14 Sep Why Businesses Should Adopt Encryption Technologies
Do you still remember your first day at work? Now, think about all the personal information you provided your employer with- your bank account details, identification number, address and more. One would naturally assume that all these information would be safe with employers. However, it is only safe until the next data breach.
Did you know? 2016 broke the record for the highest number of reported data breaches. The first quarter of 2017 also saw an exposé of more than 3.4 billion records, with the business sector taking the lead.
These security breaches highlighted an important point: No industry, organization or geographic location, regardless of how small or large, is immune to a data breach.
Past data records theft
Early this month, AXA Insurance’s arm in Singapore had its data stolen in a cyberattack. This compromised the data belong to 5,400 of their customers, both past and present, stored on their Health Portal.
Last year, Yahoo confirmed a data breach dating back to 2014 that has affected 500 million users.
In another case, a database containing the details of over 57 million people were stolen. These details include usernames, email addresses, passwords, cell phone numbers and Facebook usernames. The leaked database were linked to big names such as Apple, Twitter and Google.
What is encryption and how it works
Encryption exists to protect confidential data stored digitally. It masks and scramble our data and reshuffle the content to prevent unauthorized access from reading it. Systems that use encryption require password-like information and this is called an encryption key. The longer the key, the harder it is to crack the encryption.
One good example that uses encryption would be our everyday messaging apps such as WhatsApp and Telegram. Our phone generates specific keys when we log in- public and private. The private key would remain in our phones while the public key is sent back to the app’s servers and message receiver. The key will encrypt the messages in our phone before it is sent out and it will only be unlocked by the key in the receiver’s phone, which means that the messages will not be read by any other third parties. Once messages are sent to the recipient, all traces of the message will also be removed on the servers.
Rise of encryption technologies
In 2016, Thales involved some 5000 individuals covering 14 industries and 11 countries in their study which focused on the use of encryption in business applications to protect their data.
Key findings show:
1. Extensive use of encryption technologies shot up 7% to an 11-year-high of 41%.
2. Importance of both encryption and key management across industries and core enterprise applications e.g. Networking, databases, app level encryption to PKI, payments, public and private cloud computing
Biggest Users of Encryption
Financial services, healthcare, pharmaceutical and software and technology companies are the main users of encryption. It comes to us with no surprise as these sectors handle a large amount of data.
A very important department that all these sectors share in common would be human resource (HR). The HR department have access to important information such as employee’s bank account details, address, salary and more. When not safeguarded well, companies risk breaching the privacy of all its employees.
One of the latest players in the HR solution market brings QuickHR to the limelight. Cloud-based QuickHR encrypts all data received and hosted on Amazon Web Services (AWS), the largest and most secure cloud infrastructure in the world also used by NASA, Netflix and Instagram.
As an ISO 9001:2015-certified company, QuickHR strives for excellence in pursuit of innovative ways to add value to companies. It integrates and streamlines all HR processes and allows automation of these processes with a few mouse clicks.
Drawing results from the study done by Thales, QuickHR is glad to announce that it is in line with what industries are embracing- higher levels of performance, cloud friendliness and key management capabilities from encryption applications. For more information on QuickHR, drop us a message here on LinkedIn or feel free to contact us at 69088158 and [email protected]