Managing Business Risks Through Asset Security Management

by December 11, 2015 0 comments

– Rahul Kumar, Country Manager & Director, Winmagic India

Data is considered as an asset for a company and managing assets becomes substantial. The security experts orate that it is a necessity for all the companies to encrypt their data to minimize data breach. Latest, IBM reports stated that data breach has been incessantly growing upto 23% since 2013, which is statistics to worry about.The cost of data breaches is rising for companies around the world including India. The total average cost of a data breach is now $3.8 million, up from $3.5 million a year ago, according to a study by data security research organization Ponemon Institute.
According to a survey done by PricewaterhouseCoopers (PwC), the average cost due to security incidents for Indian companies more than doubled from $194 in 2013 to $414 in 2014. Heavily regulated and operational industries like healthcare, pharmaceutical, Bank and Financial service Industries (BFSIs) are the ones that are affected by the data breaches as much as 70% more than any other sectors. It is important to understand at this point a solution that will answer and identify the need to secure data.
What exactly are the key drivers towards creating a solution that secures data and curbs data breaches?
Understanding the Market
It is important to understand the market demands and provide a solution accordingly. The market trend that is noticeable in India is that companies are willing to invest in data security, as it was evident by the 2014 reports, which was considered to be “The Year Of Data Breach”. It hence becomes inevitable for data security providers to focuson the specific needs of a customer rather than take a “one size fit all” approach. Organizations today understand that these breahces and their repurcussions have ceased to become an IT problem. Today they are looked at, as a business issue and not only an IT challenge.

Rahul Kumar Country Manager & Director, Winmagic India

Product Development
As a dexterous move it is inevitable for any encryption company to invest in technology for managing forthcoming challenges. It is hence required to focus on encryption resulting at 360 degree product development to meet those issues. It is judicious for a service provider to focus on product development primarily and be abreast with the technologies of tomorrow to minimise business risk. From customer side, early adaptors or forward-thinking ones are looking at getting the best of breed technology solution, and to curb data breaches with best product in the domain. It is also important that at this critical time data security solution providers helps the customers by providing the control of the access of the data that will be easily manageable.
Managing heterogeneous platforms
It is crucial to understand the pulse of the core issue of data security.With the increasing trend of the BYOD, data security becomes vulnerable. It is hence important for the data security providers to ensure the security of data at rest by managing how it’s encrypted. It is also crucial to understand the versatility of the platforms and available options for the solution providers that secures the data wherever it is stored, providing enterprise grade data security policy and key management across all operating systems such as Windows, Mac OS, Android and Linux. The movement of organizations toward cloud has added another layer of complexity to this entire scenario. Robust data availability and data security in varied platforms including that of cloud will only give a breather to the users with the plethora of operational platforms.
Intelligent management of keys
There has been noticeable and increased concern about managing encryption keys in an organization. Managing the key is the biggest challenge that the industry is facing. Creating a single and centralized location for the keys from where it can be easily managed, and assigning individuals with different accesses to ensure only authorized users get access to the data they have access to, is of utmost importance. It also, becomes indispensable to manage the keys to the security of the corporate data from a centralized solution to intelligently manage everythingencryption.
Recovery of data
A recent study from IBM also states that only 38 percent of companies have a security strategy to protect its IT infrastructure. At the same time, password recoveries also play a crucial roleA higher percentage (45 percent) has a strategy to protect their information assets, however if they are implemented or executed in a proper way is the biggest challenge. So, the job does not end only by encrypting the data it also becomes a necessity to create a secure ecosystem to help provide recoveryof data. This is the single biggest challenge in an encrypted environment that customers today face..
Development and implementation of structured programmes to educate users becomes foreseeable, understanding the needs of an organization and solving those challenges becomes a necessity. In regards to the rising marketing demands in India more focused solutions are required to meet the market demands of data security. Data encryption software that will minimize the business risk, is easy and transparent to use and can be managed effortlessly – is what is needed by the industry. Hence it is indispensable to have a comprehensive encryption and security management product that can manage data security across enterprises and platforms.

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