Nowadays, when data is as valuable as gold, as an organization, you must take all the necessary precautions to protect all the data within your organization. Safeguarding the information is more critical than ever because every company is slowly inching toward becoming data; every customer insight and transaction depends upon the company’s data.
So, this is why organizations are looking at data encryption as a practical measure against cyber-attacks and data breaches from people with malicious intent.
For those who do not know, data encryption means converting the information into another form or a type of code that can only be accessed by a few who have the key to that particular encryption. Encryption data for financial services is standard, but even other organizations can reap the benefits of data encryption.
If you have a data breach, those who hacked your organization will not be able to access the ciphertext because they will not have the encryption key.
Suppose you are running a fintech company or any other organization that stores a ton of information on their clients, in-house processes, vendors, codes, etc. In that case, you must get data encryption services from a reputed company.
Here are some benefits of using data encryption for security.
Encryption Is Easier To Implement
Encryption is not a new technology. However, its widespread implementation and awareness about it is a relatively more recent concept. Earlier, people or organizations did not need cyber security, but now the case is quite the opposite. Almost every software or operating system uses encryption to protect the data. Moreover, some companies have started using AI to add a layer of protection to the whole process. This encryption and AI can be installed on your system through simple APIs.
It Helps Prevent Regulatory Fines
If your organization falls under the scrutiny of agencies like GDPR, then you have to maintain security measures and safeguards to protect your customers’ information. While there are no outright requirements about what type of encryption should be used, per the regulation, it must be used. So, using simple API encryption data for financial services can help you fulfill the legal requirements and avoid any fines that could have been levied on you.
Maintain Data Integrity
Your information is not always hacked, but sometimes the hacker might compromise the data by injecting some malicious code into it. This type of hacking is often done to reduce the quality of the data, hamper its usability or render the data useless altogether. However, getting encryption for your files prevents you from doing that. Any unknown encryption files will not hinder your data. Even when the data is being transferred from one place to another, it will protect through digital signatures to ensure any other type of encryption does not enter the data.
Increases Customer Trust
Encryption is not necessary as per regulations, but having it serves your best interest. More and more people are aware of cyber security measures and want their information to be protected at all costs. Due to recent data breach fiascos, highlighting in your marketing copies that your company follows strict financial encryption standards will help.
So, if you want to secure the data of your customers and your organization, getting the best AI-based encryption for your company is an effective solution. It will also enable you to win the trust of your investors and customers.