Analysing cloud adoption across industry verticals, the banking and financial industry is as good a yardstick as any to assess progress due to its stringent data security requirements. A new report from CipherCloud shows financial firms have an increased confidence in cloud technologies; 100% of respondents said they put certain personally identifiable information (PII) in the cloud.<\/p>\n
This does not extend to all PII however – only one in three respondents said they use the cloud to store particularly sensitive data, such as social security numbers, birth dates and tax IDs. Yet there is a clear trend from financial firms to improve security as the sensitivity of data increases. 40% of organisations polled say that for the most sensitive information, they use tokenisation and strong encryption.<\/p>\n
One of the more interesting facets of the report related around how companies classify their data. CipherCloud asked respondents to put their data in four categories; highly sensitive PII; regular PII; personal finance data; and business sensitive data. Intriguingly, a piece of ‘highly sensitive’ data at one company can be relegated to standard ‘regular PII’ at another. The most extreme example is ‘Name’ – some banking firms, perhaps more associated with private banking or high net worth customers, see this as highly sensitive information.<\/p>\n
The report also examined the differences over businesses using encryption or tokenisation to protect data. For business sensitive data, the response was a clear 100% for encryption. 15% of finance organisations use tokenisation for personal finance data and 13% for regular PII.<\/p>\n
“It’s not surprising to see that encryption is the predominant choice for those seeking to protect business-sensitive data,” the report notes. “As this category of data is typically non-critical, few are utilising heavyweight tokenisation to protect business sensitive data.”<\/p>\n
The report also examined the protection techniques companies utilised for structured PII fields; for email addresses, 91% of those polled used format-preserving encryption, while that number dropped to 82% for phone numbers. The other respondents favoured tokenisation (9% email) or length-restricting encryption (18% phone).<\/p>\n","protected":false},"excerpt":{"rendered":"
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