A new report from Research and Markets has pointed to a sharp increase in demand for encryption software market, which is set to grow at a rate of 27.4% over the next five years. The growth is attributed to the escalation in cyber-attacks and subsequent government regulations and compliance mandates, such as PCI-DSS.

The study also confirmed that the cloud encryption application is forecasted to climb the most until 2022 and the telecom and IT vertical sectors would grow at the highest Compound Annual Growth Rate (CAGR), though the banking, financial services and insurance sectors have the current largest market share.

It’s encouraging to see growth in this market, not least because eperi offers a central encryption platform for all enterprise and cloud applications. But also just considering all of the major data breaches over the last year – from the Republican National Committee (RNC) breach that exposed the personal information of nearly 200 million US voters to a Verizon partner exposing millions of customer details in the same way – the problem is real. And it’s also fixable.

Encryption provides a useful control over the privacy of personal data and is recognized by GDPR and many other regulations as a central component of privacy by design. However, it is vital that you chose and use the appropriate encryption techniques for your use case correctly.

Best practice in encryption also dictates that the data controlling organization maintains sole control of sensitive data and does not share any encryption/decryption keys with third party data processors or cloud service providers. Equally important, the encryption solution needs to provide a transparent data protection layer to the user while retaining important cloud functionality.

The Research and Market Report can be obtained here.

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