As data breaches continue to increase, so do the number of businesses looking to secure their sensitive information with encryption technologies. Of course, the types of encryption technology out there and the benefits it can bring will differ from business to business, depending on their overall goals. However, there are some fundamental benefits that come from securing data – read on.
What is Encryption?
Encryption refers to the process of translating data from plaintext into code or cyphertext, so that only those with the appropriate decryption key are able to unscramble the data to make it intelligible once more. If a hacker breaches the data, whether it is in transit or at rest, they will be unable to view it due to its appearance as cyphertext.
The Benefits of Encryption Technology
The benefits of implementing encryption technologies for business are numerous. Below are just five ways benefits it can bring.
- Protection Against Regulatory Fines
Although the GDPR, for example, does not outline specific instructions when it comes to encryption, it is necessary for businesses to implement security and safeguarding measures to protect the privacy of their customers’ data. This led to the EU issuing over 120 million Euros worth of fines in two years for GDPR mishandlings. In situations like that, encryption technology quickly becomes a cheaper alternative to personal data mismanagement.
- Ensuring Privacy
The effects of data hacking can be astronomical. For example, in December 2019, more than 770 million email addresses and passwords were posted to a popular hacking forum. Although a vast number were not thought to have been collected from only one hack, the cybersecurity researcher who discovered them believed it likely to be the outcome of individual data breaches, rather than one massively compromised system. This illustrates the way that hackers can work completely undetected, as the addresses were only discovered after they had been posted, rather than as a result of companies being aware their data was being stolen.
- It Protects Even when Employees are Working Remotely
According to a report published by Shred-it, 86% of C-level executives believe that a data breach is more likely to occur when an employee is working from home. Since technology is making working from home easier and easier, many companies employ encryption across all their devices to ensure safety whatever the location.
- It Doesn’t Have to Cost the Earth
There are many companies out there that offer affordable encryption solutions that can be implemented across all devices. For example, Pointproof offers a choice of encryption services, from cloud-based to email encryption to advanced threat protection. Regardless of your specific business’s needs, there is a package out there for you.
- To Garner Trust from Customers
Advertising the specific measures being taken to ensure an individual’s privacy and security is likely to have a very positive outcome. A recent survey showed that 53% of respondents were more concerned about their internet privacy than they had been at that time last year. Demonstrating to customers that their privacy is important will benefit both them and the company.