The new level of ambition and sophistication evident in recent cyberattacks has demonstrated the need for businesses to encrypt sensitive data, in real time, wherever it is stored, used and shared – or risk loss of critical assets and brand reputation that has taken years to build. Jane Melia, VP of Strategic Business Development at QuintessenceLabs discusses how embracing advanced quantum cybersecurity solutions can protect your sensitive data even in the event of a breach.
OPPORTUNITY .V. RISK
Australian Prime Minister, Malcolm Turnbull said recently that there’s no global institution or infrastructure more important to the future prosperity and freedom of our global community than the Internet itself.
For Australian businesses and organisations, the internet is the main gateway to global customers and a key driver of profitability. However, as the laws of nature dictate, along with opportunity comes risk – and in the near future greater responsibilities and penalties as new legislation to protect customer data come into enforcement.
The European Union’s General Data Protection Regulation (GDPR) takes effect in May 2018, creating the imperative for global businesses of all shapes and sizes to implement better cybersecurity controls and systems to be compliant, or risk significant financial penalties and exposure.
GROWTH OF CYBERATTACKS
The number of cyberattacks is growing – according to the Identity Theft Resource Center (ITRC), US data breaches in 2016 totaled 1,093 while there were already 858 in just the first six months of 2017.
With such unfavourable odds for companies suggesting that they may well be breached at some point in the future, the smart ones are turning to encryption to protect their data.
Few could have foretold the plethora of recent disruption that hackers have created, from the tampering of the US election; WannaCry crippling the UK’s National Health Service; the Denial-of-Service attack on the 2016 Australian Census; and the international bank heist of $81 million from Bank Bangladesh.
It’s headlines like these – and the thousands of other cybersecurity events which have impacted on the domestic and global economy in the past twelve months – that have increased the urgency for business leaders and board members to refresh their thinking on cybersecurity and data protection strategies.
KNOWLEDGE GAP RISKS
The global challenge is highlighted by a recent survey conducted by global risk management firm Willis Towers Watson, which found that 79 percent of employees ranked insufficient understanding as the biggest barrier to their organisation effectively managing its cyber risk.
It’s worth considering if your business has a knowledge gap when it comes to cybersecurity, or if it’s ready to mitigate its risk.
HOME GROWN SOLUTIONS
Australia – in the form of the Australian Government, universities and the private sector – has recognised the need and has taken steps to ensure the country will
play a significant part of the growth of this industry. Today one of the world’s most respected cybersecurity hubs is located in Australia’s capital, Canberra, where 48 companies are developing new technologies to defend organisations against the damaging effects of cyberattacks. Within this innovative hub sits QuintessenceLabs, a quantum technology company founded in 2008 originated out of the Australian National University by founder and chief executive Vikram Sharma.
QUANTUM IN ACTION
Consistently recognised by Gartner as a leader in its field, QuintessenceLabs is working alongside the Australian Department of Defence and Australian Defence Force on projects to enhance Australia’s cybersecurity capabilities. It provides the strongest encryption to create ‘keys’ with truly random number combinations. These fully random numbers are generated from natural quantum effects, and will be an important component of strategies to withstand hacking by quantum computers, the super computers of the future.
QuintessenceLabs has cracked the hardest and most complex part of encryption which lies in generating, managing, and securing encryption keys, and provides one of the most powerful key management solutions available.
BUSINESS OF TOMORROW
Fully aware of the importance of QuintessenceLabs’ offering to the financial services industry, Westpac Banking Corp not only utilises QuintessenceLabs’ quantum technology to protect its business but injected a 16% capital investment and recently recognised them as a ‘Business of Tomorrow’, helping to shape the future.
INVESTING IN THE FUTURE
Highlighting the scale and complexity of the cybersecurity issue to the nation is reflected in the collaboration partnerships between academia and the corporate world; and investments being made to defend Australian cyber networks from organised criminals and state- sponsored attackers.
As this high-level focus and investment highlights, the issue of cybersecurity will face business, government and everyday Australians for the foreseeable future.
Widely publicised mega breaches and cyberattacks have increased the urgency to improve security postures in the enterprise and have led to more companies embracing an enterprise- wide encryption strategy.
QuintessenceLabs recognises the bottom line for business leaders is driving revenues and profit – it’s therefore worth considering how an enterprise-wide encryption strategy will fortify your organisation to make cyberattacks and breaches irrelevant, so you can continue to do business with confidence.