Providing security and scalability in today’s business environment requires more than just a first line of defense.
A cybersecurity strategy isn’t just about managing risks across your business’ IT infrastructure. The risk is particularly high for organizations in highly regulated industries. This is because digital supply chains can be exploited and hackers can access consumers’ valuable and sensitive data. As a result, these data breaches can shake customer trust and the confidence of regulators.
Done right, cybersecurity can be a strategic initiative that supports product functionality, organizational effectiveness, and customer relationships. As enterprises scale their infrastructure and systems to manage sensitive data and complex workloads, they must rely more on their partner ecosystem to enhance security and compliance without compromising performance and resiliency.
Minimize breaches and vulnerabilities
As more businesses adopt technologies to help address data security and privacy issues, the life cycle of a security breach has become more important to the overall financial impact on an organization. This is especially important as companies in highly regulated industries face the challenge of continually protecting the privacy of sensitive consumer data, such as personal information in financial and health records, while adhering to the latest security and compliance requirements. .
According to the 2023 Cost of Data Breach Report conducted by the Ponemon Institute and sponsored by IBM, breaches with identification and containment times of less than 200 days cost organizations $3.93 million. However, if the breach lifecycle exceeds 200 days, the cost to the organization is $4.95 million, a 23% difference. Moreover, cloud environments have been identified as frequent targets for cyberattacks in 2023. These attackers often gained access to multiple environments, with 39% of breaches spanning multiple environments and an average cost of more than $4.75 million.
IBM supports clients across industries on their cybersecurity journey by providing comprehensive security capabilities that help make it easier to manage risk and demonstrate compliance posture. The data security capabilities provided by IBM Cloud® Hyper Protect Crypto Services help customers on their confidential computing journey by providing complete control over cloud data encryption keys and cloud hardware security modules. We also offer the industry’s only Keep Your Own Key (KYOK) for encryption of data at rest. This solution allows customers to maintain exclusive access to their encryption keys. This means that not even IBM has access to its customers’ keys.
Collaborate with the right partners to support your security goals
Spain-based Forris provides businesses with tools to hold digital assets and leverage them for business operations such as cross-border payments and payroll. Fortris aims to improve digital asset treasury operations platforms using confidential computing capabilities provided through IBM Cloud Hyper Protect Services.
This collaboration allows Fortress’ customers to address the risk that malicious actors can manipulate or access corporate workflows, confidential data, and digital assets. IBM’s KYOK capability allows Forris to secure data end-to-end while it is at rest. Additionally, Forris’ enterprise users can leverage enhanced tools to operate their digital assets while minimizing security risks by maintaining full control of their digital asset keys.
Innovation through a security-first mindset
Fintech is playing a critical role in helping businesses securely manage the growing market demand for digital assets. In response to these changes, fintech companies are looking to cloud services and providers that can more seamlessly navigate the regulated world of financial services and support higher levels of security for their cloud infrastructure.
Togg, a global mobility technology and ecosystem provider offering digital asset management wallets, is collaborating with Switzerland-based fintech Metaco to help secure the management and governance of digital assets such as cryptocurrencies and tokens. Togg’s main goal is to build a secure platform based on newly created tokens that can be used by all consumers. Tokens can be linked to various assets, such as proof of ownership of a purchased car or carbon tracking and transaction certificates, supporting sustainability metrics. These assets can be vulnerable to malicious actors seeking access to highly valuable assets and confidential data, and require security features to help mitigate these threats.
Togg and Metaco also use KYOK encryption and confidential computing capabilities to protect unencrypted and most vulnerable data. This protection is achieved using a hardware-based Trusted Execution Environment (TEE) that provides security and isolation to address unauthorized access to applications and data in use.
Collaborate to support cybersecurity initiatives
The key to driving enterprise innovation and agility at scale is to first develop a holistic cloud and security approach that supports digital transformation from the ground up. Along with making the necessary investments to power a well-defined cloud strategy and working with providers that provide high levels of resiliency and reliability, enterprises must leverage an ecosystem of support to mitigate various levels of security risks that must be proactively managed. do. They are problematic.
Learn more about IBM Hyper Protect Crypto Services
