Importance of Encryption in the Business World

Aashish Yadav | April 4, 2022 | 764 views

Importance of Encryption in the Business World

Almost every day, we come across some news about data breaches and cyber-attacks, which has forced us to discuss and debate more about the importance of data and how we can protect it. Some of the most significant data breaches of 2021 and 2022 were the Microsoft Software data breach (2021), Facebook data breach (2021), Bureau Veritas cyberattack (2021), Gloucester Council Cyberattack (2022), and many more. Cyber-attacks were rated as the fifth-top risk in 2020 by the World Economic Forum. The COVID-19 pandemic has increased cybercrime by 600% compared to the pre-pandemic period. According to Accenture, 43% of cyber-attacks target small businesses, but only 14% are prepared to defend themselves. As per Cybersecurity Ventures, cybercrime will cost businesses worldwide $10.5 trillion annually by 2025 up from $3 trillion in 2015.


Unfortunately, we still don’t have a concrete solution, which can be called a one-size-fits-all approach for preventing security breaches or even handling them when they happen. However, there are numerous methods for minimizing data exposure. Data encryption and regular data back-ups have become two of the most effective and widely used methods for protecting against data exposure.

Importance of Encryption

The facts and figures mentioned above highlight the growing importance of encryption for data security. No business, regardless of size, is immune to the risk of a data breach. Encryption has become the need of the hour because it is considered the last line of defense.

Many applications and websites depend upon user passwords and password verification software to access sensitive information. Apart from knowing how to generate a safe password, users have minimal options to encrypt their password. This is why they use a password manager to keep their passwords secure. A good password manager must use strong encryption to protect what is a gold mine of data.

Businesses can choose an encryption type as per their preference and requirements. There are two types of encryption for scrambling or masking data. They are as follows:

Symmetric Encryption

Symmetric encryption is the simplest way to protect data from hackers. It has just one key, and everyone uses it to encrypt and decrypt data. For example, you encrypt a file and send it to your manager, who uses the same key to unlock or decrypt it.

Asymmetric Encryption

Asymmetric encryption encrypts using two keys. The public key is used for encryption, whereas the private key is used for decryption. For example, the private key can be used to encrypt a file, but only the manager can use the private key to decrypt it.

Reasons why encrypting your data is crucial

Encryption has evolved as a critical component in securing data from malicious attacks of any kind. However, some organizations are still hesitant about encryption because they are unaware of the benefits. So let’s look at the top reasons why businesses should encrypt their data.

Encryption is the Last Line of Defense

When we talk about cyberattacks, companies are often helpless when it comes to preventing them. In this case, encryption acts as a protector making it difficult to encrypt data without the decryption key. This is one of the significant implications of encryption, and hence we call it the last line of defense.

Encryption is Cheap to Implement

From smartphones to Microsoft Windows, almost every device, software, and operating system today has encryption technology. Also, there are many encryption programs available for free download, programs like LastPass, TunnelBear, HTTPS and others.

Encryption protects data on the go

One of the biggest data security threats companies face is when data is on the move. It means portable devices, whether mobile phones, USBs, laptops, or tablets containing sensitive data, move outside a company’s security network. A misplaced USB, a laptop left unsupervised, or a mobile phone forgotten in a coffee shop can sometimes be disastrous. Encryption makes sure that if a device is lost or stolen, its data can't be read or misused by anyone who doesn't have a key to decrypt it.

Encryption Algorithms to Secure Your Business Network & How Encryption Works

Various encryption algorithms help secure your business networks. But before we dive into the details of encryption algorithms, it is important to know the workings of encryption.

How Encryption Works

Unencrypted information or data, such as blogs like the one you are reading, is written in plaintext. At its core, data encryption employs an encryption algorithm to distort or mask plaintext, resulting in “ciphertext”, which humans interpret as alphanumeric nonsense. An encryption algorithm is incomplete and cannot convert plaintext to ciphertext and vice-versa.

Encryption Algorithms to Secure Your Business Data

As data security threats have become more sophisticated and aggressive, maintaining online security has become critical. Therefore, modern encryption has grown more complex to protect private data. Different types of encryption algorithms can help you enhance your data encryption strategy. If required, you can create your own algorithm. However, there are a few standard encryption algorithms that you can consider.

Data Encryption Standard (DES)

The data encryption standard is an older symmetric-key method of encrypting data that was utilized as a standard method by the United States government. But it was withdrawn later as it was not considered secure enough for many modern applications.

A DES key has 64 binary digits (also known as bits), 56 of which are randomly generated by the algorithm. The other eight are utilized for the detection of errors. People who use DES know the encryption algorithm, but unauthorized entities do not have the decryption key. Data encryption standard is insecure because the 56-bit key is too small.

Triple Data Encryption Standard (Triple DES)

The triple data encryption standard (also called Triple DES, or TDES or 3DES) is the newer and safer version of the data encryption standard. There are two kinds of triple DES: two-key and three-key, based on the number of generated keys. Triple DES runs DES three times; the data is encrypted, decrypted, and then again encrypted before it is sent to the receiving party.

Rivest-Shamir-Adleman (RSA)

Popularly known as RSA, it is named after its creators, Ron Rivest, Adi Shamir, and Len Adelman. RSA is an asymmetric encryption algorithm primarily utilized to share data over insecure networks. RSA is a popular option for secure data transmission. It leverages a robust algorithm for data scrambling.

Advanced Encryption Standard (AES)

Today the advanced encryption standard (AES) is extensively used and supported in both hardware and software in today's encryption. There have been no realistic cryptanalytic attacks against AES identified so far. Additionally, AES includes built-in key length flexibility, which provides some 'future-proofing' against advancements in the capacity to execute exhaustive key searches.

Twofish

In terms of encryption techniques, Twofish is regarded as a highly safe solution. Any encryption standard that employs a key length of 128 bits or more is theoretically immune to brute force attacks. This is where Twofish comes into play. Twofish is vulnerable to side channel attacks because it employs "pre-computed key-dependent S-boxes." This is because the tables have already been calculated. Creating these tables key-dependent, on the other hand, helps to limit that danger.

Conclusion

Cybercrimes constantly evolve, compelling security experts to come up with new strategies and methods. Irrespective of the size or industry, every business can benefit from taking extra steps to protect its data. Whether it is about protecting your email communication or storing data, you should be sure that you include encryption in your lineup of security tools.

FAQ


What are public and private keys?

Both public and private keys are employed in asymmetric encryption. A public key is a key that is known by everyone and is not a secret. Anyone can use it to encrypt data. But, the data can only be decrypted by the user who has access to the private decryption key.

Is it possible to break encryption?

Yes, in a word. While decrypting encrypted data would require a significant amount of processing power and expertise, it is still possible. It is, however, extremely unusual due to the resources needed.

Is it safe to use encryption?

Encryption is extremely secure. The majority of encryption standards provide a degree of protection that is unrivaled by other cybersecurity precautions. The U.S. National Security Agency (NSA) has authorized the AES 256 encryption standard due to its fantastic dependability.

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Mastering BI: Key Business Intelligence Events to Attend in 2023

Article | May 31, 2022

Explore top business intelligence events in 2023 to leverage unparalleled networking opportunities, engaging discussions, and cutting-edge technologies. Stay ahead and unlock the true potential of BI. The ability to harness data and make informed decisions has become paramount for success in the increasingly data-driven world. To stay ahead of the curve and leverage the power of data, professionals in this field must actively engage in continuous learning, networking, and exploring the latest trends and technologies. Fortunately, there are numerous business intelligence conferences and events that cater specifically to the needs of business intelligence professionals. These gatherings provide industry experts, thought leaders and practitioners a platform to share their knowledge, exchange ideas, and showcase cutting-edge solutions. This article will explore a curated list of top BI events to attend for business intelligence and analytics professionals. 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The conference invites submissions of papers and abstracts on various topics related to business analytics for Operations Excellence & Resilience, which undergo a meticulous peer-review process by the esteemed Conference Technical Program Committee. Accepted papers are not only presented at the conference but also hold the opportunity to be published in the prestigious International Conference Proceedings. By bringing together a diverse group of authors and speakers from across nations and regions, BAOER fosters a vibrant exchange of ideas and fresh perspectives. Attendees can delve into both theoretical and practical aspects of Operations Excellence & Resilience, gaining valuable insights and building fruitful connections. 2.Melbourne Business Analytics Conference August 2, 2023 | Melbourne (Australia) In today's fast-paced world, where AI and automation play a pivotal role, businesses must adapt and embrace data and digital transformation to remain competitive. With this in mind, Melbourne Business Analytics Conference is, focused on the compelling theme of 'Leading the way: Navigating Data and Digital Transformation in the Age of AI & Automation.' This highly anticipated event will bring together esteemed analytics academics, executives, and practitioners from around the globe. The program will feature a lineup of distinguished speakers who will share their cutting-edge research, real-world experiences, and success stories. Over 600 board members, senior executives, and industry professionals will converge for a power-packed, one-day conference. It will serve as an exceptional platform for knowledge-sharing and networking opportunities. The conference aims to equip Australian businesses with the tools and insights needed to gain a distinctive advantage by harnessing the trilingual insights of business, technology, and mathematics. Participants can expect to immerse themselves in the latest advancements in Machine Learning, AI, and advanced Data Analytics business applications. These valuable insights will help organizations optimize their strategies, drive innovation, and make data-driven decisions. 3.OSU Business Analytics Conference 2023 October 4 - 5, 2023 | Portland (Oregon) Prepare to embark on a unique learning journey at the 4th annual Business Analytics Conference hosted by the Oregon State Center for Business Analytics. This in-person event offers an unparalleled experience, allowing participants to learn from esteemed analytics experts in a dynamic combination of hands-on activities and engaging lectures. This year's conference will strongly emphasize on AI trends, forthcoming technical breakthroughs, innovative applications of AI, and the implications and opportunities it presents for businesses. The panel sessions will feature industry experts alongside faculty members from the College of Business, Engineering, and Liberal Arts. This diverse range of perspectives ensures a comprehensive exploration of the subject matter. Gain invaluable insights into integrating AI programs into your daily operations & long-term planning, along with the growing impact of AI on business strategies, operations, and the workforce. The event will serve as a platform for stimulating discussions around the changes and opportunities that AI can bring and equip organizations with the knowledge and readiness required to navigate the AI landscape effectively. 4.Future Data Driven Summit 2023 September 27, 2023 | Online The Future Data Driven Summit is a prestigious online event that centers around the Microsoft Data Platform, offering attendees an unparalleled opportunity to stay updated on the latest developments in the field. This highly anticipated summit aims to provide valuable insights and knowledge pertaining to Data & AI, DevOps, PowerBI & Visualization, Integration & Automation, and cloud infrastructure. Catering to a diverse audience of IT professionals, data engineers & analysts, data scientists, AI & machine learning engineers, business analysts, and developers, the Future Data Driven Summit will ensure that each participant can derive immense value from the event. With its comprehensive range of topics and sessions, this summit will cater to the needs and interests of professionals across various domains within the data ecosystem. Attendees will be privileged to engage in informative sessions led by subject matter experts, witness hands-on demos of cutting-edge technologies, and gain profound insights from industry leaders' keynote speeches. By participating in these activities, attendees can expand their knowledge base, enhance their skill sets, and stay abreast of the latest trends and advancements in the Microsoft Data Platform. 5.TDWI Executive Summit for Analytics August 7 - 8, 2023 | San Diego (California) The TDWI Executive Summit for Analytics is an interactive and highly curated event specifically designed for business leaders, data science professionals, and IT executives who bear the responsibility of selecting, managing, and extracting value from analytics applications, AI/ML, business intelligence, and the underlying data that powers them. Organizations today constantly rely on analytics to drive innovation, attract and retain customers, improve operational efficiency, and effectively manage risk. However, TDWI has identified a common challenge many organizations face—struggling to progress in their analytics journey. These difficulties often result in user frustration, errors, and increased costs. By attending the TDWI Executive Summit for Analytics, participants can acquire invaluable knowledge on accelerating their analytics journey and achieving optimal business outcomes. The event places a specific focus on deriving the highest value from data assets through analytics and AI/ML into strategies for fostering stakeholder collaboration and effectively scaling analytics and AI/ML initiatives, including the implementation of MLOps—a methodology for managing the machine learning lifecycle. Additionally, the summit will explore emerging trends and technologies, such as generative AI, enabling attendees to stay ahead of the curve. 6.Business Intelligence & Analytics Conference Europe November 7 - 10, 2023 | London (UK) The Business Intelligence & Analytics Conference Europe presents a unique and immersive four-day experience focused on learning and networking. This exceptional business intelligence event offers attendees unparalleled opportunities to connect and collaborate with professionals from Europe and beyond. The conference will encompass five tracks and hosts over 45 sessions, ensuring a comprehensive and diverse range of topics to explore. Through a myriad of fascinating case studies, attendees can learn from various organizations' past successes and challenges. This firsthand knowledge-sharing provides invaluable practical insights that can be applied in real-world scenarios. Broadening knowledge and gaining insights from internationally renowned experts is a key highlight of the event. These experts bring their wealth of experience and expertise to the forefront, sharing innovative approaches and best practices that can drive success in business intelligence and analytics. A notable roster of esteemed organizations participated in the previous year's conference edition. Among notable names were Aizonic, Allianz, AstraZeneca, Bank of England, Dufrain, Volva Penta and many more. The presence of such esteemed organizations further reinforces the conference's credibility and significance within the industry. 7.Data & Analytics Live July 25, 2023 | Online Data & Analytics Live is a highly immersive event that brings a multitude of data and analytics professionals from across North America, offering a full day of learning, networking, and collaboration, catering to newcomers to the field and seasoned industry leaders. Attendees can expect to gain valuable insights and takeaways from renowned speakers sharing their insights into the solutions required to address the most pressing challenges faced by the data and analytics community. These thought leaders will provide invaluable perspectives and expertise, guiding participants toward effective strategies and innovative approaches. One of the key highlights of Data & Analytics Live is the opportunity to discover the latest trends and solutions provided by leading industry providers. Navigating uncharted territory in the data and analytics landscape can be complex, but this event will equip attendees with the knowledge and resources to navigate confidently. Data & Analytics Live will offer a glimpse into how data and analytics are revolutionizing businesses across industries and serves as a unique platform to interact with industry leaders, influential technologists, and pioneering data scientists shaping the future of data and analytics. 8.Customer Analytics Summit September 10 - 12, 2023 | Jersey City (New Jersey) The Customer Analytics Summit is an exciting event designed specifically for professionals in the data and customer insights community. Tailored to address the most pertinent issues in this field, the summit provides a unique opportunity to gain insights from highly successful leaders in data and customer insights. This event will offer an authentic peer-to-peer learning experience, fostering meaningful exchanges among professionals who understand the challenges and opportunities within the data and analytics space. The Customer Analytics Summit showcases renowned industry leaders who will share their expertise and experiences in maximizing the potential of data-driven insights. Attendees will discover how these leaders have harnessed data-driven, actionable insights to unlock exceptional customer value. In addition to insightful presentations, the summit will also provide focused individual discussion groups. These groups offer a platform for in-depth conversations on topics currently shaping the data and analytics landscape. Moreover, the summit will include interactive workshops that provide hands-on training on the latest tools, techniques, and strategies in data and analytics. The Customer Analytics Summit is a must-attend event for professionals seeking to stay at the forefront of the data and customer insights industry. 9.BI Innovation & Tech Fest September 18 - 19, 2023 | Sandton (South Africa) The business intelligence, analytics, and data environment is undergoing an extraordinary transition in today's rapidly evolving world. In this context, the annual BI Innovation & Tech Fest stands out as a premier event that celebrates and empowers individuals passionate about driving innovation in the business intelligence function from multiple perspectives - people, processes, and technology. This extraordinary BI event will provide attendees with a world-class experience, offering an unparalleled agenda that covers a wide range of topics critical to the industry. Whether exploring the latest advancements in AI and machine learning applied to business intelligence, mastering data reporting, visualization, and time analytics or delving into cloud-based BI and self-service BI, the event will present a comprehensive platform to stay ahead of the curve. One of the highlights of BI Innovation & Tech Fest is its emphasis on creating opportunities for networking and collaboration. Attendees will gain access to leading partners and vendors in the business intelligence space, providing valuable insights into cutting-edge technologies, tools, and solutions. The event will foster an environment where professionals can exchange ideas, forge new connections, and engage in meaningful conversations that drive innovation and excellence. 10.Big Data LDN (London) September 20-21, 2023 | Olympia London Big Data LDN (London) is the preeminent free-to-attend conference and exhibition in the UK, dedicated to data, analytics, and AI. With a host of renowned experts in these fields, the event equips attendees with the necessary tools to drive their most effective data-driven strategies. It will bring together over 180 leading technology vendors and consultants, providing a platform for in-depth discussions about business requirements and the latest advancements in the industry. One of the event's key highlights is the opportunity to hear from 300 expert speakers across 15 technical and business-led conference theatres. These speakers will present real-world use cases, share insights, and engage in panel debates, providing attendees with valuable knowledge and practical examples to apply in their organizations. In addition, the event offer exceptional networking opportunities, allowing attendees to connect with their peers, industry experts, and thought leaders. This networking aspect is invaluable for fostering collaborations, exchanging ideas, and building relationships to drive future field success. Big Data LDN goes well beyond the conference sessions and exhibitions by offering free on-site data consultancy services. Conclusion Business intelligence and analytics are evolving unprecedentedly, driven by technological advancements, data availability, and the growing need for data-driven decision-making. Attending industry conferences and events is crucial for professionals in this field to stay abreast of the latest trends, learn from experts, network with peers, and discover innovative solutions. Attending these top business intelligence events allows professionals to gain the knowledge, skills, and connections necessary to excel in their roles. These conferences provide a platform for sharing ideas, learning best practices, and exploring the latest advancements in the field. They serve as catalysts for growth, enabling individuals to unlock the full potential of data and analytics in their organizations. In this era of data-driven decision-making, seize the opportunities, and embark on a journey of continuous learning and professional development through these top business intelligence events in the BI and analytics domain.

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Implementing Data Analytics: Emerging Big Data Tools in 2023

Article | July 10, 2023

Discover the prominent big data analytics tools in 2023 and unlock the full potential of big data. Leverage data-driven decision-making to gain insights and implement strategies to accelerate growth. Adopting Big Data Analytics Tools In the current data-driven world, organizations increasingly recognize the value of data analytics in driving businesses’ success. As the volume and complexity of data continue to grow, staying at the forefront of data analytics tools and technologies becomes crucial for businesses to gain actionable insights and make informed decisions. As we delve into 2023, it becomes paramount for businesses to keep pace with emerging cutting-edge big data tools. These tools serve as catalysts for enterprises to harness the power of data analytics effectively. By adopting the right tools and technologies, organizations gain a competitive advantage, foster innovation, and make data-driven decisions that accelerate their growth in an ever-evolving digital landscape. This article delves into the realm of data analytics and explores the emerging big data analytics tools poised to have a significant impact in 2023. From sophisticated machine learning algorithms that push the boundaries of analysis to robust data visualization platforms that bring insights to life, these tools present captivating opportunities for organizations to unlock the full potential of their data and derive actionable intelligence. Exploring Key Trends and Emerging Tools One of the key trends in the data analytics landscape is the rise of cloud-based analytics platforms. These platforms provide scalability, flexibility, and accessibility, allowing businesses to leverage the power of distributed computing and storage for their data analysis needs. With cloud-based tools, organizations can easily process and analyze large volumes of data without significant infrastructure investments. Another emerging trend is integrating artificial intelligence and machine learning into data analytics workflows. AI-powered analytics tools enable businesses to automate data processing, uncover hidden patterns, and generate predictive insights. ML algorithms can learn from vast amounts of data, continuously improving accuracy and enabling organizations to make data-driven decisions with precision. Furthermore, big data visualization tools are becoming increasingly sophisticated, enabling users to transform intricate data into interactive visual representations. These tools facilitate enhanced comprehension and interpretation of data, allowing stakeholders to swiftly extract insights with efficacy. Moreover, the convergence of big data and internet of things (IoT) technologies is creating new opportunities. As IoT devices generate vast amounts of data, organizations can leverage tools for big data analytics to capture, store, and analyze this data, uncovering valuable insights and driving innovation in various industries. Top Big Data Tools to Lookout For: 1. Talend Data Fabric Cloud Integration Software by Talend Talend Data Fabric is an integrated data management and governance platform that enables organizations to access, transform, move and synchronize big data across the enterprise. It provides a comprehensive suite of tools and technologies to address data integration, quality, governance, and stewardship challenges. The platform allows users to access and work with data, regardless of location or format, whether in traditional databases, data lakes, cloud environments, or even in real-time streaming sources. This flexibility empowers organizations to leverage their data assets more effectively and make data-driven decisions. 2. Alteryx Platform Predictive Analytics Software by Alteryx Alteryx is a user-friendly data analytics platform that enables efficient processing and analysis of large datasets. It empowers users to quickly derive valuable insights from data without extensive coding skills. Alteryx facilitates the automation of analytics tasks at scale and enables intelligent decision-making across the organization. The platform provides a comprehensive set of tools, including automated data preparation, analytics, machine learning capabilities, and AI-generated insights. Its intuitive interface enables seamless data access from diverse sources like databases, cloud-based data warehouses, and spreadsheets. Alteryx simplifies data blending and preparation from multiple sources, ensuring high-quality and analysis-ready data for enhanced decision-making. 3. Adverity Data Integration Platform Adverity is a comprehensive data platform that automates data connectivity, transformation, governance, and utilization at scale. It simplifies the arduous task of cleansing and merging data from diverse sources, encompassing sales, finance, and marketing channels, to establish a reliable source of business performance information. The platform seamlessly integrates with multiple databases and cloud-based software, providing access to previously inaccessible data. Adverity empowers users to efficiently analyze incoming data from any source and format, facilitating the discovery of patterns, trends, and correlations. Its robust dashboard enables real-time interaction with data, empowering businesses to make faster, smarter decisions. 4. GoodData Cloud BI and Analytics Platform GoodData is an advanced cloud-based analytics platform that offer intuitive and user-friendly tools for data analysis, embeddable data visualizations, and seamless application integration solutions. Its API-first approach enables users to effortlessly aggregate, analyze, and visualize its data in real time, facilitating swift and effective decision-making. In addition, the platform's microservice-based architecture integrates seamlessly with existing ecosystems, providing a comprehensive end-to-end data analytics solution. With its scalable architecture and straightforward setup, GoodData is an excellent choice for businesses seeking powerful insights without expensive infrastructure investments. 5. Datameer Data Preparation Tool Datameer is an advanced analytics and data science platform designed to help businesses quickly discover insights in their enterprise data. It enables users to connect to multiple data sources effortlessly, employing a user-friendly drag-and-drop interface to transform data and create interactive visualizations and dashboards. The platform also offers access to various analytics tools, including predictive analytics and machine learning algorithms. By simplifying the data exploration process, Datameer provides an intuitive and robust environment for loading, storing, querying, and manipulating data from any source. This streamlined approach aids businesses in reducing time-to-insight by revealing previously concealed relationships and trends. Final Thoughts In the dynamic and data-intensive landscape of 2023, organizations must prioritize the integration of data analytics and adopting emerging big data tools. Adopting emerging tools for big data analytics empowers organizations to seamlessly collect, store, process, and analyze vast volumes of data in real time, providing valuable insights and enabling timely decision-making. However, to fully capitalize on the benefits of these tools, organizations must invest in skilled data professionals who can adeptly leverage these tools to extract meaningful insights. Data literacy and cultivating a data-driven culture within the organization are pivotal components for success in the data-driven landscape of 2023. Organizations can thrive in the ever-evolving realm of data analytics by fostering an environment where data is valued and utilized to drive business outcomes.

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Spotlight

Data Science Game

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