The rise of encryption use by financial services and healthcare

A survey produced by Thales has revealed a record rise in the use of encryption by financial services, healthcare and pharmaceutical, and technology companies. This is due to a mature encryption strategy making companies more likely to use hardware security modules, which in turn is showing reports of lower levels of key management pain.

Steady increase in encryption

The report is based on independent research produced by the Ponemon Institute and was sponsored by Thales.

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

Dr Larry Ponemon, Chairman and Founder of The Ponemon Institute, said, “In the 11 years the core survey has been conducted, there has been a steady increase in the use of encryption technology, with the highest increase ever in this year’s results.”

Ponemon continued, “Along with that increase we’ve seen the rise of new challenges in the areas of encryption key management, data discovery, and cloud-based data storage. The findings of this study demonstrate the importance of both encryption and key management across a wide range of industries and core enterprise applications – from networking, databases and application level encryption to PKI, payments, public and private cloud computing.”

 

Adapted from a press release by Jordan Platt

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