11 Business Leaders Predict the Next Big Step in Encryption Technology
Top row from left: Brian Greenberg, Cody Candee, Andrew Schrage, Syed Balkhi. Middle row from left: John Brackett, Jared Atchison, Thomas Griffin, Amine Rahal. Bottom row from left: Stephanie Wells, Blair Williams, Daisy Jing.
Data protection and security are becoming increasingly important in today's highly digital business world. With many employees working remotely and technology advancing rapidly, encryption technology must be advancing just as quickly.
To this end, 11 members of the Young Entrepreneur Council shared what they predict will be some of the next big leaps in encryption technology in the near future. Keep an eye on these developments to see how they affect privacy and security for you and your business.
11 Predictions for Encryption Technology
- Blockchain
- Decentralized authority
- Voice authentication
- Password management
- Artificial intelligence
- Tokenization
- End-to-end encryption
- Portable two-factor authentication
- Biometric encryption
- IoT security
- Honey encryption
1. Blockchain
I believe we are moving towards more extensive use of blockchain technology in various aspects of our lives. Privacy and security are a perfect way to do this. A decentralized structure means that there is no central entry point for attacks. Blockchain, when used correctly, can take human error out of the equation. Our structural security is becoming more transparent and therefore more secure. - -Brian Greenberg, True Blue life insurance
2. Decentralized authority
If a government wants to go to a large tech company and request their data, many companies will resist, but there are still ways that governments can get that data. The next big step is for companies to build a decentralized authority so that even they don't have access. This could mean a whole new level of encryption that even law enforcement can't crack - for better or for worse. - -Cody Candee, Bounce
3. Voice authentication
The next big step is voice authentication. Most industries already have two-factor authentication in place, but it's not often done through voice. I recently had to log in and give an example of my vote to access an investment account of mine. Expect more companies to follow in the months and years to come. - -Andrew Schrage, Money Crashers Personal Finance
4. Password management
Now that companies are working remotely, we can assume that they are using password management tools and similar platforms to manage their data. This means more password management tools and a better user experience will appear when security companies compete with one another. I think as the use of encryption tools increases, so should malicious activity. - -Syed Balkhi |, WPBeginner
5. Artificial intelligence
I think we've made it to the point where AI is monitoring our encrypted data in real time. Instead of having a tech team focused on monitoring real-time engagement to avoid hackers, we will see companies using AI as a tool to detect malicious behavior and people. - -John Brackett, Smash Balloon LLC
6. Tokenization
Tokenization may be used more widely in security measures in the coming months. Tokenization replaces real data with fake data using a token. This could lead to less payment fraud and increased security for customers. - -Jared Atchison, WPForms
7. End-to-end encryption
End-to-end encryption is not a new concept. However, as more and more people become aware of the privacy risk, it is a technology that will be widely adopted by internet users in the months and years to come. - -Thomas Griffin, OptinMonster
8. Portable two-factor authentication
I've heard a lot about the potential of portable two-factor authentication (2FA) in the near future. An example would be using near field communication in your watch, phone, or other wearable technology to verify your identity and access personal accounts. This makes your accounts more secure and convenient than having to receive calls or emails to pass the second level of encryption. - -Amine Rahal, IronMonk Solutions
9. Biometric encryption
In the future, you can expect biometric encryption to become more of the norm. This includes speech, face and fingerprint recognition. This eliminates the need for users to enter passwords and answer security questions. It's also more convenient for those who want instant access to their private information. - -Stephanie Wells, Formidable forms
10. IoT security
An industry joke says that the S in the IoT stands for "security". Of course there aren't't an S in IoT, and security in IoT devices is often ineffective. However, companies are working hard to catch up as there have been multiple incidents where unobtrusive devices like aquarium monitors have broken down entire business systems. We should see an improvement in encryption in this area. - -Blair Williams, MemberPress
11. Honey encryption
Honey encryption fakes hackers who produce encrypted text and believe they have entered a correct password. This will allow them to see different text, but will not have access to the data they actually want to retrieve. It protects encrypted information and makes it difficult for data thieves. - -Daisy Jing, To ban
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