When it comes down to smart investments, avoiding cyber attacks is key. Hackers are getting more sophisticated, making it crucial to invest in data security and protect your personal investments from cyber threats.
With the increase in cyberattacks and the increasing, many companies are suffering financial losses. Costs of managing the aftermath of a cyber attack include financial penalties, lost productivity, and data optimization for improved performance reputational damage. The most detrimental effect is usually the loss of customer trust. This can result in longer-term revenue losses.
This is particularly true for investment finance institutions. They must protect the most valuable personal and financial information while adhering to specific regulations such as Sarbanes-Oxley. Gramm-Leach-Bliley, and PCI DSS. This, combined with the large amount of sensitive information they manage and store, leaves them vulnerable to security breaches that can result in significant financial losses and damage to their reputation.
It’s great news that implementing the most effective practices in security management can help to reduce security risks and help protect against common threats. This includes implementing a culture of security awareness continuous training, as well as a focus on human firewalls. Human factor is often overlooked, yet it’s critical to a robust security framework since 90% of security attacks are the result of human mistake.
Another way to strengthen your security is to limit access to sensitive information to those who need it most. This is especially crucial in situations that are in the field like conflict zones or other regions that are unstable, where law enforcement and government agencies might seek to access sensitive information collected on the ground.