Events in 2021 brought to light many of the challenges organizations of all sizes, and across all industries, encounter when working with protected and regulated information. We are seeing many organizations turn to technology for answers in 2022.
As we move into Q2 of 2022, certain emerging trends will guide data scientists as they navigate and manage their privacy technology solutions throughout the remainder of the year.
Economic forces such as inflation and supply chain disruption are continuing to put pressure on organizations as they attempt to meet revenue goals.
Many organizations will increasingly look at the intellectual property value of their data as an asset to be leveraged to create new products, and will seek out ways to collaborate with data while remaining in compliance with data privacy and data residency regulations worldwide.
Large organizations are taking a more hands-on approach to privacy-enhancing technology. They are taking privacy into their own hands through strategies such as building and testing products in-house, as well as enhancing their interest in solutions built by technology startups.
Companies will innovate using market-ready technologies, finally moving out of testing phases into real-world deployment of innovative products and services.
For the remainder of 2022, we expect the knowledge and innovation which occurred in 2021 to result in organizations committing to tried-and-tested technology solutions to integrate into their business activities.
The world’s governments are continuing to pass regulations that restrict or change the way personal data and intellectual property value can be used.
Companies will need to remain vigilant and keep a finger on the pulse of changing regulatory conditions affecting countries in which they conduct business.
As adopting a future-proof and adaptable solution ensures companies can be nimble and adjust to new laws quickly without halting business operations, we will see more data products emerging around the privacy-preserving and compliant use of protected information in 2022. This will include data marketplaces, platforms, packaged insights, machine learning and AI products and more.
To keep pace with competitors, organizations will need to be able to leverage the most accurate and most comprehensive data rapidly to build and test their AI algorithms.
Data privacy solutions that fail to provide the highest-quality data will fall out of contention. This includes solutions such as synthetic data, which in many circumstances cannot replace real data. A 2017 MIT paper revealed that for analysis, when using real data as a control group and synthetic data as the experimental group, the experimental group matched the control group only 70% of the time.
Other data privacy-enhancing solutions that take a long time to complete and/or require significant network resources will also fall out of favor. This includes homomorphic encryption, a technology that has been around for more than 10 years but hasn’t lived up to its potential principally due to barriers involving speed, computation overhead and latency.
Following the innovation we saw using AI to develop COVID vaccines, data scientists are getting a closer look into how industries, especially healthcare, life sciences and financial services, can advance using AI that safeguards and strengthens privacy and data protection.
Gartner predicts that by 2025, 60% of large organizations will use one or more privacy-enhancing computation (PEC) techniques. We further predict that nearly all of these 60% of businesses will get a head start in 2022 by doing trials and proof-of-value projects with PEC solutions.
TripleBlind offers the most complete and scalable solution for PEC. It unlocks the estimated 43 zettabytes of sensitive data stored by enterprises today that are inaccessible due to privacy concerns, and unlocks the opportunity to solve a broad range of use cases and more than two dozen mission-critical business problems.
Our software-only solution ensures that private data can never be decrypted or misused while also ensuring that it meets a wide range of data privacy regulations around the world, all delivered via a simple API.
As data is more readily accessible to share compliantly around the world, innovation will accelerate across all industries. To learn more about Tripleblind or to schedule a free demo, contact us today.