No End in Sight: Encryption Isn’t Just for Financial Services Anymore
From bank statements to something as simple as applying for a new credit card, discretion of sensitive personal data is an expected feature at any reputable bank, financial service or insurance (BFSI) institution. So it’s a no-brainer why, as more BFSI organizations move to a full digital environment, they continue to prioritize data protection measures – like encryption. But, while these organizations may be the overwhelming past and present juggernauts of secure communications, BFSI organizations by no means represent the sole future of this growing necessity in our digital world – a digital world where security spending is forecasted to exceed $124B in 2019 alone.
So how exactly is the realm of secure communications changing? It’s becoming a keystone of any customer-centric business plan – and, in some cases, even mandatory – regardless of industry.
Encryption no longer an add-on
As early adopters of encryption, BFSI organizations marketed their secure document delivery systems as ‘environmental-friendly’ or ‘postage-saving,’ with more onus put on the customer as an optional add-on. But in addition to streamlined, tree-saving digital features, a more substantial societal embrace of digital delivery methods has given rise to new regulations with teeth paired with expectations that sensitive personal data is being protected. Consequently, nearly 50 per cent of encryption adopters today, according to Echoworx data, state compliance as a primary reason for implementing an encryption strategy.
Encryption for all!
While BFSI organizations continue to be the more-prominent adopters of encryption, accounting for a healthy 15 per cent of respondents in a recent Ponemon study, other industries are beginning to take note. In fact, according to the same report, manufacturing and services organizations are not far behind – accounting for 12 and 11 per cent respectively.
This changing trend isn’t a trend at all – but rather an evolution of how we protect data. As a tool of customer stewardship, encryption is a way for all industries to demonstrate that they value and care about the personal data of their patrons. As a mutually beneficial relationship, the resulting digital customer trust encourages consumers to continue conducting business while enabling an organization to effectively collect adequate amounts of data without compromising their integrity – resulting in better customer service.
Echoworx recognizes that the world of encryption is becoming more three-dimensional and varied in terms of its business use cases. In order to accommodate the mosaic of industries set to explode into the encryption market, we offer a wide array of flexible, scalable and user-friendly encryption solutions to streamline any business process.
Changing customers, changing views on privacy
From the introduction of encryption to popular instant messaging app WhatsApp in 2016 to headline grabbing violations of international privacy regulations, like the massive €400K fine issued to Uber France for their fumbling of sensitive personal data, consumers are now more aware of and concerned for protection of their personal data.
And yet they continue to provide their most precious digital details with little prompting – less prompting than needed for them to disclose their address to a first date, according to Echoworx data. But, if digital customers are easy to get, they are even easier to lose after a data breach and impossible to get back. So why take chances with their data?
According to a recent PwC report, strong levels of digital customer trust are a keystone of any customer service plan. In terms of sharing data, for example, 88 per cent customers who trust an organization are more likely to provide accurate, reliable and consistent personal data. This, in turn, provides more information with which an organization might fine-tine their customer service program.
At Echoworx, we know that offering a streamlined encryption experience is not only good for customer experience – it helps bolster the levels of digital trust needed to build effective business relationships. As more industries go online and digital, this trend is set to occupy a more prominent role in most business use cases.
New international regulations demand encryption
By now we know the General Data Protection Regulation (GDPR) of the EU is spurring governments to take matters of data privacy seriously. But did you know that EU citizens are protected by the GDPR regardless of where they live or work? Did you know that Danish interpretations of the GDPR mean encryption is now mandatory for all business in Denmark? Did you know that the UK’s National Health Service (NHS) is eliminating fax machines completely?
Like it or not, organizations looking to compete internationally are going to have to adopt proactive data protection policies, like encryption, into every process. At Echoworx, we realize this can be complicated for massive international organizations sending out millions of sensitive messages a year. That’s why we have data centres located in six countries – including locations in the EU zones.
And it’s not just about the EU!
The encryption forecast is cloudy
While legacy on-premise encryption solutions might continue to dominate the market to the end of the decade, cloud-based encryption continues to grow. In fact, according to a recent Ponemon study, encryption in public cloud services grew over 10 per cent in 2017 – the highest year-over-year growth of any encryption use case observed in the report. We expect this trend to continue and grow stronger.
At Echoworx, our scalable and flexible encryption solutions and worldwide presence are prepared for this cloudy new world. Our team of experts can help you migrate your on-premises encryption infrastructure to the cloud without any business disruption.
In addition to gaining the benefits of multiple delivery methods, branding and language options and other natural extensions to your existing system, there are additional cost mitigating benefits of working with Echoworx in the cloud. According to a recent Total Economic Impact™ study of Echoworx’s OneWorld encryption platform conducted by Forrester Research, for example, additional value is unlocked by working with us as a third- party provider – including cutting down on overhead like support time and additional resources required to run encryption infrastructure in-house.
Encryption is bigger than finance!
Encryption is no longer just about saving paper on bank statements – it is becoming a part of everyday conversation. From international privacy regulations to customer service to actual customer expectations, encryption is no longer an option – regardless of industry. As we continue our march toward a brave new digital world, you want to make sure your organization doesn’t fall by the wayside. Be prepared – be proactive – talk to us today.
By Nicholas Sawarna, Sr. Content Marketing Specialist, Echoworx
- Gartner Information Security Forecast – August 2018
- Ponemon Global Encryption Trends Study – April 2018
- PwC Report – Securing customer trust