In the current digital age, data is a valuable asset for businesses. However, a significant amount of data remains untapped due to the lack of a secure processing environment. With new privacy regulations and the increasing importance of data security, businesses must know how to securely tap into their data and achieve business scalability.
To help businesses implement to unlock and maximize untapped data, Rishabh Poddar, CEO, and Co-Founder of Opaque Systems, suggests the following tips:
Understand the potential use cases for confidential data and how to securely collaborate without violating regulatory policies or data privacy. By understanding the potential value of confidential data, businesses can unlock tremendous value and new opportunities and gain a competitive advantage. For instance, banks can pool data together to detect fraud effectively and human trafficking without exposing data to each other or third-party platforms/cloud providers.
Augment traditional data encryption techniques with confidential computing to protect data throughout its lifecycle, including when in use, in memory, and during computation. By adopting solutions such as confidential computing, businesses or organizations can ensure that data is encrypted 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 implementing confidential data solutions and understand your goals. A CISO’s understanding of confidential data’s impact will help a business secure its data and create a more efficient analytics process. Therefore, it is vital to start these conversations early and understand the specific needs and goals of the organization when it comes to utilizing confidential data.
By following the above tips, businesses can unlock the potential of untapped data and create a more secure and efficient data processing environment. With the right tools and technology, businesses can achieve scalability and comply with new privacy regulations.