As our world becomes increasingly digitized, businesses are finding themselves at a greater risk of cyberattacks. One way companies can protect their data is by encrypting it. Encryption transforms readable data into an unreadable format, making it difficult for unauthorized individuals to access and interpret it.

A recent survey conducted by Thales discovered that the utilization of encryption techniques inside enterprises is on the rise. More than 40% of respondents said that their business implemented an encryption strategy company-wide.

The survey also indicated that over 60% of businesses encrypt their data using one of two methods. Typically, companies opt to encrypt data locally or store their information in a cloud. Some companies use locally generated encryption keys when storing information on a cloud. In contrast, over 40% of businesses give cloud providers complete control over encryption and key management.

Businesses can benefit from Bring Your Own Key (BYOK) and Hardware Security Modules (HSM) to encrypt their data. BYOK allows businesses to generate and manage their own keys, while HSM provides a physical device that stores keys and helps to protect against cyberattacks. Using BYOK and HSM can help businesses keep their data safe and secure.

Both encryption strategies have advantages and disadvantages, so choosing the right approach for your company is crucial. It may be easier to manage and control local encryption, but it can also be more vulnerable to cyberattacks. On the other hand, cloud encryption is generally more secure but more challenging to manage.

Ultimately, the most effective encryption strategy will depend on a particular business’s needs, goals, and objectives. However, regardless of the approach used, encryption is a powerful tool for protecting valuable data from cyberattacks.