3 Data Encryption Facts Your Business Needs To Know

Data breaches and cyber threats loom like shadows in the digital landscape, underscoring the importance of encryption as a fundamental safeguard for our personal and professional data. We'll explore the inner workings of encryption, demystify common misconceptions, and shed light on its role in safeguarding our information against prying eyes and cyberattacks.

1. THE SHOCKING STATISTICS OF DATA BREACH

According to the IBM 2018 Cost of a Data Breach Study, it costs $3.86 million US to cover an average data breach. This cost will increase by 6.4% per year and the likelihood of a recurring breach over the next two years is 27.9%. 

The cost of lost business include: 

• The cost of business disruption and revenue losses from system downtime
• The cost of lost customers and acquiring new customers
• Reputation losses and diminished cooperation

Are you aware of the new Australian Mandatory data breach notification? The Office of the Australian Information Commissioner (OAIC) has implemented the mandatory Notifiable Data Breach (NBD) Scheme in February 2018. This regulation requires organisations to notify the OAIC of data breaches likely to cause harm, as well as the individuals affected. This targets businesses and non-profit organisations with more than A$3 million annual turnovers and who handles the Australian public’s personal information. 

Does your business meet the above requirements? Indeed, 80% of CEOs rate cybersecurity as an investment priority and a significant risk factor for their company.  

2. ENCRYPTION MAKES DATA UNINTELLIGIBLE TO OUTSIDERS

Consider this:

You have a new product launch targeted at your existing customer base and in the process of producing the upcoming marketing campaign. Customer information is extracted from the CRM to help individualise the campaign. An employee stores this information in a cloud and copies it onto an external USB stick for "safekeeping". The data helps to profile the key individuals of your top 10 clients and includes their contact details, phone numbers, birthdates, the names of their family members and other profiling details such as their political bias and favourite sporting team. And because you do not have the proper encryption software, the data on the USB stick is in a readable format. The employee's backpack is stolen at the train station and now, because of the Notifiable Data Breach laws, you need to contact each of those key individuals within your top 10 customers to inform them of the incident. How's that product launch looking now?

Today, a majority of personal and confidential information is managed online and stored in a cloud with an uninterrupted connection to the web. This makes it nearly impossible to conduct business without this data winding up in a networked computer system. This is why it becomes a crucial security measure to keep that data private. Encryption is one of the most effective forms of data security, yet many individuals and businesses know little regarding this topic. To put it simply, encryption is: 

"The translation of data into a secret code" - Vangie Beal

Proper encryption of data, therefore, makes it illegible for hackers in the event that they are able to steal or access your files. 

3. SOLUTION, THE DRIVELOCK WAY!

Enforced encryption ensures that no data leaves in a readable format, thereby ensuring confidentiality of intellectual property. 

To prevent data loss, DriveLock's encryption software will monitor applications accessed by individuals in your business. The copying of certain data will only be conducted by authorised personnel and these actions will be safeguarded by individualised passwords. 

For disk protection, DriveLock's software will be able to encrypt the full disk. Access to these files will be protected by authentication procedures and are able to be accessed by multiple users in multiple languages, therefore increasing practicality for global businesses. In the case of forgotten passwords, a remote unlock can be performed.   

An extra level of protection can be added by implementing DriveLock File Protection, this allows for the encryption of files on local devices, network share devices and cloud drives such as Google Drive, Microsoft OneDrive or DropBox.  

We also provide an extensive management of End Point Devices using BitLocker for full disk encryption, this means that an organisation can centrally manage endpoints from a single management console.  This provides the facilities to effectively rollout BitLocker and provides a Compliance Dashboard to view the encryption status of all machines within the organisation.

This is only part of a multi-layered solution to data security. DriveLock adds further value with:

• Security Education,
• Device Control,
• Application Control,
• Analytics and Forensics

Interested in how DriveLock's encryption services or any of DriveLock's solutions can work for you?

Try our free 30-day trial or contact our experts for more information, we will be happy to assist!