Data theft and loss of data is becoming an endemic problem on the internet. Surveys have showed that in 2020 there had been nearly 4000 data breaches and these are the publicly disclosed ones. Data breaches have affected at least 37 billion records, nearly a 140% rise of data breach when compared to 2019 numbers. The number of undisclosed data breaches are possibly too many to count. The importance of data encryption has been clearly underlined by such numbers.
According to a new report by Reports and Data, the global encryption software market size is forecast to surpass USD 10.13 Billion by 2026. The market growth will be mainly driven by the sheer amount of data being collected by organizations all over the world and the absolute need to protect such data. According to a study conducted by IBM, it costs USD 3.86 million to cover an average data breach. This cost will increase by 6.4% per year and includes the cost of business disruption and revenue losses from system downtime, the cost of lost customers and acquiring new customers as well as cost of reputation loss and diminished cooperation.
Data Can Make or Break A Business
The global economy is increasingly predicated through insights derived from massive troves of data. Organizations that aim to thrive are left without an option when it comes to data collection. If they do not collect data they will be left behind in the race that is largely won by insights that come from large-scale data analysis. Not collecting data does free them of the immense risk that data collection and data theft entails. But is forgoing data collection the only option for organizations that want to avoid the risk of data leaks? This is where encryption software comes into play. Encryption software are designed to protect data and reduce the chances of a data leak, thus giving organizations the edge, they require without the risks.
Encryption and cybersecurity have become even more important as remote work and e-commerce have taken a whole new dimension in a world suffering from the pandemic. Encryption software maybe the only tool that is standing between continuously evolving business models and the next big data hack.
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What Is Data Encryption Software and How It Functions?
Data encryption software converts previously readable data into a huge sequence of what appears to be a completely jumbled mess. Encryption works by converting plaintext into ciphertext using software. Encryption software is a program that does all of the hard lifting of encrypting data without the user having to lift a finger, using cypher keys to encrypt and decrypt any type of data.
Cyber adversaries are evolving as fast as the security technology itself. Therefore, to keep on top of increasing cyber threats, the best encryption software needs to have the following features:
EDR (Endpoint Detection and Response)
Maintaining a high degree of security requires the capacity to not only detect but also respond to security breaches as quickly as feasible. EDR monitors the network for suspicious activity and updates the entire security system with machine learning technology. They respond to any potential security threat and report it to security professionals, allowing them to quickly address any potential security issues.
Hardware Authentication
Hardware authentication is concept that has been around for quite some time and with the support of industry heavyweights that are developing new layers of security within the chips themselves, advancements are being made. Encryption of usernames and passwords remains a part of the process, but any stolen data is useless.
User Insights
User analytics enhancement, also known as User Behavioral Analytics (UBA) or User Entity Behavioral Analytics (UEBA), has become extremely popular in recent years. If data security is breached, it’s essentially to have a technique to detect unusual activities.
Security in the Cloud
Cyber-attacks have been thwarted by cloud security encryption and virtual firewalls. One of the benefits of cloud security is that it may provide comprehensive security across various platforms. Cloud encryption remains one of the most effective security measures because to government collaborations with huge corporations.
Homomorphic Encryption
Today, data is encrypted while it is in transit over the internet as well as at rest on a storage device. However, in order to use or analyze data, it has to be decrypted, posing a security risk. Homomorphic encryption is a novel solution to this challenge, allowing users to process data without having to decrypt it. Encrypted data is processed and results are also provided in an encrypted form using homomorphic encryption.
Data encryption is an essential part of cybersecurity strategy for any organization. As governments implement new legislation and data breaches become common, encryption is a must to reduce risks, establish confidence, and stay compliant.
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