Online transactions are now more prevalent than ever. Essential activities such as online banking, e-commerce and investment heavily rely on technology, as they entail the transfer of sensitive and confidential data. And given the escalating volume of financial transactions, ensuring the security of these exchanges has emerged as a top concern for businesses across all sectors.
However, the landscape of threats has become highly complex, characterised by resolute and well-financed adversaries armed with sophisticated tools. This has reached a juncture where companies now accept that when it comes to cyberattacks, it is not a question of “if” but rather “when”, and “how often”.
Read: Cybercrime is on the rise. Can your business afford not to encrypt your sensitive data?
Therefore, an increasing number of enterprises are adopting encryption technology to safeguard their financial transactions and sensitive data, whether at rest or in transit. This is because encryption acts as a safeguard, guaranteeing secure communications and shielding them from third-party interference.
To do this, it uses mathematical algorithms to transform data into an unreadable format, protecting it from the scrutiny of malicious actors and potential threats.
Organisations that are engaged in financial transactions have found significant value in the diverse applications of encryption technology. It plays a pivotal role in securing online banking transactions, mitigating credit card fraud, safeguarding digital signatures in fund transfers between accounts, and fulfilling other crucial functions.
Through the implementation of encryption, entities can adeptly protect sensitive financial information from threat actors seeking personal gain or intending harm to customers. Moreover, encryption aids companies in adhering to regulations such as the Protection of Personal Information Act (Popia) or the General Data Protection Regulation (GDPR).
To delve deeper into the intricacies of encryption and explore how businesses can leverage its advantages to safeguard financial transactions, Altron organised a webinar on 20 June under the theme, “Encryption: Shielding financial transactions and confidential data from prying eyes”.
At the event, experts from the industry spoke on how data encryption plays a pivotal role in ensuring companies adhere to data privacy regulations and highlighted the advantages that embarking on an encryption journey can bring to an organisation.
Watch the webinar on-demand here
The experts also delved into the recommended regulations concerning data encryption and shared best practices in this regard. Moreover, they explored why data encryption has evolved into a critical component of the security landscape and delved into the challenges that can be addressed by integrating data encryption into business operations.
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