You are sitting in the airport, waiting for your flight to board. You get up from your chair to throw away your coffee cup. You leave your laptop and carry-on luggage sitting on the chair and turn your back for only a minute...when you look back, your laptop is gone. After a few minutes of frantic searching, fear sets in. By this time, the thief is long gone and you are out a laptop, your e-mail, and all your customer data. Then, you remember, encryption was recently installed on all your office laptops. You breathe a sigh of relief. Your data and your customer information is secure.
What is Encryption?
Encryption is simply the encoding of data so that it cannot be read by anyone who does not know the password that decodes it.
Why do I need Encryption?
Encryption enforces your right to privacy. Most of us have sensitive information on our hard drives that is not for public viewing. This content can range from financial information to private correspondence that we'd rather no one else access. The best way to protect this content is to encrypt those files and folders. Even if encrypted data is stolen or accessed without your knowledge or permission, it is useless without the password to decode it.
What do I need to know about installing an Encryption program?
Many of today's encryption programs will integrate with your Systems Management Server or corporate patching systems already in place, and can easily be pushed out over the course of an evening or weekend.
Loss of a laptop computer could expose an organization to significant fines and civil liability, depending on the amount of effort that was expended on preemptive security measures. The direct and indirect costs after a security breach can include difficulty in retaining customers and the loss of credibility and reputation. Encryption is now a part of the regular security strategy for many companies.
To protect data and information that resides on your company's laptops, consider encryption as part of your security program. We encourage you to contact Eide Bailly Technology Consulting for more information.
Nearly ten years after the release of the initial exposure draft, FASB issued ASU 2016-02, Leases - The standard may have been issued, but the conversation about this re-write of legacy guidance has not slowed.