Sophisticated data breaches have made consumers more data security savvy as they contend with a barrage of hackers who have switched from stealing laptops to creating and distributing malware. Over 340 million records have been breached in the last 4 years according to the Privacy Rights Clearinghouse. This disturbing trend of data breaches has paved the way for strict cyber-security legislation across more than 42 U.S. States making data security a priority for both public and private organizations.
The challenges of security and data privacy will lead to an era, where even a single critical data element, whether it’s employee or customer data, will not be available in the clear inside an organization. Instead information will be encrypted in such a way that it is always protected no matter where it goes. This renders encrypted information useless to cyber-criminals as they will not be able to use it to perpetrate fraud. The ability to decrypt information via decryption keys will only be available through security providers. This level of data protection requires highly scalable encryption technologies not possible with traditional encryption solutions today.
There are always opportunities in Silicon Valley for entrepreneurs. There is a great labor pool today, and while venture capitalists have tight purse strings they always have capital ready for good ideas – especially for disruptive technology. Right now, the biggest opportunity lies in the compliance arena, which is a billion dollar sector with about a third of the spending within compliance focused on security products. With organizations recognizing the need to reduce risks associated with data breaches and brand reputation damage as well as lowering overall costs for protection of data, security is a great opportunity for new and existing solution providers.
Sathvik Krishnamurthy, is the President and CEO of Voltage