Do you store any important files in the cloud? Maybe you have a cloud file storage account, or perhaps you’re storing some of your files on your web server. Are all of your files encrypted? Wherever you have files in the cloud, if they’re not encrypted, your data is at risk.
What is file encryption?
File encryption is one of the most effective security solutions for digital data. Encryption encodes files in a way that makes them unreadable to anyone who doesn’t have the decryption key.
When used with advanced security controls, encryption provides a significant layer of protection against cybersecurity incidents.
Different types of encryption
There are several types of encryption that fall under the category of either symmetric or asymmetric encryption. Asymmetric encryption is ideal since it uses authentication and the private key is securely stored which prevents the need to exchange keys offline first.
Within these two categories are multiple encryption algorithms, including DES, AES, 3DES, RC5, RC6, and several more. DES and AES are the most widely used encryption algorithms.
Thankfully, as a consumer, you don’t need to figure out which type of encryption to use. Provided you find a reputable vendor, they’ll take care of everything for you on their end. If a service comes with encryption, it will be set up for you when you sign up for your account.
Does your cloud provider encrypt your data?
You may not have thought about encryption when you signed up for your cloud accounts. However, it’s critical to know if your cloud providers encrypt your data on their servers. This includes your web servers and file storage accounts.
If you’re using a secure file storage account from Box, for example, your files are automatically encrypted in your account. If there’s a security incident where your data gets exposed, it will only expose the encrypted version, which will be worthless to cybercriminals.
Do all of your cloud providers encrypt customer data? If you’re not sure, make some calls to find out. If you discover your data isn’t encrypted, consider finding another company that provides the same service, but with encryption.
Data breaches are a big problem
Encryption is your first line of defense against data breaches. Unfortunately, data breaches are a huge problem and are only getting worse. In just the first half of 2019, there were more than 3,800 reported data breaches exposing more than 4.1 billion records. These numbers have risen in the last few years, as data breaches have been increasing in frequency and consequence.
However, businesses with encrypted data haven’t been getting hit that hard. At least, not with the consequences. Encrypted data gets stolen all the time, but there are virtually no consequences afterward.
Encryption can prevent hefty fines
Encryption can actually prevent your business from having to pay regulatory fines after a data breach. When data is stolen, it can’t be read if it’s encrypted. This is why encryption can save your business from paying regulatory fines.
Data breaches are costly, with the average incident costing more than $8.6 million in 2020. That’s a significant increase compared to the average cost of $3.54 million in 2006.
In some locations, businesses are required to report most data breaches, and many incidents result in hefty fines. However, in some areas, a data breach doesn’t need to be reported if the data was encrypted because it was never exposed.
Businesses are embracing encryption – finally
Finally, more businesses are embracing encryption after watching small and large businesses get hit with fines after unexpected data breaches. The common attitude before was, “it can’t happen to me.” However, the steady rise in cybercrime has made it clear that it can happen to any business, no matter how small.
Business owners are finally realizing that not all breaches can be prevented, and they’re realizing the best option is to encrypt all data to prevent it from being read.
Add encryption to your list of security measures
If you haven’t prioritized encryption, start now. Talk with your IT security head if you have one, and ask them to help you implement encryption wherever possible. If you’re a small business without an IT team, consult with an information security professional to develop a plan for implementing encryption across your organization.
You might need to change the way you do certain things, and you might need to introduce new software to your team. However, the cost of not encrypting your data is too high to skip encryption.
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Data Encryption SynopsisThe growing advancement of data-centered technology and the increasing adoption of electronics data-driven equipment in the market are propelling the data encryption market 2020.
The call for the protection of personal and sensitive information produced using electric equipment has led to the proliferation of data encryption market.
However, unawareness about data encryption solutions and intricacy in integrating them are the major factors that are impeding the enlargement of the market.Recently, the number of data theft has been on a perpetual increase and data destruction has reached an alarming lap.
Several consortia and government bodies have been a victim to the mischievous attacks by fraudulent which has led to a huge loss of money and at times leading to bankruptcy.
There is an urgent requirement for protecting the data stored on the cloud as well as transferred to the cloud.
Data encryption is the best method to resolve the data security issue.Global Data Encryption Market SegmentationThe global data encryption market is segregated on the basis of deployment, method, organization size, end-user, and region.On the basis of deployment, the global data encryption market is segregated on the basis of on-premise and on-cloud.On the basis of the method, the global data encryption market is segregated on the basis of asymmetric and symmetric.On the basis of organization size, the global data encryption market is classified on the basis of small and medium enterprises and large enterprises.On the basis of end-user, the global data encryption market is segregated on the basis of healthcare, BFSI, IT and telecom, aerospace and defense, manufacturing, automotive, and others.On the basis of region, the global data encryption market is segregated on the basis of Europe, Asia Pacific, North America, and the Rest of the World.Access Report Details @ https://www.marketresearchfuture.com/reports/data-encryption-market-1733Global Data Encryption Market Regional SegmentationThe regional analysis of North America, Asia Pacific, Europe, and the Rest of the World has been performed.North America is estimated to lead the global data encryption market.
According to a new market research report "Cloud Encryption Market by Component (Solution and Service), Service Model (Infrastructure-as-a-Service, Software-as-a-Service, and Platform-as-a-Service), Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the cloud encryption market size is expected to grow from USD 645.4 Million in 2017 to USD 2,401.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 30.1%.The demand for cloud encryption is majorly driven by stringent government regulations and the need to protect mission critical data residing on the cloud.
With the rising demand for cloud and virtualization across different industry verticals, the adoption rate of cloud encryption among enterprises is expected to gain a major traction during the forecast period.
Thus, enterprises are adopting cloud encryption solution and services to run business-critical functions securely.The telecom and IT vertical is expected to grow at the fastest rateThe telecom and IT vertical involves high usage of cloud-based applications for their business operations and is thus frequently attacked by cybercriminals.
Companies in this sector are adopting cloud encryption solutions so as to provide their customers risk-free services.
Therefore, cloud encryption solutions are helping telecom and IT companies in enhancing their services and providing secure information to customers while complying with regulations.North America is expected to contribute to the largest market share; Asia Pacific to grow the fastest during the forecast periodNorth America is expected to have the largest market share and dominate the cloud encryption market from 2017 to 2022, owing to the early adoption of new and emerging technologies and the presence of a large number of players in this region.
APAC offers extensive growth avenues in the cloud encryption market, owing to a widespread presence of SMEs that are extensively adopting cloud technology.Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=158713019The major vendors providing cloud encryption solutions and services are Thales e-Security (La Defense, France), Gemalto N.V. (Amsterdam, Netherlands), Sophos Group plc (Abingdon, UK), Symantec Corporation (California, US), Skyhigh Networks (California, US), Netskope Inc. (California, US), CipherCloud (California, US), HyTrust, Inc. (California, US), Trend Micro Incorporated (Tokyo, Japan), Vaultive, Inc. (Massachusetts, US), and TWD Industries AG (Unteriberg, Switzerland).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
