With 2023 kicking off in full swing and conversations and regulations around data privacy growing (eminent by new privacy regulations in Virginia), Our friends over at Opaque Systems pass along three simple tips businesses can implement to unlock and maximize untapped data.
Currently, $300 billion of the world’s most valuable data remains untapped due to the lack of a secure processing environment. With new tools and technology emerging, businesses need to know how to securely tap into their data and achieve business scalability. To get businesses started, Rishabh Poddar, CEO and Co-Founder of Opaque Systems recommends following these tips:
- Understand confidential data’s potential use cases. There is a critical need to enable multiple parties within and across organizations to share confidential data and perform analytics and AI without violating regulatory policies or data privacy. When confidential data is unlocked and able to be worked on by multiple parties, banks, for example, can pool their data together to more effectively detect fraud and human trafficking – all without exposing data to each other, third-party cloud providers, or the system in which it’s running.
- Swap out traditional data encryption techniques. As organizations look to enhance data privacy, a more efficient and reliable software is needed that processes data in an environment where it can be secure and protected when in use – and throughout its lifecycle. Organizations that shift away from traditional encryption techniques and accelerate their adoption of solutions that provide end-to-end confidentiality will prevail and get the trust value of untapped data.
- Talk to your CISO about implementation – know the questions to ask. To be able to use confidential data and protect it against insider threats and adjacent workloads in a multitenant/user environment, and enable multi-party collaboration, a CISO or business decision maker needs to be on board. Start the conversations around utilizing confidential data early and understand your goals. When a CISO understands the impact confidential data can have, a business can move into the future, and better secure their data, and create a more efficient analytics process.
About the Author
Rishabh Poddar, Ph.D., CEO and Co-Founder of Opaque Systems.
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