It can be said that data is the current age digital currency that can increase the value of any organisation and empower them to step towards digital transformation. As this new asset becomes increasingly important, organisations are bracing themselves to keep it safe. Privacy Enhancing Computation came as a blessing in disguise that provides better security and enhances the privacy of user’s data ensuring the highest level of private data protection in today’s age. They are in line with the key data protection principles with the core goal to empower individuals and ensure their rights are effectively exercised.

The Privacy Enhancing Technology market is projected to grow from USD 1.57 billion in 2021 to USD 17.75 billion in 2028 at a CAGR of 41.5 per cent in the period 2021-2028. “The hardware and software solutions are designed to draw out valuable data to leverage it for various purposes while laying a secure foundation for the proceeding process”, says Rama Vedashree, CEO, Data Security Council of India.

No Compromise with Confidentiality

In this era, where there is a rapid boom in the data analytics industry, Privacy Enhancing Computations are the only means that can enable any organisation to securely collaborate for research across the globe with anyone including its competitors without doing any compromise with confidentiality.

The first and foremost reason to use PECs is to prevent any possible risk to the privacy of the consumers of an organisation. For any cybercriminal, any organisation lacking a well- established protection system provides a clear, golden opportunity for tapping and misusing the system data without any answerability. This exposes the sensitive information of any organisation’s customers posing a threat to users’ privacy that ultimately affects their trust and loyalty in the long run.

Protects from Data Breaches

With the rising number of data protection laws across the globe such as CCPA and GDPR, majority of the organisations are bound to set up measures to safeguard their accumulated consumer data. In other words, it can be said that it is a safety net to save any businesses from a financial loss that can result from data breaches leading to payment of serious fines. The data that is shared with third party organisations undergo testing in the analytics and testing domain. Privacy Enhancing Computation can successfully execute the above mentioned function while protecting the shared files.

It is a well-known fact that privacy breaches have the capability to tarnish any business’ reputation. Privacy breaches can have a degrading effect on associated businesses or customers according to business type which may discontinue their alliance and engagement moving forward, putting years of effort and money in vain.

Protects from Human Dignity Violation

Many a times, it is seen that lack of security initiatives leads to distorted information sharing by individuals as they constantly attempt to fit in with the others hiding their actual traits. Ultimately it leads to misjudgements about an individual in real life leading to a violation of human dignity. It is vital to rule out the possibilities of other major issues such as human dignity violations, misinterpretations, identity crisis that may result after a security breach. Hence, it is a dependable method to share data while assuring the customers and other businesses in B2B context.

Generally, the third party data sharing makes it difficult to track actions, where a simple term and conditions document is not adequate. Hence, Privacy Enhancing Computations open a separate trial to navigate such an unknown situation with minimum scope for intervention.

Avoids Chances of Misrepresentation

Privacy Enhancing Computation ensures that the data interpretation doesn’t affect the original authenticity, identity and interest of the individual when used for different purposes and passed on to another set of hands. It shields access to information and ensures that a mandatory set of permission is granted to extend reach to the sensitive information available.

Challenges in the Way

Though Privacy Enhancing Computation is growing in popularity, it has downsides too. In practice, PECs are complex, expensive and resource intensive, making them hard to implement and prone to user error. Despite its benefits, the use of Privacy Enhancing Computation can further consolidate power and control in the hands of those who already have too much of both, typically those with the resources to exploit them.

Privacy Enhancing Computation can also create a false sense of safety and security among users and thereby incentivise and legitimate activities or practices that people might otherwise find objectionable.

What will be the Future for Privacy Enabling Computation

The human desire for privacy isn’t going away anytime soon. For the businesses that work as a middle man between two parties, the usage of Privacy Enhancing Computation will be crucial since businesses are responsible for protecting the privacy of both parties’ information. Organisations are preparing themselves to function in a world that values data security and privacy, whether driven by government law or customer demand. With a wide range of commercial uses for Privacy Enhancing Computation, an increasing number of enterprises will seek to take advantage of business enabling features in the coming future.