When it comes time to make smart investments making smart investments, avoiding cyber attacks is vital. Hackers are more sophisticated than ever, so it’s crucial to invest in solid data security and make your personal investments secure against cyber-attacks.
Cyberattacks are becoming more frequent and this has a major impact on many companies. The costs associated with managing cyber-attacks can include financial fines, lost productivity and damage to reputation. The most significant consequence usually results from the loss of trust from customers, which could lead to long-term losses in revenue.
This is especially relevant to investment finance companies. They are responsible for protecting the most valuable personal and financial information while also complying with specific regulations such as Sarbanes-Oxley, Gramm-Leach-Bliley and PCI DSS. This, along with the huge amount of sensitive data they manage and store, leaves them vulnerable to security breaches that can result in significant financial losses and damage to their brand.
The positive side is that, by implementing a best practices approach to security management, it’s feasible to guard against common risks and minimize vulnerabilities. This means implementing an awareness culture, ensuring ongoing training and focusing on human firewalls. Human error is the reason for 90% of security breaches.
Limiting access to sensitive data to those who are most in need is another method to increase your security measures. This is especially crucial in the field, such as conflict zones or other areas of instability where legal and government agencies could try to access sensitive data on the ground.