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Why is hardware-based encryption more secure?

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Why is hardware-based encryption more secure?

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A software-based encryption runs on top, and utilizes the shared memory space of the computer operating system to store such contents as encryption keys. Other processes on the operating system may be able to access the same memory space, and in so doing, compromise security. A hardware-based encryption uses the memory space within the device itself, eliminating the risk of access by other processes external to the flash drive.

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