with customers, cybersecurity should never be considered an afterthought. In times of economic uncertainty, it may be tempting to cut back on cybersecurity expenditures. However, an ounce is worth more than a pound when it’s to safeguarding your business. It is more cost-effective to invest in prevention rather than spending on managing an incident and recovering.
Most purchase banks have sophisticated security frameworks, however the most effective and reliable defense requires more than tools such as firewalls and anti-virus. It also requires implementing best practices to shield the data from attack by putting in layers of protection, ranging from ensuring access to data in a need-to-know manner to encryption and authentication.
Furthermore, it is crucial for investment banks to understand the value of investing in the human firewall. Human error is responsible for more than 90% of security breaches, regardless of whether it’s an accident, negligence or deliberate. By creating a safe, secure work environment and training employees to be more vigilant, these businesses can stop security incidents from occurring in the first place.