Financial services institutions continue to be a top target for data breaches. Between hackers, missing devices, card scams and insider data theft, banking institutions are constantly at risk of having their customer’s private financial information fall into the wrong hands. Even worse, many employees -- even those who are tech savvy -- do not recognize when there is an event that is a red flag for an impending data breach. A recent study from the Ponemon Institute also found that the vast majority of businesses estimate that they could lose upwards of $163 million in a single breach.
Encryption is the only way for these institutions to keep their customer data out of harm’s way, and with an ever-evolving regulatory framework, that may be easier said than done. For example, many financial institutions feel as though their customers' personal banking information is safe through the Payment Card Industry Data Security Standard (PCI DSS); however, many security professionals feel that this measure is merely a minimal baseline security element rather than a “one all, end all” solution to banking data breaches.
According to Big Data security experts Gazzang, 2014 will be the year of data security. Between the Edward Snowden NSA leak and the hundreds of other data breaches that occurred in 2013, companies and consumers alike are beginning to take responsibility for their data and implementing encryption policies and solutions to prevent these kinds of breaches from occurring.
Though this is a step in the right direction, some of the most destructive and dangerous industries for a data breach to occur in are the ones who are expected to face the most challenges with data encryption in 2014. Disk encryption provider WinMagic reveals the top five industries that will experience the most data encryption challenges in 2014 and why the most dangerous industries remain the most vulnerable.