Data security and smart investments are essential to the growth of a business. Cybersecurity is important for many reasons, including protecting against cyberattacks, avoiding costly regulatory fees and penalties and also gaining the trust of clients. In times of economic uncertainty it can be tempting to cut back on cybersecurity expenditures. But it is true that an ounce is worth one pound when it comes to protecting your business. It is more cost-effective to invest in prevention than focusing on managing an incident and recovering.

Most purchase banks have sophisticated security frameworks, however an effective and robust defense requires more than just tools like firewalls and anti-virus. It is also important to implement best practices that provide layers of protection, from making sure that only those on a need-to-know basis have access to data, until encryption and authentication.

Additionally, it is essential for investment banks to recognize the importance of investing in the human firewall. About 90% of incidents are caused by human error, whether by accidental or intentional actions. These companies can prevent security incidents by creating an effective, safe work environment and training their employees to be more alert.

read more to explore the future of data rooms and their evolving role in businesses

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