Business Wire

MN-NCIPHER-SECURITY

Share
Customer Personal Information Is the Number One Data Protection Priority – nCipher 2020 Global Encryption Trends Study

As organizations accelerate digital initiatives such as cloud and the internet of things (IoT), and data volumes and types continue to rise, IT professionals cite protection of customer personal information as their number one priority, according to the 2020 Global Encryption Trends Study from the Ponemon Institute.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200407005297/en/

The Ponemon Institute has collaborated with nCipher Security , an Entrust Datacard company and world leader in hardware security modules (HSMs), on this multinational survey of how and why organizations deploy encryption, now in its fifteenth year.

Threats, drivers and priorities

For the first time, protecting consumer personal information is the top driver for deploying encryption (54% of respondents), outranking compliance, which ranked fourth (47%). Traditionally compliance with regulations was the top driver for deploying encryption, but has dropped in priority since 2017, indicating that encryption is transitioning from a requirement to a proactive choice to safeguard critical information.

Employee mistakes continue to be the biggest threat to sensitive data (54%) and significantly outweigh concerns over attacks by hackers (29%), or malicious insiders (20%). In contrast, the least significant threats cited include government eavesdropping (11%) and lawful data requests (12%).

Data discovery the number one challenge

With the proliferation of data from digital initiatives, cloud use, mobility, IoT devices and the advent of 5G networks, data discovery continues to be the biggest challenge in planning and executing a data encryption strategy, with 67% of respondents citing this as their top concern. And that is likely to increase, with a pandemic-driven surge in employees working remotely, using data at home, creating extra copies on personal devices and cloud storage.

Blockchain, quantum and adoption of new encryption technologies

The study indicates that 48% of organizations have adopted encryption strategies across their enterprises, up from 45% in 2019. With encryption deployment steadily growing, how are organizations looking ahead? In the near term, 60% of organizations plan to use blockchain, with cryptocurrency/wallets, asset transactions, identity, supply chain and smart contracts cited at the top use cases.

Other much-hyped technologies are not on IT organizations’ near-term radar. Most IT professionals see the mainstream adoption of multi-party computation at least five years away, with mainstream adoption of homomorphic encryption more than six years away, and quantum resistant algorithms over eight years out.

Trust, integrity, control

The use of hardware security modules (HSMs) continues to grow, with 48% of respondents deploying HSMs to provide a hardened, tamper-resistant environment with higher levels of trust, integrity and control for both data and applications. Organizations in Germany, the United States and Middle East are more likely to deploy HSMs, with Australia, Germany and the United States most likely to assign importance to HSMs as part of their organization’s encryption or key management activities.

HSM usage is no longer limited to traditional use cases such as public key infrastructure (PKI), databases, application and network encryption (TLS/SSL). The demand for trusted encryption for new digital initiatives has driven significant HSM growth for big data encryption (up 17%) code signing (up 12%), IoT root of trust (up 10%) and document signing (up 7%). Additionally, 35% of respondents report using HSMs to secure access to public cloud applications.

The race to the cloud

Eighty-three percent of respondents report transferring sensitive data to the cloud, or planning to do so within the next 12 to 24 months, with organizations in the United States, Brazil, Germany, India and South Korea doing so most frequently.

In the next 12 months, respondents predict a significant increase in the ownership and operation of HSMs to generate and manage Bring Your Own Key (BYOK), and integration with a Cloud Access Security Broker (CASB) to manage keys and cryptographic operations. The survey found that the most important cloud encryption features are:

  • support for Key Management Interoperability Protocol (KMIP) (67%)
  • security information and event management (SIEM) integration (62%)
  • granular access controls (60%)
  • key usage audit logs (55%), and
  • privileged user access controls (50%).

“Consumers expect brands to keep their data safe from breaches and have their best interests at heart. The survey found that IT leaders are taking this seriously, with protection of consumer data cited as the top driver of encryption growth for the first time,” says Dr Larry Ponemon, chairman and founder of Ponemon Institute. “Encryption use is at an all-time high with 48% of respondents this year saying their organization has an overall encryption plan applied consistently across the entire enterprise, and a further 39% having a limited plan or strategy applied to certain application and data types.”

“As the world goes digital, the impact of the global pandemic highlights how security and identity have become critical for organizations and individuals both at work and at home,” says John Grimm vice president of strategy at nCipher Security. “Organizations are under relentless pressure to deliver high security and seamless access – protecting their customer data, business critical information and applications while ensuring business continuity. nCipher empowers customers by providing a high assurance security foundation that ensures the integrity and trustworthiness of their data, applications and intellectual property.”

Other key trends include:

  • The highest prevalence of organizations with an enterprise encryption strategy is in Germany (66%) followed by the United States (66%), Sweden (62%), Hong Kong (60%), Netherlands (56%) and the United Kingdom (54%).
  • Payment-related data (54% of respondents) and financial records (54% of respondents) are most likely to be encrypted.
  • The least likely data type to be encrypted is health-related information (25% of respondents), a surprising result given the sensitivity of this information and recent high-profile healthcare data breaches.
  • The industries seeing the most significant increase in extensive encryption usage are manufacturing (49%), hospitality (44%) and consumer products (43%).

Download the 2020 Global Encryption Trends Study here .

2020 Global Encryption Trends Study methodology

The 2020 Global Encryption Trends Study, based on research by the Ponemon Institute, captures how organizations around the world are dealing with compliance, increased threats, and the implementation of encryption to protect their business critical information and applications. 6,457 IT professionals were surveyed across multiple industry sectors in 17 countries/regions: Australia, Brazil, France, Germany, India, Japan, Hong Kong, Mexico, the Middle East (which is a combination of respondents located in Saudi Arabia and the United Arab Emirates), the Russian Federation, Southeast Asia (Indonesia, Malaysia, Philippines, Thailand, and Vietnam), South Korea, Taiwan, the United Kingdom, the United States and two new regions for the first time, Netherlands and Sweden.

About nCipher Security

nCipher Security, an Entrust Datacard company, is a leader in the general-purpose hardware security module (HSM) market, empowering world-leading organizations by delivering trust, integrity and control to their business-critical information and applications. Today’s fast-moving digital environment enhances customer satisfaction, gives competitive advantage and improves operational efficiency – it also multiplies the security risks. Our cryptographic solutions secure emerging technologies such as cloud, IoT, blockchain, and digital payments and help meet new compliance mandates. We do this using our same proven technology that global organizations depend on today to protect against threats to their sensitive data, network communications and enterprise infrastructure. We deliver trust for your business-critical applications, ensure the integrity of your data and put you in complete control – today, tomorrow, always. www.ncipher.com

Follow us on LinkedIn , Twitter , Facebook and Instagram – search nCipherSecurity.

About Business Wire

Business Wire
Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco

http://businesswire.com

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

NIKE, Inc. Board of Directors Announces Long-Time Nike Veteran Elliott Hill to Return as President and Chief Executive Officer John Donahoe to Retire from Nike19.9.2024 22:15:00 CEST | Press release

The Board of Directors of NIKE, Inc. (NYSE:NKE) announced today that Elliott Hill will become President and Chief Executive Officer of NIKE, Inc., effective October 14, 2024. Hill will also become a Director of the NIKE, Inc. Board of Directors and a member of the Executive Committee. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919388699/en/ Incoming NIKE, Inc. President & CEO Elliott Hill (Photo: Business Wire) “I am excited to welcome Elliott back to NIKE. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott’s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike’s next stage of growth,” said Mark Parker, Executive Chairman of NIKE, Inc. “Pers

Andersen Global styrker båndene i Asien med yderligere medlemsvirksomheder19.9.2024 20:53:00 CEST | Pressemeddelelse

Andersen Global tilføjer medlemsvirksomheder i Asien og Stillehavsområdet, hvor VDB Loi-kontorerne i Cambodja og Vietnam tager Andersen-brandet i brug. Andersen i Cambodja og Andersen i Vietnam har under ledelse af Managing Partner Jean Loi og Senior Partner Edwin Vanderbruggen arbejdet i regionen i mere end 10 år. De udbyder en omfattende suite af skatterelaterede og juridiske tjenester, herunder inden for bankvæsen og finans, fusioner og opkøb, virksomhedsrådgivning, skatterådgivning, transfer pricing og tvister og retssager. "Efterhånden som det økonomiske landskab udvikler sig og bliver mere komplekst, går vores kunders forventninger og behov samme vej," siger Edwin. "Ved at blive medlemsvirksomhed i Andersen Global styrker vi vores evne til at levere branchens bedste integrerede service i hele Cambodja og Vietnam. Ved at tage brandet i brug kan vi også accelerere vores vækst, hvilket sætter os i stand til at navigere i et meget indviklet marked med uovertruffen ekspertise." "Med s

Mary Kay Expands Into Kyrgyzstan, Further Elevating Beauty and Empowerment Around the World19.9.2024 19:03:00 CEST | Press release

Mary Kay Inc., a global leader in skin care and cosmetics, is proud to announce its expansion into Kyrgyzstan, marking a significant milestone in its ongoing international growth strategy. This exciting development underscores Mary Kay’s commitment to empowering women and providing innovative, high-quality skincare and beauty products across the globe. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919159057/en/ Mary Kay’s expansion into Kyrgyzstan marks another step forward in the company’s mission to enrich women’s lives around the world, offering top-tier beauty products and unparalleled business opportunities. (Photo: Mary Kay Inc.) The beauty and personal care market is experiencing robust growth internationally, with sales volume in these categories almost doubling over the past several years. The beauty market is expected to reach approximately $580 billion by 2027, growing by a projected 6 percent per year1 while

Xsolla Partners With AbleGamers for Charity Campaign at TwitchCon 202419.9.2024 19:00:00 CEST | Press release

Collect Limited Edition Pins at TwitchCon and Help Us Raise Up To $10,000 for AbleGamers Xsolla, a global video game commerce company, is excited to announce its collaboration with AbleGamers for an impactful charity campaign at TwitchCon 2024. This partnership aims to further AbleGamers' mission of improving accessibility in gaming for individuals with disabilities through an interactive and meaningful activation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919722398/en/ (Graphic: Xsolla) Attendees who visit the Xsolla booth (Booth 1515-SW) at TwitchCon will have the exclusive opportunity to claim one of two specially designed charity pins. By sharing a photo of their pin on their social channels on Instagram, Facebook, or Twitter using the hashtags #LightstreamAble and #XsollaAble, participants will help raise funds for AbleGamers. For every qualifying social post, Xsolla and its partners will donate $5 to AbleGamers

Sandvine Announces New Ownership and Capital Infusion19.9.2024 18:38:00 CEST | Press release

New ownership group commits new financingWill help to support reorientation of business and continued customer service and technological innovation Sandvine (the “Company”), a market-leading provider of Over-the-Top (OTT) Application Classification and Quality of Experience (QoE) solutions, today announced that it has been acquired by a group of leading US investment firms that previously were, and continue to be, lenders to the Company. In connection with this change of control transaction, the lenders agreed to reduce the Company’s total outstanding debt significantly. Following the change of control transaction, on September 13, 2024, these investors also entered into a binding agreement to provide new capital to Sandvine. The financing is expected to close in September 2024 and will strengthen the Company’s balance sheet. These enhancements to Sandvine’s financial position accompany its recently announced reorientation of its business model to focus on serving customers in large de

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye