41% enterprises have encryption strategy in place: Thales report

37 percent said their organizations turn over complete control of keys and encryption processes to cloud providers

BluVault

Author

A tech savvy humanBOT, Sharmistha is a professional writer

A report by cybersecurity solutions provider Thales has revealed that enterprises have accelerated adoption of encryption strategies, with 41 percent of respondents saying their organization has an encryption strategy applied consistently across the enterprise. The study conducted by the Ponemon Institute and sponsored by Thales was aimed at capturing how organizations around the world are dealing with compliance, increased threats, and the implementation of encryption to protect their most sensitive data.

Notably, for the first time in the study’s 12-year history, business unit leaders have a higher influence over encryption strategy than IT operations. Other critical findings demonstrate organizations continue to show a preference for control over encryption and key management when those activities migrate to the cloud.

“The accelerated growth of encryption strategies in business underscores the proliferation of mega breaches and cyberattacks, as well as the need to protect a broadening range of sensitive data types,” said Larry Ponemon, Chairman and Founder, Ponemon Institute.

“Simply put, the stakes are too high for organizations to stand by and wait for an attack to happen to them before introducing a sophisticated data protection strategy. Encryption and key management continue to play critical roles in these strategies,” he added.

Protecting data at rest in the cloud

The report stated that 67 percent of respondents take one of two routes: they either perform encryption on premise prior to sending data to the cloud, or encrypt in the cloud using keys they generate and manage on premises.

37 percent said their organizations turn over complete control of keys and encryption processes to cloud providers.

Thales report

Other key findings

  • 31 percent are currently using or planning to use Hardware Security Modules (HSMs) with Bring Your Own Key (BYOK) deployments, with 20 percent claiming the same for Cloud Access Security Broker (CASB) deployments.

Thales report

  • Overall, usage of HSMs with CASBs is expected to double in the next 12 months (from 12 percent to 24 percent)
  • Use of HSMs among organizations grew to its highest level ever, at 38 percent; of those respondents, 48 percent own and operate HSMs on-premise in support of cloud-based applications

Thales report

  • At 55 percent, compliance is the top driver for encryption – followed closely by protecting enterprise intellectual property (51 percent), customer information protection (49 percent) and protection from external threats (49 percent)

Thales report

“This year’s findings align with key trends demonstrating an increased reliance on the cloud, ever-evolving internal and external threats, and new data sources mandating stronger protection. The survey further reinforces that cloud key management offerings are more important than ever – and business-leader involvement is crucial to a sound security strategy,” said John Grimm, Senior Director, Security Strategy, Thales e-Security.

The Ponemon Institute surveyed more than 5,000 people across multiple industry sectors in the United States, United Kingdom, Germany, France, Australia, Japan, Brazil, the Russian Federation, Mexico, India, Saudi Arabia and the United Arab Emirates.

Foodtech startup Holachef bags $5M in Series B round
Sapho, a micro apps platform for legacy software, raises $14M in Series B round