In the world of cybersecurity, there’s much attention given to safeguarding sensitive data from exposure or loss. However many organizations fail to acknowledge that the data they manage can be vulnerable during the process of transfer. This is often the situation when data is shared with customers and partners as well as business associates.
Management of confidential data exchange is crucial to preventing data breaches and maintaining trust with stakeholders, customers as well as business partners. The fact is that security breaches that expose confidential information can cause irreparable damage to reputation and trust of customers. This is particularly true in the healthcare industry, where HIPAA requires that healthcare facilities have a secure method to share patient data electronically.
Other industries are not any different. Retailers and ecommerce websites must protect the personal data of their customers when they buy products on the internet. Educational institutions are required to keep student records confidential to prevent identity theft. Financial institutions must ensure that sensitive files are protected when they send files to business partners.
While protecting specific locations in servers, systems or in the cloud is a key aspect of handling sensitive information, this strategy is not always flexible for businesses that work regularly with third parties and share confidential documents. Alternatively, businesses can rely on encrypted software solutions like those from Anjuna, CanaryBit, CYSEC, Decentriq and others that use encryption and zero-knowledge proofs to allow for confidentiality-preserving sharing.