April 2022 Summaries

Secure data sharing is transforming how organizations derive value from data, as highlighted in a webinar led by Dr. Alon Kaufman and Michael Hughes. The discussion focused on the challenges posed by data privacy concerns, which hinder the full utilization of data despite businesses having unprecedented access to it. The conflict between data collaboration and privacy regulations is a central issue in the digital age, with Privacy Enhancing Technologies (PETs) emerging as a solution to enable secure, data-driven approaches. The webinar emphasized that implementing an enterprise-ready, end-to-end data sharing platform is crucial for business growth, allowing companies to make informed decisions by leveraging additional data while maintaining compliance with regulations and internal policies. This approach can significantly enhance business outcomes by unlocking data previously restricted due to privacy and confidentiality issues, with varied use cases that often impact revenue positively.

Data sharing in the modern economy offers significant benefits, particularly in sectors like healthcare and finance, where it can lead to better treatments and improve security measures. However, it also presents privacy risks, necessitating the use of Privacy Enhancing Technologies (PETs) to balance the benefits of data sharing with privacy protection. PETs are crucial for managing sensitive data but require standardized and regulated implementation, something currently lacking due to varying international privacy laws. The US and EU have made strides in this area with the new Trans-Atlantic Data Privacy Framework, which aims to facilitate secure data flows while safeguarding privacy. This agreement replaces the invalidated Privacy Shield Framework and includes measures such as compliance requirements for US companies and a redress system for EU citizens. PETs, like those offered by Duality Technologies, can help address standardization issues by enabling institutions to share encrypted insights, aligning with the goals of the Trans-Atlantic Data Privacy Framework.

NTT DATA, a global leader in digital business and IT services, has partnered with Duality Technologies to enhance customer and partner experiences by enabling secure data collaboration across multisource datasets while maintaining privacy. Supported by NTT Innovation Laboratory Israel, the collaboration focuses on two key initiatives: analyzing sensitive health data across multiple institutions to develop personalized health plans, and utilizing telecommunications data from mobile GPS devices to optimize user experience and transportation efficiency. Duality's platform facilitates secure data sharing and insights without compromising privacy or regulatory compliance, positioning NTT DATA as a forward-thinking enterprise in the evolving data collaboration landscape. The partnership highlights the exponential value of combining diverse data sources and demonstrates the potential for enterprises to transform customer experiences through advanced methodologies and privacy-preserving technologies.

Duality Technologies, a leader in privacy-preserving data collaboration based in Newark, New Jersey, has expanded its executive team with the appointments of Michael Hughes as Chief Business Officer, Haniel Ilouz as Vice President of Engineering, Marcella Arthur as Vice President of Global Marketing, and Rina Serlin as Vice President of Human Resources. Collectively bringing over 50 years of experience in various fields, these new executives are set to enhance Duality’s strategic growth and global market presence, focusing on revolutionizing data collaboration for enterprises. The company's CEO, Alon Kaufman, emphasized this expansion following a successful funding round in 2021, aiming to reinforce its go-to-market strategy and partnerships in North America. Duality is recognized for its innovative approach to enabling secure data sharing and collaboration, leveraging privacy-enhancing technologies to facilitate analysis on encrypted data while maintaining privacy and compliance.

Sanctions, historically used as political tools to impose commercial and financial penalties on countries, companies, or individuals, have been part of global strategies for centuries, with notable examples including those against Cuba, Iran, and North Korea. Their effectiveness is debated, with some studies suggesting significant economic impacts on targeted nations but unclear long-term success in achieving political goals. In the digital age, enforcing sanctions poses challenges as sanctioned entities exploit data privacy laws and technological loopholes to evade restrictions, highlighting the need for technological advancements such as Privacy-Enhancing Technologies. These technologies can assist financial institutions in improving sanction discovery and compliance by allowing secure data collaboration and discreet monitoring of transactions, thus revolutionizing the handling of financial crimes.

The rise of streaming TV services during the pandemic, exemplified by Netflix's subscriber growth, highlights how digital content consumption has influenced behavior, drawing parallels to financial institutions' need for improved data collaboration to prevent fraud. The article discusses how notorious scammers like Anna Sorokin and Shimon Hayut exploited systems that failed to cross-check information, emphasizing the necessity for financial sectors to adopt technology that facilitates privacy-preserved, cross-border data sharing. Despite regulatory challenges, leveraging data collaboration can curb fraud and potentially boost economies, with McKinsey & Company suggesting that open financial data sharing could increase GDP by up to 5% by 2030. The text advocates for financial institutions to embrace data-sharing innovations to combat fraud and enhance economic growth, highlighting the importance of balancing privacy and technological advancements.

In the recent webinar titled “Extracting Value from Your Data: Capitalizing on Insights, Not Privacy,” CBO Michael Hughes and VP Strategy Ronen Cohen explored the critical considerations for organizations leveraging data from multiple sources. They highlighted a significant paradigm shift in how data is stored, accessed, and utilized, emphasizing the need for enterprises to adopt privacy-preserving technologies (PETs) as they embrace a more collaborative approach. Key considerations for deploying a privacy-preserving data-sharing platform include understanding applicable regulations, determining data privacy needs, managing access permissions, and ensuring compliance with consent and reporting requirements. Cohen elaborated on the practical uses of PETs in various sectors, such as investigating fraud, money laundering, and trade financing, and provided examples from the healthcare industry and beyond.

Privacy Enhancing Technologies (PETs) allow computations on encrypted data without decryption, with homomorphic encryption (HE) being a key method explored in this context. HE enables operations on encrypted data, including partially homomorphic encryption like RSA, which allows multiplication of encrypted values but loses homomorphic properties when used with padding. Leveled and fully homomorphic encryption (FHE) schemes, such as the BFV scheme, extend these capabilities by supporting both additive and multiplicative properties, albeit with noise management challenges. FHE, pioneered by Craig Gentry, allows unlimited computations through techniques like bootstrapping, which manage noise accumulation without decryption. These advancements are supported by tools like Google's FHE transpiler and the open-source library PALISADE, which facilitate the practical application of homomorphic encryption by enabling users to run encrypted computations in C++.