What are the Key Factors of Regulating Encryption in Your Business?

Businesses transition towards online operations is bringing a revolution in how we work. From our payments to shopping, everything is rapidly undergoing a digitalization process. And while this makes our lives much more convenient, it also opens us up to some problems.

Modern businesses are standing on codes and algorithms that are vulnerable to cyber-attacks. Be it our data online, or IoT devices, all of it is subject to the threats of security breaches, hacks, and much more. This means encryption of data for your business is a necessity and not just a luxury.

Why Is Encryption So Important?

To maintain online company cyber security, encryption is a major priority. Businesses store important customer data, such as personal information and bank details. Combine this with a weak cybersecurity system, and you have the perfect recipe for identity theft. And if you don’t have the security measures in place, you can end up in all sorts of problems.

As the cyberattack faced by the Health Insurance Portability and Accountability Act (HIPAA) and the Department of Health and Human Services indicates, theft of unencrypted laptops is a standard concern (HHS). Since the lack of encryption allows for so much misuse, it’s about time that you start using it as a technique to ramp up cybersecurity.

How to Secure Your Online Business from Cyber Threats?

Online businesses are subject to many threats and attacks. Therefore, they need updated measures to protect their data. And that is possible through encryption. Here is how you can secure your data step-by-step:

1. Collaborate with all the stakeholders, including your IT team, state officials, and others, to work on the parameters of your encryption. This way, you can set guidelines keeping into consideration the laws and regulations.
2. Identify all the high-risk areas that are vulnerable to attacks. These include laptops, mobiles, or any other devices. In addition to that, classify your data into two parts. One should contain all the sensitive data, while the other is low-risk.
3. Make sure that you keep your encryption keys safe so that no unauthorized personnel can access those files.
4. The next thing you need to do is partner with the right solution providers that can assist you to secure your data
5. Apart from all of this, you need to make sure that the access is only to those people who need it, and those persons should sign a contract that they don’t give away sensitive information of the company.
6. Last but not least, you need to use SSL decryption to mitigate risks. Big names use SSL decryption to keep their data safe.

Final Takeaway

Encryption is now a necessity for businesses that have their operations online. As data has become one of the most valuable resources in the world, its protection is also essential.

Data breaches happen with companies that have very sophisticated cyber-security as well. So, there is no 100% way of stopping this threat. But you can surely take the right steps to ensure that you mitigate the risks as much as you can.