While many companies have built businesses profiting on consumer data, 94% of CDOs see a prime opportunity in privacy tech.
TripleBlind conducted a survey of 150 chief data officers (CDOs), as well as other executives in the healthcare and financial services industries. Interestingly, some 94% believe that deploying data privacy tech will lead to increased revenue for their organizations, especially tech that enforces privacy regulations. In addition, 37% believe improved collaboration could increase revenue up to 20%, while 46% believe they could gain a competitive advantage through increased data collaboration.
TripleBlind’s survey also shed light on exactly what CDOs are concerned about.
- 64% are concerned that employees at partner organizations may not abide by legal agreements regarding the use of data.
- 60% are concerned that employees at partner organizations will violate HIPPA laws and/or privacy regulations.
- 60% are concerned that privacy-enhancing technology (PET) used by partner organizations may modify data in a way that hinders analysis.
“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.”
The findings stand in stark contradiction to some companies’ claim that stricter privacy standards will lead to increased costs and decreased profits.