Hacking has become more frequent and more serious.
The average cost of a data breach in South Africa is an astounding R32.4 million, according to the research, from Ponemon Institute and commissioned by IBM Security.
According to the study, these data breaches cost companies on average R1,632 ($124) per lost or stolen record.
IBM wants to stop data breaches in their tracks.
The tech giant has unveiled IBM Z, the next generation of the world’s most powerful transaction system, capable of running more than 12 billion encrypted transactions per day.
According to IBM, the new system also introduces a breakthrough encryption engine that, for the first time, makes it possible to pervasively encrypt data associated with any application, cloud service or database all the time.
In the most significant re-positioning of mainframe technology in more than a decade, when the platform embraced Linux and open source software, IBM Z now dramatically expands the protective cryptographic umbrella of the world’s most advanced encryption technology and key protection.
The system’s advanced cryptographic capability now extends across any data, networks, external devices or entire applications – such as the IBM Cloud Blockchain service – with no application changes and no impact on business service level agreements.
“The vast majority of stolen or leaked data today is in the open and easy to use because encryption has been very difficult and expensive to do at scale,” said Ross Mauri, General Manager, IBM Z. “We have created a data protection engine for the cloud era
to have a significant and immediate impact on global data security.”
According to the tech firm, IBM Z makes it possible, for the first time, for organizations to pervasively encrypt data associated with an entire application, cloud service or database in flight or at rest with one click.
A top concern for organizations is the protection of encryption keys. In large organizations, hackers often target encryption keys, which are routinely exposed in memory as they are used.
IBM claims that its IBM Z can protect millions of keys (as well as the process of accessing, generating and recycling them) in “tamper responding” hardware that causes keys to be invalidated at any sign of intrusion and can then be reconstituted in safety.
It added that IBM Z, deeply integrated with IBM Security software, automates and dramatically streamline security and compliance processes.
For example, auditors are expected to manually inspect and validate the security of databases, applications, and systems. Organizations can now immediately demonstrate that data within of scope of compliance is protected and the keys are secure. This can significantly reduce the mounting complexity and cost of compliance for auditors. The system also provides an audit trail showing if and when permissioned insiders accessed data.