Top 5 Benefits of An Encryption Strategy

Last Updated: 

December 13, 2023

Top 5 Benefits of An Encryption Strategy for Businesses

Today's society is more vulnerable to data breaches. Hackers know they could profit from selling person's confidential information through the dark web or using it for other illicit means (like blackmail). 

Fortunately, encryption technology is becoming more popular among numerous businesses as the best solution for safeguarding sensitive information. This technique entails using cryptography and scrambled code to safeguard user and business information. It can only be accessed by users who possess the decryption keys.

Encryption technology is a vital component of data protection. It helps businesses boost system efficiency, ensures compliance, and offers increased security and better general system performance. Therefore, your business can protect sensitive data using suitable encryption tools and active directory management tools.

Encryption technology offers several benefits over other data protection strategies. This post will discuss why it is crucial for your business to incorporate the right encryption strategies for its needs. But first, let's discuss what data encryption entails.

Benefits of an Encryption Strategy
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Key Takeaways on the benefits of encryption strategies

  1. Encryption strategies provide an additional layer of security, protecting sensitive data from unauthorised access and enhancing overall system security.
  2. They help ensure compliance with regulatory requirements such as PCI DSS and HIPAA, avoiding potential legal issues and hefty penalties.
  3. Encryption improves customer trust as it shows a company's commitment to data protection, which in turn can improve brand loyalty and reputation.
  4. It enhances data integrity by ensuring the data remains authentic and hasn't been tampered with during transmission or storage.
  5. Encryption enables businesses to implement a zero-trust security framework, further enhancing data security even if a network is compromised.
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What is an Encryption Strategy?

Data encryption entails translating data into a different format and wrapping it in a secret code language that can only be deciphered by those with the decryption key. Data encryption is mainly classified into two main categories: symmetric and asymmetric.

Symmetric encryption

Symmetric encryption employs a similar key for encrypting and decrypting the data format. This key is subsequently sent to all approved users (access control is crucial here). 

Even though it lacks the security of its asymmetric counterpart, this type of data encryption is simpler to implement. It is mostly used in applications where speed is critical, such as PCI DSS-compliant payment card processing and private backup devices.

Asymmetric encryption

This data encryption strategy, also called public-key cryptography, typically employs two distinct encryption keys instead of one. The encryption key is available publicly, but only the authorised parties have the decryption key. 

Although this encryption strategy is more secure than symmetric encryption, it could slow down some vital processes, such as financial transactions, networks, and programs.

Asymetric Encryption
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Advantages of an Encryption Strategy

1. It improves your security while working remotely

Since the number of hacking attempts is increasing consistently, several companies across the globe are mandating their employees always to use encrypted devices. That's hardly unexpected, given how other breakthroughs in technology have made it simpler for workers to remain productive regardless of their location.

However, many business executives are worried that data breaches could be rampant if their employees worked remotely. Fortunately, the right data encryption can help you prevent sensitive information from straying into the wrong hands, whether you work remotely frequently or occasionally.

2. It provides an additional security layer

Adding an additional security layer guarantees your system's safety when one of the preceding layers fails. Most security measures and strategies focus on stopping unwelcome hackers from gaining access and launching attacks. They might identify possible access points, track unusual behavior, or block illegal activities. 

However, you can decide to focus on the potential theft item - sensitive information.

With this technique, the attacker completely lacks the means to decrypt your data if it is stored and sent in a highly encrypted form (ciphertext). This attempt to hack would be pointless as the hacker couldn't get any valuable information from the data.

Encryption Strategies
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3. It increases customers' trust in your business

If your business handles customers' personal information, it's essential to understand that some customers may worry about the security measures you have in place to protect their data. It includes financial information and electronic money stored on your servers or with a cloud service provider.

You can increase your customers' confidence in your company by using encryption technologies and publicising this information. Therefore, they will exhibit greater allegiance towards your brand and promptly promote your business through word-of-mouth.

4. It boosts your data integrity

Although humans can't decode encrypted data by themselves, it nevertheless retains some elements like checksums. 

Encryption is a security measure meant to protect data from being accessed by unauthorised persons. It is designed so that if someone tries to tamper with the encrypted data, the decryption process will fail, and the data will be lost. However, the data will not be stolen. 

In addition, additional precautions should be made to guarantee no one tampers with the encrypted data because it's impossible to decode tampered-with data. Data encryption also verifies that any data you decode successfully is authentic and has not been tampered with.

5. It protects your business from regulatory fines

Many regulatory agencies, such as PCI, HIPAA, and the like, mandate that you employ some type of encryption if your business handles consumer's sensitive data. You may be subjected to hefty penalties if your data storage device holding sensitive data about your customers or other regulated information is lost, stolen, or subject to an audit by a regulatory agency.

If a data breach occurs, but your system is encrypted, the attacker would find the data useless as they cannot decode it. So, make sure you use eFax services HIPAA compliant, for instance, to share and manage documents securely. By doing so, you will not only avoid regulatory fines. You will also ensure that you keep all sensitive data safe.

Protect Your Business From Cybersecurity Threats
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Final Thoughts

As you can see, your company can enjoy several benefits if it employs data encryption to secure its sensitive information. 

Encryption enables businesses to implement a zero-trust security framework. Zero-trust architecture fundamentally means that, even if the attacker has the proper authorisation to enter a particular network, they will still be unable to access any sensitive data. 

Encrypting information helps businesses guarantee that sensitive data is protected, even if it is intercepted or stolen. Use this guide to learn what your business can benefit from this strategy.

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