The IBM Z
On July 17, IBM launched the IBM Z to extend the company's influence in the financial cybersecurity market. The new mainframe system, which can run more than 12 billion encrypted transactions each day, is designed to address cyberattacks aimed at compromising financial data. The IBM Z will also assist firms in automating their compliance process with financial regulations as well as data protection and confidentiality laws.
“The vast majority of stolen or leaked data today is in the open and easy to use because encryption has been very difficult and expensive to do at scale,” IBM Z general manager Ross Mauri said in a press release. “We created a data protection engine for the cloud era to have a significant and immediate impact on global data security.”
This latest of the “Z” mainframe systems encrypts data 18 times faster than IBM's other platforms. The company plans to initially use the system as an encryption engine for IBM's blockchain and cloud computing technology services. The implementation of the mainframe will be the biggest system overhaul for IBM in 15 years.
Protecting Data, Automating Compliance
According to Juniper Research, the cost of criminal data breaches may reach a total of $8 trillion by 2022. In addition, the IBM Security X-Force Threat Intelligence Index indicates that record leaks were up by 556 percent in 2016, with more than four billion records being leaked just in that year. The IBM Z transaction engine supports $8 trillion worth of payments, 87 percent of all credit card transactions, annually.
This new IBM mainframe will help to prevent breaches and automate the compliance process by using transaction encryption technology. This way, user companies can show regulators that the data they store is encrypted in order to comply with new data protection laws, such as the Federal Financial Institutions Examination Council (FFIEC) guidance in the US and the General Data Protection Regulation (GDPR) in the EU.
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