The Complete Guide to Cryptographic Data Protection for 2023

The Economist boldly declared in 2017 that data had superseded oil as the most valuable global resource. However, protecting this valuable resource from malicious actors is far more complex, considering the proliferation of cybercrimes.

A Cryptographic data protection best practice to safeguard online transactions data's confidentiality, integrity, and availability is using PCI-compliant HSM point-to-point encryption. To protect cryptographic data, tamper-proof HSMs process decryption, encryption, and authentication keys.

Traditional payment encryption methods are no longer sufficient to withstand the onslaught of cyber-attacks. So, if you want to avoid that dreaded realization that your network has been breached and deal with the devastating consequences – read on!

Why Cryptographic Data Protection Is Essential

Data is the lifeblood of any business as it drives operations, increases revenue, and boosts efficiencies and customer service.?

Although the golden rule in data protection is maintaining the “CIA triad". This refers to safeguarding the confidentiality, integrity (trustworthiness), and availability of data to avoid incurring financial and reputational damages.

Compliance with PCI DSS, GDPR, and SOX cryptographic data protection regulations also requires robust encryption and key management procedures for all online payment systems.

Even though the payment industry relies heavily on end-to-end encryption (E2EE) to safeguard transaction details, network breaches are commonplace.?

Thus, the PCI Security Standards Council developed point-to-point encryption (P2PE), considered the most secure cryptographic data protection technology.?

Cryptographic Best Practices: Hardware Security Modules?

Hardware Security Modules, or HSMs, as they are commonly known, are cryptographic data processors, or “trust anchors” solely dedicated to safeguarding the lifecycle of crypto keys.

It’s no wonder that most leading corporations across the globe employ stringent cyber-security measures and rely on HSMs to safeguard their cryptographic infrastructures.

Robust HSMs allow small-to-enterprise level businesses to securely process and store valuable cryptographic keys in a tamper-proof, impenetrable devise, which is far less vulnerable during a network breach or ransom attack.?

Compared to managing complex encryption keys, hardware security modules seamlessly provide digital signing services, including authentication, decryption, and encryption keys to safeguard highly sensitive online transaction data.

HSM Market Leader for Crypto Data Protection

Even though there are numerous reputable HSM vendors across the globe, SecureKey has built a reputation as one of the best, as their devices are highly efficient, scalable, and agile.?

What sets their HSM brand apart from other cybersecurity vendors is that it features an “iron-clad” FIPS-approved device that houses crypto keys that never leave its robust enclosure.?

All HSM devices must adhere to rigorous security-related design and testing requirements in a real-world setting to verify that they can protect sensitive data following a network breach.???

In addition to being easy to deploy, all the crypto-related processes occur in the secure HSM device. So, bad actors cannot access sensitive data protected by stringent access controls.?

All the hardware security modules are integrated with a command center for fast and efficient partitioning, monitoring, and reporting.

Benefits of Outsourcing HSM Cryptographic Data Protection?

While deploying HSMs is the best method to safeguard data, it is a highly technical field that requires costly data center resources equipped with in-depth expertise to manage it.

Therefore, outsourcing your HSM’s management to seasoned professionals like SecureKey,? equipped with FIPS 140-2 Level 3 payments encryption hardware, a zero-capital investment, and a flat fee, is far more time and cost-effective.

Outsourced HSM monitoring is conducted remotely via a secure link in conjunction with smart card access control measures to oversee your encryption key management, including HSM software updates and security configurations.?

Other benefits of outsourcing your HSM management to the SecureKey Group include the following:

• Technical support: access to a large pool of talented software engineers without the need to invest in their professional development.
• Scalability: with the capacity to manage enterprise-level HSM environments in multiple locations.
• Peace of mind: all software engineers have security clearances; thus, they are trustworthy cybersecurity partners.
• Seamless: operations within your network’s virtual private network, safeguarded with firewalls and anti-virus software.?
• Reporting: on HSM unitization, capacity overloading, and overall performance.
• PCI compliance: key migration is a highly complex and arduous task that is often resource, and time intensive; therefore, outsourcing this challenging process is one less thing to worry about.?

Conclusion

While companies have relied on end-to-end encryption to safeguard their client’s banking details, it is vulnerable to network breaches with potentially disastrous financial and reputational consequences.

Thus, outsourcing that responsibility to cryptographic professionals means that you can focus on your business with a trusted cybersecurity partner.

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Frans Marx is the CEO of SecureKey Group and an experienced adviser to banks and large corporations on Cryptographic Data Protection.

Resources

https://cpl.thalesgroup.com/encryption/hardware-security-modules

https://www.techtarget.com/searchsecurity/Data-security-guide-Everything-you-need-to-know

https://en.wikipedia.org/wiki/Point-to-point_encryption