How Emerging Technology Can Protect Your Customers' Data Privacy

We're excited to bring Transform 2022 back in person on July 19 and virtually from July 20-28. Join leaders in AI and data for in-depth discussions and exciting networking opportunities. Sign up today!

Any company that deals with consumers will tell you that their top two priorities are customer experience and data privacy. The first brings customers in, the second keeps them there.

We've seen the role virtual reality and artificial intelligence play in meeting ever-changing consumer demands for exceptional experiences. But what about the lesser-known technologies that are also at work protecting our data and identity from security breaches?

A study by the Ponemon Institute, sponsored by IBM Security, found that the average cost of a data breach in the United States last year was $4.24 million. Security breaches ultimately affect the price consumers pay for products or services, as companies pass on the costs of legal, regulatory, technical and other measures. More importantly, it can impact customer confidence in your ability to protect their data in a digital experience.

I believe the key to gaining and maintaining trust in your data protection capabilities lies in your ability to secure both the data and the applications that process it from the rest of your IT infrastructure. So even when your network is compromised, your data is not.

Transform 2022

Join us at the leading Applied AI event for enterprise business and technology decision makers on July 19 and virtually July 20-28.

What I've described is a cloud-based technology known as "Confidential Computing" that promotes greater privacy. Confidential computing allows an organization to have complete authority and control over its data, even when running in a shared cloud environment. Data is protected and visible only to its owner and no one else, not even the cloud provider hosting the data, even during processing.

Think of it as a safe in a hotel room. When you stay in a hotel, the room is yours, but the hotel staff has access to it. Therefore, it is recommended to keep your valuables like passport and money in the room safe. Only you have the code for this extra layer of protection, even if the part itself is accessible. Now imagine the locker having no master code to break in - this is how confidential computing can be designed.

1. Securely manage digital assets and currencies. As the adoption of cryptocurrency grows, so does the need to secure the technology through which it is accessed. Maintaining customer trust and privacy in this area remains paramount to the world's largest banks, exchanges, and fintech companies. Confidential computing plays a crucial role in helping these financial institutions securely manage the growing market demand for digital assets. For example, fintechs can provide banks and other financial institutions with digital asset solutions to manage cryptocurrencies, tokens, and bitcoins.

These solutions can leverage security-critical infrastructure and confidential computing technology to help protect keys and data.