Protecting data has become a hot topic as more industries fall victim to data breaches. IBM Security estimates the cost of data breaches globally at $3.86 million, with mega breaches (ranging from one million to 50 million lost records) costing companies approximately $40 million and $350 million respectively.
It’s no surprise that the use of security measures has increased. Ponemon Institute© conducted a study, sponsored by Thales e-Security reveals financial institutions are taking the lead on optimizing encryption strategies. Below is a summary of the findings:
Interestingly, the study revealed weaknesses in the practice of cloud encryption. 61% of respondents admitted to transferring sensitive or confidential data to the cloud, regardless of whether it was protected. The study reported an 11% increase in encryption strategies used with public cloud services, which should reduce this unsafe practice.
The key takeaway from this study is that as cybercriminals increase in boldness, industries will need to increase their encryption strategies to keep pace.