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While early laptops had limited functionality when compared to desktops, modern laptops are capable of virtually any computing task, including financial planning and other personally sensitive tasks. Unfortunately, many people who use laptops to store personal financial information do not encrypt their files. Without encryption, sensitive information may be stolen from your laptop.
Technical Definition
Technically speaking, an encrypted laptop stores sensitive information using cryptographic algorithms. What this means is that the files are unreadable for anybody who does not have the mathematical "key" to the algorithm.
Usefulness
According to Alertsec.com, lost or stolen equipment accounts for 80% of information theft. Laptops are more mobile and therefore more easily misplaced or stolen, so encryption is a vital security measure.
Effectiveness
Encrypted laptops can be cracked, but typically you'll have plenty of time to alert authorities if you suspect information theft. The mathematical algorithm used to mask your files is often a complex equation that would take weeks or months to decode.
Cost
Encryption for individual laptops can cost several hundred dollars. However, encryption is more economical when purchased for an entire office or business. In bulk, encryption may cost as low as $10 to $20 per computer.
Other Applications
Though used widely by businesses and individuals for financial security, laptop encryption is also used by government organizations and the military to protect sensitive information.
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