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: