SALT LAKE CITY--(EON: Enhanced Online News)--Venafi®, the leading provider of protection for cryptographic keys and digital certificates, today announced the results of a study conducted by Dimensional Research. The study evaluated current and projected growth rates of cryptographic keys and digital certificates in the enterprise for 2016 and 2017. Study respondents included 505 IT professionals that manage these critical cryptographic assets in the U.S., U.K., France and Germany.
“Despite this dramatic growth, more than half of organizations rely on chaotic, error prone, manual processes to protect these critical encryption assets.”
“This research shows the growth in encrypted HTTPS to create secure and authenticated connections for web applications, cloud services and IoT continues to explode,” said Kevin Bocek, vice president of security strategy and threat intelligence for Venafi. “Despite this dramatic growth, more than half of organizations rely on chaotic, error prone, manual processes to protect these critical encryption assets.”
Key study findings include:
- 58 percent say their organizations used more than 2500 keys and certificates in 2016. One in four organizations used more than 10,000 keys.
- In 2016, 50 percent saw their key and certificate use grow by more than 25 percent and one in five say key and certificate usage has increased by more than 50 percent.
- 49 percent say key and certificate use will grow by more than 25 percent over the next 12 months.
- Although 96 percent say that key and certificate management is part of their security program, only 34 percent say they manage their keys and certificates centrally.
“Wide spread adoption of DevOps, containers, and cloud services is probably not factored into these growth rates and that means the total number of keys and certificates organizations believe they will use is probably still too low,” noted Bocek. “In our work with Global 5000 organizations, most organizations find an average of 16,500 keys and certificates that were previously unknown and each unknown key and certificate represents an unknown encrypted tunnel. These dramatic growth rates, combined with organizations’ haphazard approach to protecting keys and certificates presents a golden opportunity for cyber criminals.”
Privacy laws and security regulations require enterprises to encrypt an increasing percentage of network traffic. But most companies are unable to inspect encrypted traffic for threats. This is due to the inability to intelligently automate and protect the secure distribution of keys and certificates. This gap in security lets cyber criminals easily hide in encrypted tunnels and mask their activities. A recent study from A10 Networks found that 41 percent of cyber attacks used encryption to evade detection.
Venafi is the market-leading cybersecurity company that secures and protects the cryptographic keys and digital certificates every business and government depends on for secure communications, commerce, computing, and mobility. Venafi provides the Immune System for the Internet®, constantly assessing which keys and certificates are trusted, protecting those that should be trusted, and fixing or blocking those that are not. By protecting the foundation of all cybersecurity—keys and certificates—Venafi prevents them from being misused by cyber criminals. The Venafi Trust Protection Platform delivers an ever-evolving, intelligent response that protects your network, business, and brand.
Venafi customers are among the world's most demanding, security-conscious Global 2000 organizations, including four of the top five U.S. banks, eight of the top U.S. 10 health insurance companies and four of the top seven U.S. retailers. Venafi is backed by top-tier venture capital funds, including Foundation Capital, Intel Capital, Origin Partners, Pelion Venture Partners, QuestMark Partner and Silver Lake Partners. For more information, visit www.venafi.com.