India is moving fast towards digitalisation, with enterprises and customers adopting more and more digital services and solutions. At a time like this, there's a need to ensure that digital networks are secure as more devices and infrastructure connect to the web. Futurex, a leading IT company known for specialising in cryptography, has released its top enterprise data security predictions report for 2023. In its report, Futurex talks about several things, including cloud adoption, fintech market growth and more.
India to See an Increase in Cloud Adoption
Now, this would not be an unusual or surprising thing for India to witness. Futurex said that India would see an increase in cloud adoption in 2023. The company said that any organisation looking to migrate to the cloud would need a service provider that meets their cryptographic requirements and also complies with the data localisation policy. However, there aren't many service providers who meet the criteria that these enterprises need for cloud services. This is why larger organisations in India take a little more time to migrate to the cloud.
Higher Demand for Remote Key Loading (RKL)
More and more merchants are using point-of-sale (POS) solutions to process customer payments in India. To ensure that the process is safe, POS solutions are secured with encryption keys. The keys have to be shared with centralised servers on a regular basis to keep cyberattacks at bay. Thus RKL or remote key loading is becoming a popular norm of organisations that deploy POS solutions, and in 2023, there will be more demand for these solutions.
Rise in General-Purpose Encryption Demand
The Internet-of-Things (IoT) ecosystem is rising rapidly in India and around the world. 5G is going to boost the presence of IoT several times. Since IoT devices carry a lot of important data, it would be important to keep them safe from cyberattacks. Thus organisations will need more general-purpose cryptography or encryption services this year. There are more areas where general-purpose encryption would be required.
Hardening of Encryption
As more sensitive data is stored in clouds this year, the policies and guidelines around encryption are bound to harden. It will be necessary to ensure that the hackers don't catch up with the algorithms and break security. The trends are changing, and today, it is not enough just to pass PCI or govt audits. It is necessary for organisations to adopt encryption. This doesn't just apply to tier-1 enterprises but also to small businesses that too harbour a lot of sensitive data.