Data is the most valuable resource available on the planet in present times. Almost all businesses rely on data to establish their business. They collect, process and analyze the data to generate valuable insights that may benefit their business.
But users are always concerned about privacy when sharing any personal information online. Nobody wants their information to get exposed to hackers. So, protecting this asset becomes the top priority for every business. Here comes the role of privacy-enhancing computation.
But what is privacy-enhancing computation?
Privacy-enhancing computing (PEC) has been best described as a collection of many technologies that unite to ensure the highest standards of personal data preservation. These technologies ease data privacy and security. Moreover, they offer barriers to breaches and hacker intrusions.
Why do you need privacy-enhancing computation?
PECs are crucial because they protect against threats to an organization’s customers’ privacy. Any firm without a solid protection system presents a clear chance for hackers to access and misuse the system data without any accountability.
It compromises user privacy and exposes the private information of any company’s consumers. It, over time, reduces users’ trust and loyalty toward the organization. So, it’s crucial to eliminate serious problems arising from a security breach.
Privacy-enhancing computation consists of three technologies that protect data in three different ways:
1) The first technology creates a secure environment where data processing can occur.
2) The second model uses machine learning to handle and analyze data. For example, Federated machine learning.
3) The third type is the technology that enables the transformation of data and algorithms. For example, homomorphic encryption, multiparty computation etc.
Advantages of privacy-enhancing computation?
The following are some advantages of using privacy-enhancing computation that you must know:
1) Prevents potential harm
If data breach protection strategies are absent, unauthorized people can quickly get unauthorized access to data. It can comprise a wide range of data from social media, bank records, emails and many more. It can also have a huge and long-lasting impact on users’ privacy.
In addition, having privacy-enhancing computation also guarantees the necessary set of rights for data protection. PECs can restrict access to sensitive data and information by giving layers of security to protect individuals’ privacy.
2) Helps in managing unforeseen circumstances
It is challenging to monitor the actions taken by third-party stakeholders and how they use private consumer information. There are terms and conditions and privacy policies in place, but there is no way to ensure they are followed.
However, a simple term and conditions agreement is simply inadequate. Hence, to investigate such unforeseen situations with the least amount of room for intervention, PECs offer a distinct path to protect data.
3) Reduces the risk of misrepresentation
Personal information breaches might endanger the sensitive information of users. Malicious users might exploit that data to harm other people. For instance, there can be distortion or alteration of data.
And all that data can be published in the name of another person. Privacy-enhancing technologies ensure such interpretation of the data does not impact the authenticity of the original person, identity, or interest of the individual.
4) Protects against Human Dignity Violation
Lack of privacy can provide malicious users with the perfect technique to use the information for their own benefit. They can change their personality and character online by altering information.
As a result, there is a possibility that persons may be judged unfairly in real life, which violates their right to dignity. PECs can effectively aid in averting such circumstances and protects one’s right to live with dignity.
With the evolving digital transformation, the obligation and need for securing consumer data are also increasing. Thus, adopting privacy-enhancing computation is undoubtedly the need of the hour. A variety of privacy enhancing technologies boost user privacy and safeguard the anonymity of an individual. Moreover, it also improves data security and protects critical information, which has long-term advantages for both the consumer and the organization.
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