Leveraging Regulated Data Can Lead To Business Growth, TripleBlind Can Help
Organizations in industries where data collaboration is important, but data is regulated, must deploy a robust privacy-enhancing technology (PET) solution – the train has left the station on this point. However, the benefit of secure data collaboration is more than ensuring regulatory compliance, it often leads to improved revenues, market share, and other positive business outcomes. While PET solution needs among organizations may differ by industry, there are a few capabilities every PET solution should include to optimize the advantages of data collaboration:
- Software only for ease of deployment and upgrades
- Enforce current regulations, such as HIPAA or GDPR
- Include automatic de-identification
- Feature one-way encryption, which prevents future decryption
- Work effectively with all types of data, such as X-Ray images and EKGs in healthcare
- Provide pre-processing and EDA
- Offer AI model training and inference
- Have the ability to learn from protected data sets without exposing private data
- Facilitate distribution of models while maintaining control over IP
Gartner recently named privacy-enhancing technologies among the top 12 technology strategy trends to watch in 2022. Check out two examples below where PET can accelerate business growth.
A June 13 press release issued by the White House announced a new collaboration between the U.S. and U.K. to offer prize challenges designed to thwart the up to $2 trillion in cross-border money laundering, which the UN estimates occur each year.
One quote from the release summed up the potential for PETs such as TripleBlind:
“PETs include maturing technologies … which allows machine learning models to be trained on high-quality datasets collaboratively among organizations, without the data leaving safe environments. Such technologies have the potential to help facilitate privacy-preserving financial information sharing and analytics; allowing suspicious types of behavior to be identified without compromising the privacy of individuals, or requiring the transfer of data between institutions or across borders.”
Dr. Marcus Pleyer, president of the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, has called on financial enterprises to lean on emerging technologies in order to increase collaboration with the goal to reduce financial crimes.
Our recent blog covers the ways PEC benefits the financial sector as financial crime rates rise, including faster money laundering identification, expanded credit analysis capabilities and fixes to data bias. A recent McKinsey study estimates that “Economies that embrace data sharing in financial services could see GDP gains of between 1 and 5 percent by 2030, with benefits flowing to consumers and financial institutions.”
Gartner states that 60% of large financial services organizations will use one or more privacy-enhancing computation techniques by 2025.
A recent American Hospital Association (AHA) report listed several ways shared data can improve healthcare outcomes, including:
- Strengthened care coordination
- Improved safety and quality
- Empowered patients and families
- Increased efficiency and reduced costs
- Robust public health registries
Another AHA outlook focused on how hospitals and health systems can leverage data to reduce health disparities and improve health equality. It noted, “Mapping data shows inequities at the community level by overlaying health data onto maps and seeing which neighborhoods have a higher prevalence of certain diseases to figure out what populations may be at additional risk.”
Once a disparity is identified and verified using data mapping, clinicians can adjust their treatment and care to address the situation or, if necessary, communities can leverage the data to call for policy changes from local leadership.
McKinsey & Company released insights into the impact of data collaboration on healthcare services and technology companies, showing these companies boost productivity when they increase data collaboration and analytics capabilities. The article notes that revenue is expected to grow more than 10% for healthcare Payers that combine population-health management and medical management, claims management, payment integrity, and risk adjustment analysis.
“Since 2011, more than $39 billion has been invested in digital health through over 2,500 venture-capital deals, including $7.48 billion for 374 such deals in 2019 alone … In health systems, we expect annual revenue growth in the revenue-cycle management and care-management segments as well as quality analytics. Market access, support for research and development, medical affairs, and patient services are among the growing segments in life sciences.”
We recently posted an Ultimate Guide to Healthcare Data Security, which gives a beginners’ outlook on the intersection between data security and healthcare, and a blog explaining further how PEC can increase collaboration and innovation despite the increased risk of healthcare data breaches.
TripleBlind has use cases on our site that show how PET can unlock innovation and solve business problems across other industries including retail, CPG, and insurance.
To set up a free demo of our solution, or to learn more, contact us today!