About the Author: Brew City Marketing

Published On: September 27, 20181.3 min read

Data Breaches & Encryption Trends

Protecting data has become a hot topic as more industries fall victim to data breaches. IBM Security estimates the cost of data breaches globally at $3.86 million, with mega breaches (ranging from one million to 50 million lost records) costing companies approximately $40 million and $350 million respectively.

Data Breaches & Encryption Strategies

It’s no surprise that the use of security measures has increased. Ponemon Institute© conducted a study, sponsored by Thales e-Security that reveals financial institutions are taking the lead on optimizing encryption strategies. Below is a summary of the findings:

Data Breaches and Encryption Trends

Interestingly, the study revealed weaknesses in the practice of cloud encryption. 61% of respondents admitted to transferring sensitive or confidential data to the cloud, regardless of whether it was protected. The study reported an 11% increase in encryption strategies used with public cloud services, which should reduce this unsafe practice.

The key takeaway from this study is that as cybercriminals increase in boldness, industries will need to increase their encryption strategies to keep pace.

About Equips

Equips is revolutionizing how Banks and Credit Unions manage, maintain, and protect critical branch equipment. Leveraging a network of 500+ vendors, experts at Equips help Financial Institutions respond to equipment problems quickly in one place: Equips. Active management allows Financial Institutions of all sizes to improve operational efficiency, cut costs, and streamline equipment inventory and vendor management. Our groundbreaking solution provides clients across 45 states with better insight and transparency into their critical equipment and enables employees to do their best work. To learn more visit equips.com.