When data is becoming increasingly more accessible, security is becoming an issue. So it is more important than ever for businesses to take measures to protect their data. In 2018, the global database encryption market was estimated to reach 661 million U.S. dollars. It shows the market’s potential for growth in the coming years.
One way businesses can protect themselves is through security enhancing computation. It is a type of computing that uses cryptography to protect data from being accessed by unauthorized parties. Click to read more https://tripleblind.ai/privacy-enhancing-computation-101/.
There are many benefits of using this type of computation, including:
- Increased Security
Data breaches in the U.S. were more expensive than those in other nations, with an average total cost of $8.19 million in 2020. It shows that the country is lagging regarding data security.
One of the benefits of this form of computation is that it can help increase security for businesses. By using modern techniques, businesses can protect their data from being accessed by unauthorized parties.
In addition, privacy enhancing computation can also help businesses comply with data security regulations, such as the General Data Protection Regulation (GDPR). Compliance with data privacy regulations is becoming increasingly important for firms. For example, the GDPR requires businesses to take steps to preserve the personal data of EU citizens. Failing to comply with the GDPR can result in hefty fines, and in some cases, firms may even be required to stop processing personal data.
- Enhanced Privacy
Financial, healthcare, and other businesses handle large amounts of personal data daily. As a result, it raises significant concerns for the business and individual customers. However, with privacy-enhancing computation, they can keep this data private while still using it to improve their services.
One way it does this is by allowing businesses to outsource the computation to a third party while keeping the info private. The third party performs the computation and returns the results to the business without seeing the data. This way, companies can still get insights from their data without compromising their customers.
Another way it enhances security is by using homomorphic encryption. Homomorphic encryption allows computations to be performed on encrypted data without decrypting it. This way, businesses can keep their data encrypted and still benefit from using it.
- Reduced Risk of Data Breaches
Data breaches can occur when sensitive information is accessed without authorization. They can devastate businesses, causing reputational damage, financial losses, and legal liabilities. Security enhancing computation can help reduce the risk of breaches by ensuring that sensitive information is only accessible to authorized parties.
Breaches often occur when hackers exploit vulnerabilities in systems or networks to gain access to sensitive info. Privacy-enhancing computation can help obscure the location of data and make it more difficult to decipher. By using the computation, businesses can make it more difficult for hackers to access sensitive information.
In addition to making it more tedious for hackers to access sensitive material, the computation can also help businesses reduce the risk of information breaches by making detecting and responding to suspicious activity easier. By using it, companies can more easily monitor suspicious activity and take steps to prevent or mitigate data breaches.
Conclusion
Whether you are a business, individual, or nonprofit firm, there are many benefits to using privacy-enhancing techniques. Not only can it help keep your data safe and secure, but it can also improve efficiency and allow you to analyze data in new ways.