The science of encryption has been an answer to the historic need to masquerade and protect sensitive information from prying eyes. Although technology has witnessed a drastic metamorphosis over the ages, the fundamental concept behind encryption has remained unchanged. Encryption involves substituting original information with codes that can be deciphered only by authorized parties.
Types of Encryption You Must Know About
There are two main ways in which data encryption is carried out today, namely shared secret encryption (symmetric cryptography) and public key encryption (asymmetric cryptography).
1. Shared Secret Encryption
As the name suggests, this form of encryption employs the use of a single secret key that is required to encode the data into unintelligible gibberish. The intended receiver can then use the same secret key (shared by the sender) to decrypt and decipher the data at their end.
Since it uses a single private key, symmetric encryption is faster than asymmetric cryptography. However, since the secret key needs to be shared between the sender and the receiver, there are relatively high chances of hackers intercepting the key and gaining unauthorized access to the coded information.
2. Public Key Encryption
Asymmetric cryptography employs public-key encryption that splits the key into two smaller keys — one public and the other, private. While the public key is used to encrypt the message, the receiver must use their private key to decrypt it at their end.
The fact that there is no prior exchange of secret keys for decryption, makes public key encryption more secure as compared to shared secret encryption.
Cyberthreats and Security Risks to Data Protection & Privacy
The average cost of a data breach is $3.86 million globally. These costs can almost double when broken down by country, industry or business size, jumping to an average of $8.64 million in the United States or $7.13 million for the healthcare industry.
Most businesses, like yours, deal with loads of sensitive data every single day. Unless adequately secured, this confidential data can be exposed to the risk of being accessed by unauthorized users. Although no business is entirely immune to security breaches, implementing data encryption is your best bet when it comes to protecting your confidential information and safeguarding your reputation as well.
Implement Data Encryption Now to Ward Off Cyberattacks
We’ve compiled a list of our three main reasons why data encryption is imperative for your business:
1. It's Your Last Line of Defense
Cyberattacks, such as phishing and social engineering, that thrive on human error or negligence can be efficiently thwarted with the help of encryption. So, even if the attacker is able to reach within your network, it’s impossible to access the encrypted data without a decryption key.
2. It Protects Your Data on the Go
With the concept of the workplace becoming more fluid, data stored on portable devices such as tablets, USB flash drives, laptops and smartphones becomes especially vulnerable to cyberattacks as soon as the device leaves the office network. Encrypting this data is the safest way to ensure that even if your device gets stolen, the data will remain unintelligible and unreadable without a decryption key.
3. It Helps You Stay Compliant
In a world where you need to stay compliant with laws and regulations to steer clear of hefty penalties, implementing data encryption is a great option to not only protect your critical data from cyberthreats, but also to abide by the applicable compliance standards. For instance, the European Union’s General Data Protection Regulation (GDPR) recommends the use of encryption as an effective tool against breaches.
Now is the Time to Invest in Encryption Technology
Cybersecurity is one of the most integral aspects of running a business in the modern world and encryption is one of the most effective strategies that you can deploy to bolster the integrity of your sensitive data against malicious attacks.
Want to know more about how you can leverage encryption to secure your busines? Get in touch with us today!
