Although the majority, if not all of enterprise businesses have deployed layered or perimeter-based security architectures using detection, protection and transportation technologies, the results are good but not perfect after witnessing the numerous and recent corporate data breaches in the news and the loss of 100M’s of user’s data. In many cases, human error played the largest role from misconfiguration, fraudulent scams, stolen mobile devices, and even intentional security violation. However, the real issue is that the data itself is typically not protected or encrypted in the event of an unauthorized breach. This has prompted regulators’ concern about data security and the threat of hacking as well as the need to protect sensitive consumer and corporate financial data.
The European Union first blazed the trail to protect consumer personal information when the General Data Protection Regulation (EU) 2016/679 or "GDPR" became law in May 25, 2018. The United States quickly followed suit, as each State began rolling out their own regulations. In March of 2018, all 50 U.S. states enacted breach notification laws that require businesses to notify consumers if their personal information is compromised. California lawmakers enacted the California Consumer Privacy Act of 2018 or the “CCPA” June 28, 2018. Others included Alabama with SB 318, Arizona with HB 2145, Colorado with HB 1128, Iowa with HF 2354, Louisiana with Act Number 382, Nebraska with LB 757, Oregon with SB 1551, South Carolina with H4655, South Dakota with SB Number 62, Vermont with H. 764, Virginia with HB 183 and many others followed. California is already expected to make amendments to their new laws and create additional legislation similar to GDPR in the next two years.
Many of these data protection acts also stipulate that consumers have the right to be forgotten and to request that any data a company has on them be deleted. There are some limits on what data a business can retain for legal, compliance, and business reasons, but a solution must be in place to timely delete all other information about a consumer.
Deploying Bonafeyed’s technology can encrypt consumer personal data individually, in real-time and the data remains protected when accessed by authorized users within an enterprise’s network, by partners or on mobile devices. In addition, the consumer datasets when placed on backend ERP systems or in the cloud for collaboration or archival storage remains fully encrypted.
However, when encrypted data is lost, stolen, abandoned or forgotten, it remains protected and becomes permanently inaccessible once the cipher keys to access the data are deleted or retired ensuring cyber criminals or internal non-authorized users only obtain unintelligible data, which exceeds the data protection acts.
The frequency of breaches arises from focusing on perimeter security only and not on protecting the data itself. Data that remains in the “clear” is vulnerable. Bonafeyed is capable of securing data elements individually such that any loss of data whether by a mega breach or down to an end-user’s mobile device is mitigated. Traditional security products are just one part of the solution. Without directly securing and protecting the data, these massive breaches and data exploits will continue to occur.