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Investments in smart technology and data security are crucial to a business’ success. Cybersecurity is essential for a variety of reasons, including defending against cyberattacks, delaying costly penalties and fees imposed by regulatory authorities and regaining the trust of clients. In times of economic uncertainty it is tempting to cut back on cybersecurity expenditures. But the truth is that every ounce counts as one pound when it comes to safeguarding your business. It is more cost-effective to invest in prevention rather than spending on the prevention of an incident and recovery.

While most purchase banks have complicated cybersecurity frameworks, a robust and effective defense requires more than just tools like firewalls and antivirus software. It is also necessary to implement best practices that provide layers of protection, from making sure that only those on the need to know have access to information, up until encryption and authentication.

Furthermore, it is vital that investment banks understand the value of investing in the human firewall. Almost 90% of breaches are caused by human error, whether through accidental or intentional actions. By establishing a secure workplace and educating employees to be more vigilant, businesses can stop security incidents from happening in the first place.