Five Reasons Why Encryption is Critical to Data Protection Strategies
A recent cybersecurity analysis by Gartner predicted that “through 2023, government regulations requiring organizations to provide consumer privacy rights will cover 5 billion citizens, 60% of organizations will use cybersecurity risk as a primary determinant in conducting third-party transactions and business engagements and by 2026, 50% of C-level executives will have performance requirements related to cyber risks built into their employment contracts.” These predictions come at a time when data security and privacy are under relentless attack from cybercriminals. As data privacy and security regulations spread across the globe and cybersecurity moves into the C-Suite, these forces are shaping enterprise IT approaches, making encryption essential for protecting data and privacy and reducing cyber risk.
Here are five reasons why encryption is critical to strategies designed to secure data, protect privacy and ensure compliance.
1. Data breaches represent massive business risk
The global average cost of a data breach reached $4.35 million, according to IBM’s 2022 Cost of a Data Breach report. In the U.S., a data breach costs over twice the global average, reaching $9.44 million. In addition to the financial risk, organizations experiencing a data breach take costly hits to reputation and customer trust that can reverberate for years.
NetSfere, an enterprise-grade mobile messaging and collaboration platform, embeds always-on encryption technology to prevent attacks from penetrating networks and systems. That not only reduces business risk but can also benefit the bottom line. A study by the Ponemon Institute found that preventing cyberattacks can save enterprises up to $1.4 million per incident.
2. Cybercriminals are becoming more active and sophisticated
A Global Threat Report by CrowdStrike found that the frequency and sophistication of ransomware attacks has grown in the past year as cybercriminals hone and advance their tradecraft. The report observed an 82% increase in ransomware-related data leaks with 2,686 attacks in 2021, compared to 1,474 in 2020. Other data indicates that more than 33 billion records will be stolen by cybercriminals by 2023, an increase of 175% from 2018.
NetSfere’s industry-leading 256-bit encryption is an advanced defense technology that stands up to evolving cyberthreats, allowing enterprises to keep data from falling into the wrong hands and to maintain a trusted, secure digital environment.
3. True End-to-End Encryption stops cybercriminals in their tracks
Enterprises need to protect data with more firepower than strong passwords, firewalls and VPNs. True end-to-end encryption (E2EE) encrypts data at rest and in transit, making it impossible for cybercriminals to intercept data.
Not all encryption is equal. NetSfere’s 256-bit encryption is true end-to-end encryption that protects data and maintains the privacy of enterprise business communication and collaboration. AES-256 uses 14 rounds encryption – the best protocol available - and is considered the gold standard for providing the strongest level of encryption. Cybercriminals attempting to break an AES 256-bit key would have to spend millions of years trying all possible combinations.
4. Encryption provides a wide net of protection
Securing data with encryption provides a net of protection, protecting sensitive information and privacy and locking down data to help organizations meet compliance requirements, and ensure proper data governance.
NetSfere’s mobile messaging technology was developed with a laser focus on security, encryption, and enterprise control. The platform was architected with the highest level of encryption to protect data, ensure compliance, and maintain the privacy of enterprise communication and collaboration.
5. Encryption helps enterprise leaders sleep better at night
Cyber-threats are keeping enterprise leaders up at night. A survey by Travelers revealed that cybersecurity is the top concern for business leaders with 57% of these leaders believing that at some point in the future their company/organization will be the victim of a cyberattack. PwC’s recent CEO Survey found that CEOs rank cyber risks as the top threat to growth.
With NetSfere’s industry-leading encryption, business leaders never have to worry about the security of communication and collaboration. Data is secure in transit and at rest, compliance is guaranteed, and privacy is protected.
Contact us today to integrate NetSfere into your data protection strategies.