87% of Companies to Increase Investment in Encryption Technologies in 2024

ESG report highlights data exposure and operational efficiency as key drivers behind adoption of comprehensive encryption solutions

Jacksonville, Fla., Feb. 29, 2024 (GLOBE NEWSWIRE) -- Everything Blockchain Inc., (OTCMKTS: EBZT), a technology company that is blending blockchain, DBMS and Zero Trust to deliver disruptive new ways to store, manage and protect data, recently co-sponsored a study with Enterprise Strategy Group (ESG) on encryption and key management. The report surveyed 387 IT, compliance, DevOps, and cybersecurity professionals involved with encryption and data security technology and processes. It details the use and current understandings of encryption and key management within organizations and highlights the challenges they’ve encountered when implementing encryption.

As threat actors continue to find new ways to breach organizations and leverage their data for profit, it’s imperative that data security strategies adjust with them. This report provides an in-depth look into the growing need for encryption within organizations, including sensitive data identification, where organizations are housing data, programs and policy adoption, and the expansion of encryption adoption in 2024. A few key insights from the report include:

• Organizations have adopted a cryptographic program – 71% of organizations have adopted a formal program with 50% of those organizations applying a well-defined and articulated cryptographic policy across their entire organization.
• Organizations are increasing the amount of encrypted data they have – 68% of organizations use data encryption to protect their cloud based sensitive data.
• Organizations have begun to replace their current encryption with post-quantum cryptography (PQC) - Over 50% of organizations have a post-quantum cryptography program in place as it provides faster more secure encryption.
• Encryption is garnering a larger share of the security budget in 2024 – Nearly 75% of organizations budget for encryption in use and another 20% are projected to join them in 2024.

“Data exposure, ransomware, and the need for operational efficiency are all driving significant investment into the data encryption market in 2024,” said Toney Jennings, CEO of Everything Blockchain Inc. “Encryption and key management are critical parts of a company’s cyber-resilience and compliance strategies and EBI is proud to be paving the way for innovative data security measures that will keep companies safe and their data secure, now and in the future.”