IBM unveils new mainframe capable of running more than 12 billion encrypted transactions a day

IBM has launched a new mainframe system capable of running more than 12 billion encrypted transactions per day, in a bid to wade further into the financial cybersecurity market.

The mainframe, called IBM Z, 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.

According to a report published in April by the research firm Juniper Research, criminal data breaches could cost firms a total of $8 trillion by 2022. And a report by IBM Security X-Force Threat Intelligence said that more than four billion records were leaked in 2016, a 556 percent increase from the previous year.

IBM said that its new mainframe utilizes transaction encryption technology to automate compliance processes, by allowing companies to demonstrate that the data they keep is encrypted.

IBM's transaction engine supports 87 percent of all credit card transactions, the company said, totaling nearly $8 trillion worth of payments each year.

Source: Bloomberg 

Junior Trader Stefan Panteleev

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