IBM noted that conventional technologies can encrypt data very well and fast, but they cannot do it on a massive scale. The company estimates that just 4% of the stolen data worldwide was encrypted.
U.S. companies are more and more targeted by hackers. Millions of people lose their personal info through leaks on a constant basis. So, IBM thinks that its plan to encrypt just about everything could deter hackers from stealing that type of data.
IBM said that they manage to perform a special update to the computer chips powering computer servers that host institutional or business information and are responsible for millions of transactions every day. These transactions include credit card payments, flight reservations, and ATM operations.
Very Few Firms Encrypt Their Data
Encryption is already heavily used by e-mail providers and clouded services. However, traditional encryption methods require immense computational power for encryption and decryption processes as the data travels from one business to another. This is why, very few companies encrypt their data.
According to a 2016 report, 75% of firms encrypt billing data or customer information, but more and more fail to do the same to HR records and intellectual properties. The report also revealed, that 60% of companies don’t encrypt their workers’ work files.
These mishaps can only encourage hackers. One cyber security expert noted that “Way too much information is stored in clear text.” IBM’s universal solution could ensure that cyber criminals cannot decode what they steal even if they manage to compromise a company’s network.
On the other hand, the new tech could prevent law enforcement agencies from doing their jobs, as criminals could benefit from the same protection provide by the enhanced encryption.
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