In the world of cybersecurity, a lot of focus is paid to the protection of sensitive data from being stolen or exposed. Many organizations are unaware that the information they manage is at risk during the transfer process. This is especially true when information is shared between partners, customers and business associates.
Controlling confidential data exchange is essential to prevent breaches and maintaining trust with customers, stakeholders, and business partners. Security breaches that reveal confidential information can have a devastating effect to brand reputation and trust. This is especially applicable to healthcare, where HIPAA requires that healthcare facilities be able to share patient information electronically.
Similar to other types of industries. Retailers and ecommerce platforms must protect their customers’ personal information when they buy products online, while educational institutions must keep student records private to avoid identity theft. The financial sector must ensure that sensitive documents are safe when they exchange documents to business partners.
While safeguarding specific locations on servers, systems or in the cloud is a crucial aspect of managing sensitive information, this strategy may be inflexible for companies who frequently collaborate with third parties and need to 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.