Enveil CEO Ellison Anne Williams offers her take on why this will be a breakout year for Privacy Enhancing Technologies:
"Data is the backbone of the digital economy. It can inform our decision making, increase our efficiency, and shape our behaviors. So naturally, most businesses are on a constant quest for better data — and more of it. At the same time, they also increasingly recognize that this data will not come from sources or inputs they own or control. Organizations need to be able to leverage and collaborate with third-party data resources while respecting privacy boundaries and protecting business objectives. 2022 will be the year that we see a substantial shift towards using Privacy Enhancing Technologies (PETs) to solve big-picture privacy challenges like secure data sharing and collaboration. With Gartner predicting 60% of large organizations will use these techniques by 2026, we expect more companies to begin exploring and implementing PETs-powered solutions to leverage data and extract value while still meeting compliance requirements.
PETs has come into its own as a category for its ability to deliver both business-enabling and privacy-preserving capabilities that allow sensitive data assets to be shared and analyzed without compromising security or inhibiting use. While PETs are not new, the category has gained visibility recently thanks to the growing prioritization of privacy on a global scale as well as advances that have made the technologies computationally practical for broad commercial use. For example, PETs can be used to uncover untapped revenue streams by allowing organizations to securely and ethically monetize data assets without fear of exposure by allowing computations to occur in the encrypted or ciphertext domain.
As businesses transition out of pandemic survival mode and find their way back to innovative initiatives, we will see market leaders implementing PETs not only in pilot environments, but for practical use at scale. This will be especially prevalent in industries that handle vast quantities of sensitive data such as financial services, healthcare, and government."
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