Implementation of New Technologies to Ensure a Cybersecurity in Investment and Banking

Nov 06, 2020

Even the largest companies need investment, even more than it might seem on the surface. And investors consider not only the profitability, market coverage, and growth potential of the company but also its security. That is why ensuring cybersecurity is one of the most important stages in preparing a company before the next round of attracting investments. For banks and investment companies that operate in this mode all the time, this problem is way more acute.

Basically, cybersecurity is a vital question for any private company or public organization. Managers and business owners are investing increasingly large sums in protecting against potential attacks and vulnerabilities. In this article, we will figure out why cybersecurity in the field of banking investments is important and to what extent.

Usually, cybersecurity systems evolve in proportion to growing financial ecosystems. Standard protection includes:

  • firewall for blocking unauthorized users; 
  • services for tracking illegal transactions;
  • antivirus programs for protection against malware;
  • services of authentication, digital signatures, etc. aimed at data protection, etc.

At hackers’ gunpoint

Banks and investment companies are always under the threat of sophisticated hacker attacks. Let’s consider what attracts hackers the most.

Information on possible mergers and acquisitions

Major deals and negotiation details of possible mergers and acquisitions kindle hackers’ interest. Such information can cost an arm and a leg because it gives the possibility to manipulate stock prices and earn millions from it. Companies from the pharmaceutical and healthcare sectors are especially attractive to hackers.

Data of directors and top managers

Obtaining managers’ personal information almost always gives attackers access to all the company’s resources. That’s why building a cybersecurity system must start from the top.

Smartphones and tablets

Mobile devices are often the target of attacks as well since a large amount of data is concentrated on them. These can be both corporate devices and smartphones of particular clients. To protect them, an advanced authentication system is required.

However, protection against hacker attacks and malware is no longer sufficient to guarantee data security. Investment companies need to take preventive measures to detect and eliminate cyber threats before they can cause damage.

Implementation of new technologies to ensure cybersecurity

Many finance and investment companies use biometrics to provide a better customer experience. Some use linking to social media profiles, content-based identification, traffic analysis for anomalies, etc.

Let’s consider several important issues that will help minimize the human factor and avoid errors associated with it while ensuring cybersecurity.

IoT security

The IoT device system must have restricted access. The more devices participate in it, and the more data is analyzed, the more serious the protection must be.

Data protection

Each stage of collecting, processing, and storing data must be controlled by automated cybersecurity systems. 

Digital platforms 

The company’s security can be strengthened by combining operational and security data. Every digital platform that supports business processes must be protected – this will help to maintain customer trust.Investment companies and banks possess gigantic amounts of valuable information. But they are not the only companies that need cybersecurity – it’s important for every business. Andersen has been applying best practices of cybersecurity for over 10 years to protect its data and the data of its customers. We also advise other companies and help in ensuring information security.

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