Save costs: According to IBM, the average cost of a data breach in the USA is $3.86 million in 2020. The Payment Card Industry Data Security Standards (PCI DSS) require organizations to encrypt customers' stored credit card account numbers the standard requests encrypting this info in rest and transit. Modern organizations store a large volume of their business and customer personal data in the cloud without proper encryption, stored data will get compromised if an adversary successfully infiltrates cloud systems.Ĭompliance requirements: Encryption is required to protect sensitive data from unauthorized parties in some regulatory compliance. In today's Information Age, encryption is vital for both individuals and enterprises for the following key reasons: The security of this system depends on the secrecy of the encryption key.Īsymmetrical: Also known as public-key encryption, in this type, two keys are used, the sender encrypts data using the receiver's public key, while the receiver decrypts the data again using his/her associated private key. Symmetrical: This type uses the same key for encryption and decryption. A decryption key is needed to restore the data to its readable state. Encryption works as follows:Īn encryption key that uses a specific encryption algorithm is used to convert the readable data into an unreadable format to encrypt data.
It's crucial to keep that information safe.Įncryption is defined as the process of converting plain text data into scrambled text (known as ciphertext), so unauthorized parties cannot read it without the associated decryption key. For instance, a great deal of information is transmitted online every day much of them are sensitive such as trade secrets, financial info, personal data, and a variety of government information.
Adversaries are present everywhere in cyberspace, and their primary motivation is to steal sensitive data for financial gain.Įncryption is the cornerstone of data security and privacy. The rapid shift from the physical world into cyberspace has resulted in an equal increase in cybercrime. Nowadays, most data are created digitally, not on paper. As the world moves steadily towards adopting digital technology in all life aspects, people's dependence on digital solutions to work, study, entertainment, socialize, shopping, and online communications increases.
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