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3 Reasons to Be Optimistic About Business Data Protection

https://www.idtheftcenter.org/data-breaches/If you’ve been reading headlines, it’s easy to be pessimistic about corporate security.  The Identity Theft Resource Center tracked 1,093 breaches in 2016 — a 40% increase over the previous year. Although some of that increase comes from better reporting, it can be hard to look at a list of 36,601,939 breached records and think “we’re winning this.”

But there’s good news, too. Although breaches are still far too common, we’re seeing signs of a profound change in security awareness among businesses and consumers, and the development of more effective security tools to protect them.

1. Encryption Awareness and Adoption Are Increasing

All businesses use email. Even those that rely on secure portals or messaging apps inevitably end up sharing confidential business information through email — for example when a business partner or customer contacts them. The question is whether they’re using a secure email provider for business data protection, or sending information unencrypted, where anyone could intercept it.

It appears adoption of encryption is reaching a tipping point. For the first time, a majority of organizations understand the importance of encryption. And more than ever before, organizations are following up their security awareness with action.

2. Consumers Are Driving Business Data Protection

If you ask a consumer how they feel about breaches that affect their data or accounts, of course they’re going to express a negative opinion. However, some business experts have been suspicious of the actual effect on consumer behavior, believing consumers will quickly move on with little customer churn. But a new study shows that consumers are voting for business data protection with their wallets.

Researchers from Carnegie Mellon University tracked the behavior of bank customers for five years, and measured how “unauthorized fraudulent transactions” affected their behavior. They found that users were 3% more likely to leave the bank within 6 months of being the victims of fraud. Long-term customers weren’t immune to this effect — in fact, churn was greatest among those who had been with the bank the longest.

It might not sound like it, but this is good news, because it shows that business data protection yields significant ROI. Security teams historically have had trouble getting the resources they need, so studies like this provide solid financial arguments for investing in business data privacy.

3. The Virtru Platform Provides Total Business Data Protection

Business data protection is easy if it’s your top priority, but keeping data safe without undermining productivity is much trickier. Virtru started as a tool to send secure emails and files without disrupting your workflow, but the goal was always much bigger — to keep business data private and secure across all the apps you depend on, without complicating your workflow.

The Virtru Platform, can use the same approach to protect other applications. Real-time communications, Salesforce or Workday data, or onsite files being migrated to the cloud are encrypted throughout their journey to prevent interception.

Business Data Protection — Because Your Customers Matter

We’re not a secure society yet — we’re not even close — but companies and consumers are starting to wake up. Show your customers and business partners you value their security by taking a stand for business data protection. These resources will help you get started:

What is Confidential Business Information?
Business Privacy Policy: Protecting Your Customers and Your Business
The Simple Guide to Encryption Key Management


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