Nearly Half of Healthcare and Financial Services Executives Believe Enhanced PET Solutions Give Their Organizations a Competitive Advantage
KANSAS CITY, Mo., Aug. 17, 2022 (GLOBE NEWSWIRE) -- In a new survey released today by TripleBlind, 94% of CDOs from healthcare organizations and financial service firms stated deploying data privacy technology that enforces existing data privacy regulations would result in increased revenues for their organizations. 37% of respondents stated they estimate improved collaboration would increase revenues as much as 20%. In addition, 46% stated increased data collaboration would give their organization a competitive advantage over other organizations. TripleBlind is creator of the most complete and scalable solution for privacy enhancing computation.
Additional key findings of the survey included:
- 64% of respondents are concerned that employees at organizations with which they are collaborating will use data in a way not authorized in signed legal agreements,
- 60% are concerned people at organizations with which they collaborate will use data that violates HIPAA and/or other data privacy regulations,
- 60% are concerned that the privacy-enhancing technology (PET) solution deployed by data collaboration partners will modify the data to make the results of analyses inaccurate.
“There is strong agreement that optimizing effective data collaboration through advanced PET solutions will result in both increased revenues and enhanced competitive advantage,” said Riddhiman Das, TripleBlind’s Co-founder and CEO. “Today, advanced PET solutions exist that render legal agreements obsolete and prevent people at both the data user and data owner from using data in a way that violates HIPAA and other data privacy regulations or modifies data in a way that results in inaccurate analyses.”
Healthcare Organizations Especially Concerned about Regulatory Compliance and Accuracy
Healthcare organizations represented in the survey include hospitals, healthcare systems, pharmaceutical manufacturers and health insurance companies. In terms of the value of enhanced data privacy to these organizations, 43% of healthcare system respondents believe it would result in increased revenues of up to 20%, an additional 48% believe up to 10%. 52% and 50% of healthcare system and hospital respondents, respectively, stated expanded data collaboration would give their organizations a competitive advantage.
The level of concern about people at data user organizations using data in a way that violates HIPAA and/or other data privacy regulations varies among different healthcare organizations. This was of great concern to healthcare insurance carriers with 86% citing this concern, as well as to 71% of hospital respondents, and 50% of healthcare systems respondents. 75% of healthcare system respondents were also concerned that data user organizations had installed PET solutions that would make the results of analyses inaccurate, 73% of pharma manufacturers and 60% of hospital respondents shared this concern.
Financial Services Firms are Optimistic about the Potential of Improved Data Collaboration
Financial services firms included in the survey are banks, broker/dealers and credit card issuers. 60% of broker/dealer CDOs/senior data managers state improved data collaboration practices would include revenues up to 20%, while 59% of bank executives had the same response. Half of broker dealers, 47% of banks and 44% of credit card issuer respondents believe enhanced data sharing would create a competitive advantage for their organizations.
Regarding use of data, financial institutions are somewhat less alarmist than their healthcare counterparts. 67% of credit card issuers and 63% of bank respondents are concerned that people at data user organizations will use data in a way that violates one or more data privacy regulations. And 50% of broker/dealer respondents are concerned people at data user organizations will deploy PET solutions that modify data to make analyses inaccurate, along with just 27% of bank and 25% of credit card issuer respondents.
To receive the complete results of the survey, please visit https://tripleblind.ai/cdo-data-privacy-report/.
About the Survey
TripleBlind surveyed 150 chief data officers (CDOs) and other executives in charge of data management at healthcare and financial services organizations with annual revenues of at least $50 million and at least 250 employees. IntelliSurvey, which conducts approximately 5,000 online surveys annually, executed the survey.
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About TripleBlind
Combining Data and Algorithms while Preserving Privacy and Ensuring Compliance
TripleBlind has created the most complete and scalable solution for privacy enhancing computation.
The TripleBlind solution is software-only and delivered via a simple API. It solves for a broad range of use cases, with current focus on healthcare and financial services. The company is backed by Accenture, General Catalyst and The Mayo Clinic.
TripleBlind’s innovations build on well understood principles, such as federated learning and multi-party compute. Our innovations radically improve the practical use of privacy preserving technologies, by adding true scalability and faster processing, with support for all data and algorithm types. We support all cloud platforms and unlock the intellectual property value of data, while preserving privacy and ensuring compliance with all known data privacy and data residency standards, such as HIPAA and GDPR.
TripleBlind compares favorably with existing methods of privacy preserving technology, such as homomorphic encryption, synthetic data and tokenization and has documented use cases for more than two dozen mission critical business problems.
For an overview, a live demo, or a one-hour hands-on workshop, contact@tripleblind.ai.
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