In order to resolve the average cybersecurity attack, companies work an average of 45 days and spend over $20,000 a day. If you’re a small to medium-sized business, this is a massive expense to hand over to some random pirates who want control of your data. While server encryption might sound like an unnecessary expense, it’s probably a lot cheaper than the million dollars a breach will cost.
Data breaches hit companies of every size. They’ve cost credit card companies millions, have accounted for billions in stolen bitcoin, and have lead to international criminal cases. They’re the last thing you want your company to end up in the news over.
If you haven’t taken the opportunity to implement server encryption at your company yet, it’s time to consider. Here are 5 benefits that encryption can bring to your company.
1. Keep Service Providers Out of Your Data
If your internet service provider has access to your encrypted data and the keys to that encrypted data, they’ve got everything they need for a breach. Since many companies share server space with multiple companies and websites if one company is breached everyone could end up at risk.
In order to avoid keeping your encryption key in the same place as your data, encrypt your data in the cloud and keep your key locally. Even though it’s a pain to manage encryption keys, it’s worth the effort.
If you keep your encrypted data with one service provider and have your keys managed by a different service, you can avoid headaches. This can address any concerns about data backup or availability.
Set up a system with “Data security as a service” to keep key servers accessible and backed up. As long as you’ve got multiple copies protected from any issues, you’ll have everything you need.
A dispersed system allows you keep your keys in one place and data in the other, with service providers taken out of the equation.
2. Meet Regulations
Most of the credit card industry has now embraced serious guidelines to make sure that their cardholder data is well protected. This makes consumers happy and takes the pressure off of banks.
Server encryption is a huge part of the current security standards and is now written into law. Similarly, the healthcare industry has regulations protecting the digital records of patients. Even if you’re just a eyeglasses shop, if you handle any records of your clients, you need to make sure you’re meeting the standards.
Not every standard mandates encryption but it’s a dependable way to ensure you are notified of any breaches as they’re attempted. Since data leakages have become so common in many industries, you’re better safe than sorry.
Since more of our day to day life is performed online, if you work in an industry that comes in contact with user information, you have a responsibility. Use encryption to protect your clients.
3. Have a Competitive Edge
For every new security methodology that’s created, hackers and programmers get better at breaching barriers. Regulations can get as tight as they want, but someone will always have a way to get in. You should ensure that your brand is several steps ahead of criminals.
Server encryption and key software are made for virtual environments. It improves security and attracts new customers because other companies won’t have what you have.
This gives you a strong competitive edge that differentiates you from the crowd. If your customers have sensitive data that has to meet security regulations, you’ll be there to keep out unauthorized users.
You can meet any kinds of privacy requirements and reduce your hardware costs by using cryptographic multi-tenancy. Take efforts to make sure users don’t leave data behind and you’ll be far ahead of the pack.
4. Users Know Backups Are Safe
Whether your users realize it or not, you’ve got backups everywhere just in case anything goes wrong. When banks lose backups of their data, it causes customer insecurity. It not only causes consumers to leave for other banks but it shakes their confidence in online services in general.
What you hear in the news aren’t isolated cases. Search online and you’ll find dozens of examples of security breaches that have cost millions. When customers leave, firms have less money for investments. When their faith in security is broken, it’s hard to win it back.
Even when backups go missing, if they were encrypted, it wouldn’t make a headline. An encrypted backup, when stolen without the key, is more or less useless to crooks.
5. Secure Remote Offices
As a growing minority of the workforce is dispersed across the planet, more workers are accessing their companies over less than secure lines. This allows for the theft of data via wi-fi spoofing or other tactics.
Once hackers find out where someone from your company is doing business, they could find a way to get into their computer and potentially wreak havoc. Sensitive financial and user data could be skating over a public Starbucks connection that 80 other people are wired into at any given time.
Your IT staff can’t help your workers who aren’t in the office. This is why encryption is so important. Having encrypted data and separate keys means that even if someone uses your remote worker’s machine or connection to try to sneak in, they can’t.
Server Encryption Is Essential
Any company operating in this current climate understands how important multiple verification is. It disallows unwanted users from getting in. Server encryption works similarly by keeping anyone from accessing sensitive data through encryption.
If you’re ready to implement a new encryption system, contact us today to make sure you pick the right one for your business.