When you hear the word encryption, what do you think? Do you imagine winning the war by stealing some top secret box from a sinking submarine? Well, you are on the right track. Encryption is the process of protecting data by translating it into a language that is impossible for someone other than yourself or those you trust to understand without a translation key. Encryption is exceptionally important if you are dealing with situations that will expose data to potential public scrutiny. Why is encryption so important to your business?
Security for you
You make your living on proprietary data. If you are in a business that involves design and building something, tangible or data based, losing the data that is the design can be catastrophic. Whether onsite or off, if someone were to gain access to your designs before launch, it could cost you and your employees everything you have all worked so hard for.
Security for your customers
Your clients will provide you with bits and pieces of their personal information over time – from addresses and phone numbers to credit access information like social security numbers, bank account information and more. Providing security for that sensitive data is of utmost importance to you and to them. Data theft is becoming one of the most productive criminal areas these days. More and more we are hearing about hackers accessing data files for the purpose of using the identities of others to steal and cheat.
Security for your providers
The people you purchase from also provide you with information worth accessing. Whether it is components they have designed for you or their personal information, the data you have can be valuable to someone who cares to use it for their illicit personal gain. Protecting their information will maintain the good relationship by establishing trust.
Security for your data
Cloud-based storage is the method of data management that’s becoming most prevalent in business environments. It eliminates the need for larger onsite data processing and storage devices by using internet based storage solutions. Cloud storage allows multipoint access from a controlled grouping, giving your people the freedom to work from a variety of locations and at a variety of times on the same projects. Protecting that data in the cloud is of the utmost importance and difficulty because of the need for access and availability.
Data encryption isn’t just a suggestion, it is mandated. On the medical side, personal information is covered under HIPAA (Health Insurance Portability and Accountability Act) regulations. HIPAA is designed to provide protection and confidentiality for patients regarding their health status and their financial information.
Additionally there are protection regulations for financial, military and government, confidential or sensitive business data, and private individual data worldwide.
These are some of them: Payment Card Industry Data Security Standards, (PCIDSS), The Gramm-Leach-Bliley Act (GLBA), The Sarbanes-Oxley Act (SOX), The Basel II Accord, The Euro SOX (EU), The Financial Instruments and Exchange Law of 2006, FDA Title 21 CFR Part 11, 95/46/EC European Union Directive (EU), Bundes-Datenschutz-Gesetz (Germany), California Senate Bill 1386, Personal Information Protection and Electric Documents Act (Canada), The Data Protection Act of 1984 (Great Britain), Personal Information Protection Law of 2003 (Japan). Each provides for the protection of information and commerce in their supporting nation and elsewhere.
So as you consider what protection you require for your business, consider the cost of not having protection to you, your business, and your customers.