Today businesses are becoming more and more dependent on digital information and electronic transactions. As a result, they face stringent data privacy compliance challenges and data security regulations. Most enterprises are increasingly under threat of cyber attacks and malicious insiders. As a result, business applications and networks are now extensively dependent on digital credentials to control their users and entities’ access to the most sensitive data. This is where managed PKI technology is being used more widely than you might think.
Here, we discuss what PKI is and explore five reasons it is necessary for business.
What is PKI?
Public key infrastructure or PKI is all about trust, specifically how two entities trust one another to communicate securely. PKI comes along with a plethora of roles, procedures, and policies, in addition to the hardware and software. It facilitates the secure electronic transfer of information for online payments, eCommerce, and email. The technology is implemented through digital signatures, certificates, secure email, the management of public-key encryption, and more. Public key infrastructures or PKIs are necessary to help ascertain the identity of different devices, people, and services. In a nutshell, these PKIs go way beyond user IDs and passwords, as they employ cryptographic technologies such as digital certificates and signatures.
1 Hacker like phishing
Once you add PKI-based solutions to your portfolio, you will enable your customers to defend themselves against any such online attacks better. Several research studies indicate that phishing may be decreasing once you configure a PKI. You can extensively reduce cybercriminals attacking your online stuff. Cybercriminals might simply be taking a more targeted approach.
You can protect your customers by implementing technologies like Secure/Multipurpose Internet Mail Extensions (S/MIME). It guarantees that your customers will see a significant reduction in email-based phishing attacks. It increases your customer’s confidence in your company, therefore keeping their businesses secure.
2 Remote Working is Here to Stay
The pandemic has made the companies adapt to the COVID-19 inspired work-from-home paradigm. This is the new reality for many businesses even after the worst COVID-19 pandemic passes away. But how do you keep companies running while employees continue to work from home?
Yes, the answer is digital signatures. Digital signatures are highly effective for critical documents such as tax forms, contracts, and invoices which people trust. Digital signatures confirm signers are the right person, preventing retrospective changes to signed copies. Moreover, digital signatures allow for a quick turnaround without the need for people to meet each other in person. Finally, these digital signatures are legally permissible and equivalent to ink signatures – a critical distinction from electronic signatures.
3 IoT growth
According to Security Today, in 2019 – the number of active IoT devices reached more than 26.66 billion. Meaning more than a hundred new IoT devices connect to the web every second. The figures are astonishing. It means that more than 35 billion IoT devices will be worldwide in one year.
But while this growth is phenomenal, the reality is IoT devices can even be hackable. That is probably because these devices were given bolt-on approaches to keep them secure. But very fast, the IoT ecosystem – suppliers and manufacturers will learn that simple approaches do not work, especially when dealing with cybercriminals. Therefore, what is necessary is that one needs specific strategies to ensure that these billions and trillions of devices are secure by implementing technology from the start, at the IoT device level. And the best process to secure your IoT device is PKI technology.
4 Break into new markets
As you might be aware, the encryption software market is exploding, set to double up in the next four years. And if you needed a more convincing answer: Forbes reports that – enterprises are predicted to spend more than $12.6B on cloud security tools by 2023, from just $5.6B in 2018.
Implementing PKI technology is already a best practice of some of the most innovative and most cutting-edge companies in the world today. But remember that it is poised to become a business requirement in the coming years.
5 Increasing move toward automation
While some companies are not ready for automation, you should be prepared. Looking to the big technology providers like Apple, Microsoft, and Google as an example, one can safely assume the rest of the world will be moving in this direction shortly.
Enterprises today are looking for efficient automated technology solutions while also allowing teams to remain nimble and in control. Interestingly, many PKI processes can be automated – like enrollment, provisioning, and digital certificates. Implementing all these processes will make organization-wide security much more manageable.
PKI is critical in today’s digital age as countless connected devices and applications require certification. It is essential to properly authenticate and maintain certificates to secure the highly connected world. The critical PKI use cases today center around the IoT. These features have a variety of connection points where data and software updates get exchanged. If any of these connections are insecure, the results could be catastrophic. As a result, any connected piece of the car must receive a digital certificate to ensure security.