We’ve talked quite a bit about database encryption in this blog, and perhaps you have heard about it on the news or in the media as well. Every other day a company is hacked. Data is everywhere. Cyber security is an unavoidable topic as of late, especially here in Korea.
In Seoul, digitization is the norm, not the exception. Billboards are all in LED format. The majority of any commercial shopping can be done online. Having a mobile application for any activity is an obvious given. Considering how everyday life is inextricably linked to the digital world, it seems inevitable that laws comply with the changing trends.
For example, Korea’s Personal Information Privacy Act (PIPA), requires any commercial entity that deals with private user information to apply encryption to its databases. Otherwise they need to take other precautions to ensure user privacy. If they don’t comply with the act and private records become breached, those responsible could be sentenced for up to 2 years imprisonment and/or a $10,000 fine.
This kind of approach to privacy gives a good push to the information security market.
For the past few years, the database encryption market has seen increased potential due to the Information Communication Act, which is similar to the Privacy Act but much less strict. Moreover, government institutions have been major customers for encryption security in the past. This pressures other enterprises (like insurance companies or financial firms) to join in the fun. The potential for this market is $50 million – not a small amount.
Database Encryption for the “IT Crowd”
For example, since the privacy act became enforced, Korean IT-security firm Penta Security Systems has shown consistent and significant annual sales increases. In 2013, sales increased to 75% in terms of revenue, and 70% in terms of the number of customers. It was as if clients in the government sector had become “the IT crowd,” and other enterprises were lining up to follow the lead in database encryption.
There are countless benefits in utilizing a DB encryption solution, especially for government entities and enterprises. For example, the leading encryption solution in APAC, D’Amo offers access controls for encrypted data, so by distinguishing authorized vs. unauthorized users, the access can be under your control. The administrator can specify user login authority by the IP address, permitted time period, and application program. It also provides an auditing function for important data columns that tracks which users or computers have performed operations. Based on the provided data, it can apply security measures to prevent questionable access or privilege abuse.
Trends and policies come and go… Encryption is here to stay
Lately, the hot topic words are “cloud trends” or “database encryption trends.” While it’s a start that these topics are being mentioned – the word “trend” can be misleading. It signifies that there will be a point in time where it is no longer popular to be doing something.
However, database encryption is something that everyone should start to be concerned about. And we should continue to be concerned. While it’s easy to wait for policies to be made in order to adhere to a set standard, corporations and individuals alike do need to remember that at the end of the day, the responsibility of cybersecurity lies with you.
A recent report by Symantec found that up to 60% of cyber attacks target SMBs. In addition, Kaspersky Lab reported that on average, enterprises paid US $551,000 to recover from a security breach. That’s money that would send the budgets of many start-ups or SMBs in the red. Why wait for an attack when you could build a long-term defense?
When looking for an encryption solution, don’t think about it in the short term. Look at what solutions will give you long-term benefits. Countless new vulnerabilities may arise, but a company should be able to give you optimized solutions for what you need at any given time. It shouldn’t send you into a panic attack every time a new cyber threat makes its way into the digital world.