In the wake of recent data breaches from healthcare company Anthem Blue Cross Blue Shield to Chipotle Mexican Grill, that have allowed hackers to steal consumer’s personal data, including social security numbers and credit card information, IBM has announced its unveiling of IBM Z. IBM Z is a new mainframe system capable of running 12 billion encrypted transitions a day. Ross Mauri, general manager of IBM’s mainframe business, estimates that only 4% of daily transactions are encrypted. The mainframe seeks to address cyberattacks which have compromised financial data. It also aims to help firms automate financial regulatory compliance, in line with confidentiality and data protection laws.
IBM claimed that its new mainframe can encrypt data at a rate 18 times faster than other platforms. IBM Z is the latest in a series of ‘z’ mainframe systems developed by the corporation. The mainframe will be used initially as an encryption engine for IBM’s cloud computing technology. The tech company said that the mainframe system is set to be their most significant system overhaul in more than 15 years. IBM’s transaction engine currently supports 87% of all credit card transactions, the company said, totaling nearly $8 trillion worth of payments each year.
Consider these tips when making transactions, especially while online:
- Use the latest Internet browser. This browser has built-in encryption capabilities that scramble the information you send to a server. Using the most recent browser ensures that the data is protected using the latest encryption technology.
- Look for a small lock icon in front of the website address. The lock icon symbolizes that the network is secure when making a transaction.
- Pay by credit card. If you pay by credit or charge card online, your transaction will be protected by the Fair Credit Billing Act. Under this law, you can dispute charges under certain circumstances and temporarily withhold payment while the creditor investigates them, should you become a victim of fraud.
- Keep records. Print or save records of your online transactions, including the product description and price, the online receipt, and the emails you send and receive from the seller. Read your credit card statements as you receive them and be on the lookout for charges that you don’t recognize.
Source: BBB Northern Alabama and CNBC
For more information, check out IBM Unveils New Mainframe Capable of Running More Than a 12 Billion Encrypted Transactions a Day and 2016 Was a Record Year for Data Breaches.