The whole world is currently sustaining massive ransom attacks one after another. Four billion records of data have been compromised at a 556% growth rate since 2015! Unfortunately, of all the lost data, only 4% of it was encrypted while the remaining was left unprotected during the process.
General Data Protection Regulation:
Therefore, in order to suppress the ransomware epidemic, global peacekeepers have agreed upon mandating safety standards like the EU’s General Data Protection Regulation for bolstering security.
A recently published report claims that data encryption can deeply lower the impact along with expenses incurred in a data breach.
Corporations, on the other hand, are mainly refusing the practice due to numerous complexities and soaring expenses likely to occur afterward.
Now it makes me wonder if these institutions, which we have blindly counted on chose to gamble instead by keeping our data at stake. Let’s not forget about the bank charges we have gladly paid in the name of security.
What does IBM have o offer?
Keeping 150 clients in their mind, IBM has recently launched another revolutionary engine that enables these gamblers (corporations) to easily encrypt data stored in their database or cloud support.
The latest IBM Z embedded with the IBM Security has been primarily designed to ensure complete automation of security and compliance. As a result, auditors themselves have to manually double check the databases and software systems.
Manually inspect the databases
Consequently, these corporations can now verify the security of personal data and fully compliant. This will eventually reduce the cost and simplify the process to a great length. Moreover, the system can also reveal information on insider’s data or whoever has permission to access it.
Possibilities for the financial institutions
Financial institutions and banks are processing millions of transactions every day for a functional economy.
Most importantly, encrypting files will be a click away for them, and the same process will be applicable for both the old files and the new.
The reliability factor can be significantly improved by adding an extra layer of security with added encryption for preserving data (read multi-factor authentication process).
Stay tuned to TTN for more information on data encryption and securing personal data on the internet.