finance
monthly
Personal Finance. Money. Investing.
Contribute
Newsletter
Corporate

Cybersecurity Investments That Can Protect Firms From Losing Profits

Cybersecurity is one of the most critical areas for financial businesses to invest in, with the theft of data and hackers taking down entire sites being some of the biggest threats to companies the world over. But, ‘time is money’ and as financial business owners know all too well, cybersecurity is an ongoing task that requires relevant skills and knowledge.

Posted: 25th March 2022 by Finance Monthly
Share this article

Professional content writer and branding aficionado Annie Button takes a look at some key cybersecurity investments that can protect firms from losing profits.

Cybersecurity is one of the most critical areas for financial businesses to invest in, with the theft of data and hackers taking down entire sites being some of the biggest threats to companies the world over. But, ‘time is money’ and as financial business owners know all too well, cybersecurity is an ongoing task that requires relevant skills and knowledge. 

Since some businesses have historically struggled to battle against cyberattacks, the financial consequences of neglecting cybersecurity and risk factors could be devastating. So, this is an area where investing in cybersecurity pays dividends when it comes to protecting your departments’ networks and details. 

Invest in specialised security products

Cybercriminals are constantly evolving to become more sophisticated in their abilities to steal data and gain access to networks, which means your protective devices need to be updated all the time to stay one step ahead. If a criminal attacks your system and manages to gain access, the cost to your financial firm will be huge, so investing in products that will offer the best level of protection is money well spent in the long term. 

Capitalising on specialist products that are designed specifically for this purpose to get the best results and protect your business data as effectively as possible. From VPNs to firewalls and antivirus software, there are various tools you can invest in and implement to keep your business safe. 

Use centralised software

Businesses often invest in tools and devices only to wind up using a fraction of them on a daily basis. If you haven’t conducted a review of the tools you use in a while, now could be a good time. Reviewing what you actually need and unifying those tools into a single solution is not only better financially but also reduces access to criminal activity. 

It’s not just firewalls and antivirus solutions that can be effective in preventing cybercrime. Investing in the right tools for your industry will have a direct impact on how secure your business is. For example, finance businesses can reduce cybersecurity risks by implementing training policies, installing private virtual private networks (VPNs) and instigating regular network checks. Specifically targeted software will help with data compliance, improve efficiency and, above all, maintain data security for the business. Likewise, law firms can invest in case management software that keeps client documents, details and communications in a centralised location, reducing the need for additional tools. 

Back up with cloud storage

If your network is compromised and you’re the victim of a phishing or virus attack, you may need to clean the system up entirely and start from scratch. In these cases, decontaminating your data is essential. Similarly, if you’re the victim of a ransomware attack, having your data stored somewhere safe can reduce the impact such an attack can have on your business. It provides you with confidence and security that your information is protected no matter what and that you can avoid any costly ransomware issues

It’s advisable that you always have three copies of your data stored on two diverse sources – a local storage device and your hard drive so that you always have accessibility to your data in any event. Cloud storage is the best way to keep company data secure, whether it’s customer files, financial records or any other critical information. It reduces the cost of downtime and improves accessibility for your team, which ultimately improves productivity. 

Avoid human intervention with automation tools

Most cybersecurity operations need the human touch, but a lot of these tasks can be automated which improves productivity, reduces human error and optimises decision-making which is better for increasing profits for your business. Monitoring and detection systems with machine-based threat intelligence will classify cyberthreats to spot issues and assign a level of urgency to them, so you can respond to them accordingly. 

You may also invest in other cybersecurity automation tools, such as certificate management,  automatic software updates and user permission attribution. If you’re running a bigger business, investing in these types of cybersecurity tools can save a considerable amount of time and effort, enabling staff to focus on other tasks without impacting your level of protection. 

Train your workforce against cyberattacks

Training is always money well spent in any business, but particularly when it comes to cybersecurity. Having a workforce that’s primed to spot issues and is up to date with the latest security developments and attack trends will ensure your business is ready for a crisis and can avoid the threat of costly cyberattacks on the organisation. 

From the value in using strong passwords and multi-factor authentication to monitoring emails for phishing scams, knowing how to implement a response strategy and being cautious around payment gateways, in-person or online training can all help to save your business thousands in costly errors and it’s a relatively easy investment to make that will benefit your company in many ways. 

An ongoing problem businesses need to address

Cybercrime is a continually evolving problem that all businesses and industries need to take note of in order to protect themselves against data theft, reputational damage and financial concerns. Whether it’s training courses for your staff, specialist software products to secure your systems or backing up information for peace of mind, these investments into your business are essential protective measures that will save your business money in the long run. 

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram