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What will it take to stop the breaches?

The recent announcement of the $10million cyber hack of Bank of Chile showed how important it is to protect your data, but it also vital to protect everyone’s ID. These inter-connected issues are THE problem in business today, and they threaten the very foundation of global business.

Data security

The European edition of the Data Threat Report from Thales highlighted how major security breaches continue unabated, despite global efforts to fight back with increased IT security spending. The report believes that, “This suggests that either the attackers are managing to stay a step ahead of cybersecurity efforts – or worse, that the increased funding is not being deployed most effectively to counteract evolving threats and new compute environments. Regardless, doing what we have been doing for decades is no longer working.” The infographic below summarise the position and that encryption is one of the key solutions:

Source & Copyright©2018 - Thales

Another alarming finding was that the increasing use of multi-cloud solutions brings additional risks and concerns. This a major concern because big data solutions are only possible with cloud based technology.

Encryption is a critical tool for protecting sensitive data

Encryption protects data in traditional data centres, cloud, big data, and wherever sensitive information is used or stored. Encrypted files are of no use to the hacker. So it was good news that respondents in Threat Report reported that encryption technologies are 4 of the top 5 data security tools that are planned this year. 

This is the first question: “What will it take to stop the data breaches?”, and  encryptiuon is an important partial answer.

ID

Hyperion’s Dave Birch reported from last week’s Money 20/20 just how pressing the need is for mass market solutions to deliver identification, authentication and authorisation services to support transactions. 

This is the second question: “How can we deliver mass market ID?”

At Money 20/20 there was plenty of talk about biometrics, blockchains and bots implementing digital identity for our new online world. But no complete solution yet.


CTMfile take: An important question for your TMS supplier and for your IT department is, “Are our critical data files encrypted? If not, when?”


This item appears in the following sections:
Fraud Prevention
ID Systems & Services in Fraud Prevention
Minimizing Fraud Procedures

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