By Madhumita Chaudhary, Grand View Research
Organizations today face numerous assaults to their systems, data and critical information from every angle — everything from physical attacks to phishing mails. Studies suggest that a lack of awareness and expertise pertaining to such security breaches is leaving businesses at a high risk, which is further impacting their brand reputation and resulting in high penalties.
In recent years, encryption to protect sensitive data has emerged as a fundamental aspect of information security. Presently, encryption software is leveraged in an array of settings including enterprises, defense, retail, banking and financial institutions, education and industrial automation.
Encryption software helps protect the confidentiality of the information stored in the database and data in transit in line with the compliance and security requirements of any organization. This renders the data unreadable even to the authorized person, thereby enhancing the security of the confidential data.
Organizational vulnerabilities are continuing to rise, with enterprises working through disaggregated point solutions and a multitude of management platforms. This is expected to drive the global encryption software market at a compound annual growth rate (CAGR) of 15.9 percent between 2016 and 2024.
Let’s take a look at the top three factors driving market growth.
1. Regulatory and Security Compliance to Accelerate Growth
Publicized data loss, together with new governance and compliance regulations, is expected to drive the need for customers to encrypt data. Organizational best practices point toward data encryption as a key solution for data privacy. Therefore, solution providers today offer products that allow enterprises to comply with security mandated by regulations such as the HIPAA, CASB1386, Payment Card Industry Data Security Standard (PCI DSS), DoD 5015.2, GLBA, etc.
Presently, encryption is more than just a suggestion for many businesses that are legally required to comply with domestic as well as international laws. For instance, the Gramm-Leach-Bliley Act of 1999 (known as the GLBA) in the U.S. mandates organizations to protect the confidentiality of consumers or non-public personal information. This calls for encryption software and is expected to spur the market growth over the next eight years.
2. Maintaining Brand & Business Reputation
An organization’s brand image or reputation is a crucial part of its marketing mix and, therefore, requires as much protection as any other core asset or property owned by the company. For companies dealing with hard goods, issues such as contaminated products can be resolved relatively quickly by removing the products from shelves. It’s different with digital assets, however. Data leaks are far more critical, given the risk of confidential customer records being leaked in seconds. Data breaches such as this can affect a company’s brand value and market reputation. They must be handled with …
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