A Hardware Security Module (HSM) is a core element in enterprises’ cybersecurity strategies and is a necessity for every organization that wants to protect its data.
An HSM is an effective tool to enhance the security of your organization and provide advanced protection for your sensitive data. It is a device that can handle digital keys in a secure way. The HSM enables strong authentication and performs encryption and decryption functions for digital signatures.
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There is a growing need for HSMs worldwide because cybersecurity is an important area for organizations. The number of cybersecurity threats and data breaches rises constantly as well as the amount of data generated, managed and stored by organizations worldwide. From the middle of 2020 to the middle of 2021, more than one-third of organizations worldwide have experienced a ransomware attack or a breach. The damages caused by cybercrime are expected to grow by 15 percent per year from 2020, reaching 10.5 trillion USD annually by 2025. Meanwhile, companies are obliged to meet strict requirements concerning the protection of sensitive data.
In this landscape, demand is growing for solutions that can enhance security, like Hardware Security Modules (HSM). No wonder the global HSM revenue stood at US$ 2,775.4 Mn in 2019 and is anticipated to expand at a CAGR of 11.4% during the forecast period from 2019 to 2027.
Organizations in all fields have their special use cases for an HSM.
There has been a growing requirement for digitalization in the governmental sector in the past years, therefore, public administration organizations need special solutions for managing personal data safely during electronic administration, and they also must provide transparency for the citizens. Financial institutions require a high level of safety for financial transactions as well as reliable identification, strong authentication (eIDAS/CC), and legal certainty (PSD2). Protection of patient data and intellectual property is a high priority in the healthcare & pharmaceutical sector. As IT security threats are growing worldwide, utilities and energy providers require more and more serious solutions to ensure business continuity and data security. Local and networked IIoT (Industrial Internet of Things) devices used in factories need high level protection including encryption and authentication, therefore, HSM modules guarantee the proper level of security for industry stakeholders by securing both IIoT devices and the critical phases of the manufacturing process. Data safekeepers and companies involved in blockchain technologies also need to ensure the highest level of security for their customers and themselves.
Last but not least, Qualified Trust Service Providers (QTSP) also use HSMs for special purposes, including securing Public Key infrastructures and offering digital signature services. The demand for easy-to-use solutions is higher than ever, and new regulations allow for more convenient, yet secure services. So those QTSP’s gain a competitive advantage that can utilize these new opportunities and can launch new services like easily available, yet secure digital signatures.
To find out more about the topic, download our free ebook: Why every company needs HSM.
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