Gartner says by 2023, 73% of the world will be subject to privacy rules such as the European Union’s General Data Protection Rules, the Australian Privacy Principles and others.
Ensuring the confidentiality and integrity of personal data through the entire value chain is now posing a significant compliance challenge for business leaders. Not only is data ever-more fluid – flowing between companies, departments and even across international borders in the blink of an eye. It is also catching the attention of regulators. And not just in one country, but in many.
As a result, businesses are turning to privacy enhancing technologies (PETs) to scale their data protection capabilities. In the Australian Financial Review’s data management feature, IXUP’s Chief Technology Officer, Dr Paul Coe, discusses the opportunities that PETs such as homomorphic encryption can provide in this rapidly emerging landscape. As Dr Coe explains:
… When we want data to be put to work it needs to be decrypted so that computers can transact, compute, analyse or report on that data. This is the weakest link in your data security chain but it’s also where we turn data into real business value