Before jumping into the details of privacy-enhancing computation, ask yourself: have you ever thought twice before providing your personal information to any application or website? Has this thought ever struck your mind that this probably is unsafe to provide your details? Surely, you have been through this thought at least once in your lifetime. This is normal because even though modern-day technology has almost skyrocketed, the probability of hacker attacks and data breaches is evolving simultaneously at a swift pace. 

The Identity Theft Resource Center found that year-over-year results indicate a fast start to data breaches in 2022 as more than 90% of the data breaches are cyber attack-related. On top of that, researchers have discovered 88 publicly disclosed cybersecurity incidents, accounting for 3,987,593 breached records. This leads to the tidal number of leaked records to 75,099,482 during the first half of 2022. Woah! Such great numbers. 

So now the question arises, what’s the solution to this non-negligible problem? None other than PETs. So without any further delay, keep reading to know more about this technology. 

What Are Privacy Enhancing Computation Technologies? 

As the name suggests, privacy-enhancing technologies (PETs) are a vast range of technologies that include both hardware and software solutions. Such solutions are designed for the extraction of data value to unleash its full scientific, commercial and social potential, without risking information’s privacy and security. 

PEC permits different parties to extract value from the data and attain actionable results from it without even sharing data with those third parties. This is the most effective way to collaborate without risking sensitive data. 

Privacy-enhancing computation is a tech trend that can take three forms as follow: 

  • Offering a secure environment for data processing.
  • Utilization of privacy-aware machine learning for analytics.
  • Encryption of data to keep the original data confidential.

Homomorphic Encryption

Now, let’s lay our eyes on the foremost privacy-enhancing computation technologies: 

  • Homomorphic Encryption:  Homomorphic encryption is the most secure option in privacy-enhancing computation. This technology processes the data but also keeps it confidential. The user never gets to know the original data because he applies functions to the encrypted data. 
  • Secure Multiparty Computation: Secure multiparty computation is a type of technology that allows multiple parties to operate sensitive data together while keeping their own individual inputs secure to combat illicit activities.  
  • Differential Privacy: This technology is a kind of algorithm that computes and analyses statistics on a data set. After analysis and computation, it provides a general dataset while describing the patterns. This algorithm does not disclose the information of individuals.  
  • Trusted Execution Environments:  This least secure technology is part of the main processor where data is stored, processed, and protected in a secure manner. This technology is used in most modern digital devices such as tablets, smartphones, etc. 

Why Should Modern-Age Organizations Acquire Privacy Enhancing Computation (PECs)? 

Privacy enhancing computing technology

Without a doubt, there are innumerable reasons why businesses in this tech-oriented world should pay attention to privacy-enhancing computation technologies (PETs). Following are the significant reasons why businesses of this modern age should acquire privacy-enhancing technologies. 

  • Data protection laws, for example, CCPA and GDPR are forcing organizations to protect costumer’s data. Businesses have to pay serious fines due to data breaches. Such fees are already levied. This can significantly affect any enterprise financially. 
  • Privacy breaches leave an adverse impact on any business reputation. There is a  high probability that businesses or customers want to stop interacting with your brand, depending on your business model.  The best example is the share price loss of the tech giant, Facebook, after the Cambridge Analytica scandal. 
  • Third-party organizations probably need to test the data because of the lack of business self-sufficiency in application testing and analytics.  Thanks to the PEC set of technologies that allow privacy protection while data sharing. 

Benefits of Privacy Enhancing Computation (PECs) 

Following are the benefits of implementing privacy-enhancing computation: 

  • PECs shield access to sensitive information. 
  • This technology ensures that the mandatory set of permissions is enabled to deter chargebacks. 
  • PETs help in tackling undetermined and unfair conditions. 
  • Such technologies play a significant role in avoiding possibilities of misrepresentation. 
  • PECs assist in avoiding problems such as misjudgments of people in real life and violating their dignity.   
  • PETs use encryption and data obfuscation techniques to offer unlinkability, anonymity, pseudonymity, and unobservability of data subjects. 

Use Cases of Privacy Enhancing Computation (PECs)

Following are the top use cases of PETs: 

  • The utilization of PETs is crucial for businesses that work as a middle man between two parties as such businesses are responsible for safeguarding the sensitive data of both parties. 
  • Healthcare industries gather and share electronic health records (EHR) of patients when required. Acquisition of PETs is important in this sector for the protection of patients’ data. 
  • Financial infrastructures are highly responsible for protecting the customer’s sensitive data. The major reason why nacks should focus on enhancing privacy protocols is because of the citizen’s freedom to conduct private transactions and deals with other parties. 
  • Third-party providers usually handle data analysis and application testing. The utilization of appropriate PETs that do not significantly affect test results is crucial for modern-age organizations.  

Conclusion 

There would be no wrong in saying that the volume of data that is processed on the web is enormous. Data is growing at an exponential rate every second of every minute. Users of this modern age want to ensure that the data they enter in any form on the internet is in safe hands and that people with malicious intent will never misuse that content. Considering that fact, organizations should start leveraging a broad range of privacy-enhancing computation technologies for data protection. Some of such technologies protect individuals’ data, whereas others safeguard a huge volume of information. PETs also increase the level of users’ anonymity and secure their personal information. 

We, at ArhamSoft (Pvt) Ltd, are using a broad range of technological tools for data protection in multiple ways. Some of the methods process individual data, and others can protect a plethora of information. Also, we use enthralling privacy-enhancing technologies to expand the abilities of security borders and level of anonymity.  

So without any further adieu, contact us and leverage our compelling services today!