Data protection strategies have become increasingly reliant on encryption. Its importance is leading to many companies increasing their budgets to implement encryption. According to a survey, 42% of respondents are sure that their encryption budget would increase for the fiscal year 2022–2023.
The creation of post-quantum encryption algorithms is one of the key developments in cryptography. The National Institute of Standards and Technology (NIST) has completed the development of new algorithms following a ten-year competition. Although it is anticipated that federal agencies would use these algorithms extensively this year, it could take up to ten years before post-quantum cryptography is really put to use.
In 2023, exciting breakthroughs are anticipated. End-to-end encryption will be implemented in Facebook Messenger and Instagram, giving users greater privacy and security. Platform and application security are expected to change after the publication of the FIDO cryptographic standard, which aims to replace passwords with public-key cryptography. But in Europe, a regulatory clash over encryption is imminent. The monitoring of messages to find possible risks like terrorists and pedophiles’ is being pushed by EU lawmakers.
The UN Special Rapporteur’s 2015 report to the Human Rights Council emphasized the need for better protection through encryption and anonymity. Data discovery is considered by respondents as the main obstacle to the use of encryption. 68% of firms use cloud platforms to store and process sensitive data. Furthermore, 47% of businesses store more than 60% of their sensitive data in the cloud, encrypted.
Data security can be improved by implementing multi-factor authentication, employing strong encryption algorithms like AES, RSA, and Twofish, securing encryption keys, enabling data backups, encrypting data in transit, conducting security audits, training staff on encryption procedures, and using data encryption software.
Artificial Intelligence (AI) is revolutionizing encryption. It has the ability to improve and defeat encryption methods, demonstrating the changing environment of protecting sensitive data. By recognizing mathematical structures and patterns, AI can aid in the creation of encryption algorithms that are resistant to quantum computing. AI can also assist in the creation and assessment of post-quantum cryptography algorithms by examining their performance and security parameters.
Data security, however, will be revolutionized by homomorphic encryption, a cutting-edge technology of 2023. It is particularly helpful when data owners send their data to the cloud for processing but still wish to retain privacy and control.
