Investments in smart technology and data security are crucial to the success of a business. From securing against cyberattacks, to preventing pricey regulatory fees and penalties in addition to building trust with customers security should never be considered an afterthought. In times of uncertainty for the economy, it may be tempting to reduce cybersecurity spending. However it is true that an ounce is worth one pound when it comes to safeguarding your business. It is also far more cost-efficient to invest in preventative measures than invest in containing or recovering from an incident.

While most purchase banks have sophisticated cybersecurity systems in place for their customers, a reliable and effective defense requires more than tools such as firewalls and anti-virus software. It also requires the use of best practices to safeguard data from attack by adding layers of defense, including ensuring access to data according to a need-to know basis to encryption and authentication.

Furthermore, it is crucial for investment banks to understand the importance of investing in the human firewall. The majority of incidents are caused by human error, whether by accident, intent or negligence. They can reduce the risk of security breaches by creating an environment the role of data security in wealth management that is safe and efficient for work environment and training their employees to be more vigilant.