May 22, 2023

Computing: Privacy Enhancing Technologies — It's time to demonstrate the business benefits

Enveil CEO Ellison Anne Williams provides comment on the role of Privacy Enhancing Technologies in financial service and other regulated industries


The Royal Society's Privacy to Partnership report, published in January, analyses the promise of Privacy Enhancing Technologies (PETs), the current state of the market and barriers to adoption. It also provides several recommendations for legislators to help them deliver on their potential value. One of its authors, Jon Crowcroft, professor of communications systems at Cambridge University, says that potential value is huge, and use cases go far beyond the targeted advertising which has so far been the main beneficiary of the big data revolution.

"Adverts associated with search and social media are as nothing compared with what one might do with healthcare data, optimizing energy use across a country, food supply chains, but then suddenly you're in the realm of the personal," he said, during a webinar organized by PET vendor Enveil.

In the realm of personal data, of course, countless regulations and barriers concerning security and commercial confidentiality come into play.

Ellison Anne Williams, CEO of Enveil, spoke of uses in financial service and other highly regulated industries, where privacy and data security are paramount.

"Silos around data are increasing to grow, sometimes for good reasons. So how do you leverage data globally as an asset in a way that accepts those silos and boundaries and the reasons they exist?" she asked.

A global bank onboarding a new customer needs to know "in a business-relevant time frame" whether this customer is being banked anywhere else across other jurisdictions. Currently, that can take "weeks or months", as centralized searching is not legally possible. PETs could remove that restriction. They are currently being assessed by regulators including as the FCA and the ICO, as well as by some financial institutions themselves.

Read the full Computing article here.

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Enveil is a pioneering Privacy Enhancing Technology company protecting Data in Use. Enveil’s business-enabling and privacy-preserving capabilities change the paradigm of how and where organizations can leverage data to unlock value. Defining the transformative category of Privacy Enhancing Technologies (PETs), Enveil’s award-winning ZeroReveal® solutions for secure data usage, sharing, collaboration, and monetization protect data while it's being used or processed. Customers can extract insights, cross-match, search, and analyze data assets at scale without ever revealing the content of the search itself, compromising the security or ownership of the underlying data, or exposing their interests and intent.
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