According to Gartner, most organizations planning data encryption deployments lack encryption key management strategy, which increases the risk of data loss. Security and risk management leaders must develop an enterprise-wide encryption key management strategy or lose the data⁴. The key challenges are:

  • Security and risk management (SRM) leaders struggle to understand the capabilities and limitations that encryption key management (EKM) solutions provider, and how to properly configure them.

  • Privacy and data breaches continue to be widespread due to a lack of data security governance and operational frameworks for encryption.

  • Due to a diverse array of data silos and platforms located on-premises and in public clouds, investment in multiple data security products is required.

  • SRM leaders cite that they struggle to support the long-term access to encrypted data or established data encryption requirements to meet data residency, privacy, crypto-agility, compliance, and business needs.

Meanwhile, these actors also want to enjoy the added benefits that holding crypto assets could provide - such as taking part in the decentralized finance ecosystem. As such they are technologically limited, from a business perspective, to capitalize on two key opportunities:

  1. The Crypto Banking Challenge

  2. The Decentralized Finance Challenge