Cybercrime and data breaches forced many companies to seek encryption. Why wait for the worst to invest in security? Hacking techniques have become available to the broad public, and over 60% of companies have faced cyberattacks on a global scale. We’re here to walk you through the types of encryption and benefits so that it would be easier to navigate through
Types of Data Encryption
There are two main types of data encryption – symmetric and asymmetric. In comparison, zero-knowledge encryption is more innovative for keeping your data 100% private.
Symmetric encryption is the most common type used in credit card transactions and data storage. It comes with one key that encrypts and decrypts data. Unfortunately, this key is shared among all authorized parties – the data sender and receiver. Therefore, too many people may have access to sensitive information.
In contrast, Asymmetric encryption has two different keys – public and private. The public key encrypts the data, while the private decrypts it. The most common usages include email, web, and data security. Asymmetric encryption is better when compared to symmetric in numerous cases, as you can broadly share the public key. At the same time, you can keep the private one safe and share it with authorized people.
Zero-knowledge encryption can be a game changer for both large and small companies. It provides end-to-end encryption for your data, whereas you are the only person with a key. If you store your data with zero-knowledge encryption, even the cloud service provider won’t have access to your data. It is most commonly used for cloud storage and password management tools.
There’s no doubt that data encryption will keep your sensitive business information safer. It’s always a step forward to use the best security measures. Let’s dive straight into the main benefits, starting with the fact that it doesn’t even cost a lot.
Thanks to the many companies offering data encryption, it has become an accessible security measure for all businesses alike. You don’t have to spend thousands to keep your data safe. Only one hundred dollars a year would be enough for small businesses! And you can even find zero-knowledge security within that price range.
No Data Leaks
Data leaks were at record levels during 2021. According to statistics, there have been over 1800 data breaches in 2021, and those are the numbers we know about. Imagine all the data leaks that have gone by without anyone noticing them. Strong encryption can keep your sensitive business information safe and prevent leaks of your future products or any business secrets that you may have.
Safe Data Transfers
Let’s start with the remote employees. They transfer data from and to your business every day. A VPN and data encryption can prevent information theft. If you share passwords frequently with remote employees, you should consider using a password management tool.
If your remote employees use appropriate encryption on their devices, they can keep the data safe even in the worst-case scenario. Let’s imagine a high-profile remote executive in your business loses his/her laptop or smartphone. Such information can be dangerous for your business in the wrong hands.
Increase Customer Trust
People are starting to gain awareness of the risks they take online. That’s not bad, but it may hurt your customer trust if you don’t implement data encryption. We’ve seen enough of the erosion of trust during the past years. Keeping both your business and customer data safe will keep all parties at ease and help you gain a competitive advantage.
If your business is in Europe, you may have to look at the GDPR (General Data Protection Regulation). It doesn’t have any mandatory requirements for data encryption, but you must protect your customers’ privacy. However, any confidential details must be encrypted if you want to avoid fines.
There isn’t one best data encryption provider in the industry. There are three types of encryption – symmetric, asymmetric, and zero-knowledge – and you can choose from them. All business should encrypt their data as it isn’t even expensive but pays off big-time. Consider encrypting all sensitive information, but keep the essential data available to everyone in your company. You wouldn’t want to pay the price for security by lowering your productivity and profits.