Finance, healthcare and tech firms lead encryption drive

Encryption has never been this widely used across various industries, especially among financial services, healthcare and pharmaceutical, and technology and software companies, a new report claims.

The report, released by critical information systems and cybersecurity company Thales e-Security, says that extensive use of encryption among companies jumped seven per cent this year, to a total of 41 per cent. This represents 'the largest increase in the 11-year history of this report', the company said.

The survey is based on a poll of more than 5,000 individuals from 14 major industry sectors and 11 countries.

Privacy concerns, various regulations, as well as the need to protect against any data breaches are the key reasons behind the increasing usage of encryption services, Thales e-Security says, adding that more mature companies, encryption-wise, are more likely to deploy Hardware Security Modules (HSMs).

Such companies also report lower levels of key management pain.

“The increased usage of encryption can be traced to many factors, chief among them being cyber-attacks, privacy compliance regulations and consumer concerns,” said John Grimm, senior director security strategy at Thales e-Security.

“Additionally, the continuing rise of cloud computing as well as prominent news stories related to encryption and access to associated keys have caused organizations to evolve their strategy and thinking with respect to encryption key control and data residency. Our global research shows that significantly more companies are embracing an enterprise-wide encryption strategy, and demanding higher levels of performance, cloud-friendliness, and key management capabilities from their encryption applications.”

Encryption is most widely used in databases, internet communications and laptop hard drives.

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