Trusting in Trust Architectures – Raising Privacy Questions and the Way Forward

 


A trust architecture includes technologies and methods that aim to protect enterprise data, while speeding up digital transformation initiatives and complying with all data privacy-related laws. The increasing prevalence of connected or the internet of things (IoT) devices and companies’ migration to the cloud is pushing organizations to re-assess and validate the credibility of their devices, as data expands rapidly across applications, application programming interfaces (APIs), and networks. In addition, the growth of applied AI, 5G, and the metaverse is expected to further accelerate this trend.

Cyberattacks and data thefts have been on the rise in recent years and are posing new challenges by taking advantage of technologies, such as quantum computing for breaking encryptions. According to IBM’s Cost of a Data Breach Report 2022, the global average total cost of a data incident is USD43.5mn, up 2.6% from USD4.24mn in 2021. The research also revealed that 83% of the organizations witnessed more than one data breach, and just 17% said that it was their first data breach. 

IBM - SG Analytics
 
Source: IBM
The above chart suggests that cloud migration, compliance failure, and complexities in the security system were significantly impacted and responsible for increasing the average cost of a data breach. The chart compares organizations with a high and low level of the cost factor and finds the difference between high and low levels of security system complexity to be 58%, that of cloud migration to be 50.5%, and of compliance failures to be 50.9%. The findings also show that organizations with high levels of cloud migration had a USD5.63mn average cost, which was USD1.28mn higher than the average total cost of a data incident, a 25.7% difference.

Technologies driving trust architectures

trust architectures - SG Analytics

Trust architectures may well incorporate distributed ledger technologies (DLT), blockchain is the most prevalent, and zero-trust security measures that focus on protecting enterprises’ data, services, and identities. While on the one hand, trust architectures lower data theft risks, they also reduce the cost of meeting security regulations, allow lucrative transactions, and minimize expenditures related to cybersecurity.

 

Cyber risk continues to rise…

Cyber risk, however, continues to threaten some industries, driven by threats of removing intermediaries by distributed ledgers that are generally held and managed by various parties across locations. Moreover, organizations need to focus on the shifting role of regulatory supervision related to the flow of wealth in countries today, as DLT applications usually conflict with the data privacy laws of nations and can, therefore, generate different reactions and acceptance globally. 
On a larger scale, this implies that the increase in cyber risks will lead to an extraordinary rise in cybersecurity expenditures, as well as in efforts being applied to monetize and shape trust technologies like highly protected data rooms and cryptocurrency.

Read full article here: https://www.sganalytics.com/blog/trusting-in-trust-architectures-raising-privacy-questions-and-the-way-forward/

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