In today’s digital world, organizations that work with sensitive data are at a critical crossroads. Breaches are rampant – just look at the recent cyber-attacks on Snowflake, Ascension, and Change Healthcare, to name a few. Many of these organizations across the healthcare industry, the financial services sector, or the media and advertising world are grappling with how to keep personally identifiable information (PII) private without losing data value.
There’s an outdated paradigm in the datasphere that pits data utility against privacy. And, while utility usually takes precedence for its benefit in the short-term, this ultimately causes long-term, often irreparable harm when – not if – a breach occurs. So, what can be done? How do these organizations maximize data value while truly protecting personal privacy? It’s time to make a radical shift in how organizations handle data and embrace practical, scalable solutions like Privacy Enhancing Technologies (PETs).
In an era where data breaches are increasingly common, there is a surprising lack of emphasis on personal privacy and a noticeable absence of practical, commercially available PET solutions. This is doing a disservice to the many important industries in which data is a critical component.
Protecting data just enough to meet regulations is simply no longer safe enough, as evidenced by the aforementioned breaches. However, protecting data to the point in which its utility is diminished is not sufficient either. This is why the critical need to adopt PETs isn’t just an option – it’s a necessity that can truly transform industries.
Let’s take a closer look at how organizations across various industries can benefit from embracing PETs to enhance their existing data management strategies:
By embracing PETs, healthcare organizations can unleash the full potential of their data without compromising patient trust or security. This revolution not only drives innovation in patient care and operational efficiency – it holds the promise of expediting the development and deployment of live-saving treatments by ensuring that healthcare research is fueled by a wider range of accurate and timely data.
In financial services, data collaboration is essential to combat the huge threat of fraud. However, current efforts often lack scalability. Leveraging PETs can empower financial institutions to securely share and analyze data together at scale, identifying suspicious patterns, and flagging fraudulent activity faster and more effectively.
For targeted media, data has always been a key ingredient. But now, emerging privacy regulations across the globe require that data governance and privacy be at the forefront of your data practices. PETs bring the necessary privacy measures to be seamlessly embedded into data workflows.
It’s time to stop accepting that, to protect privacy, fully anonymized data is the best we can work with. It’s time to abandon the inefficient and inaccurate processes that cause data to be linked incorrectly and prevent us from seeing true longitudinal views. It’s time to safeguard sensitive data at rest and in use. Let’s move beyond flawed practices that delay critical data collaboration and risk exposing sensitive information. By embracing innovative solutions, we can fully leverage the potential of our data while ensuring its security and integrity.
At Karlsgate, we empower businesses to overcome the challenges of leveraging privacy-sensitive, individual-level data while maximizing its utility. We believe that leveraging data should be seamless, swift, and secure. It’s time for a new data playbook – one that prioritizes both security and usability. Click here to learn more and try out our technology for yourself.