Improved data privacy equals improved revenues
According to a new survey, 94 percent of chief data officers (CDOs) from healthcare organizations and financial services firms say that deploying data privacy technology that enforces existing privacy regulations would result in increased revenues for their organizations.
The study from privacy technology specialist TripleBlind finds 37 percent of respondents estimate improved collaboration would increase revenues as much as 20 percent. In addition, 46 percent say increased data collaboration would give their organization a competitive advantage over others.
This collaboration doesn't come without worries, however, 64 percent of respondents are concerned that employees at organizations with which they are collaborating will use data in a way not authorized in signed legal agreements. 60 percent are concerned people at these organizations will use data that violates HIPAA and/or other data privacy regulations, and 60 percent are concerned that the privacy-enhancing technology (PET) solution deployed by data collaboration partners will modify the data to make the results of analyses inaccurate.
Healthcare organizations are, perhaps understandably, more concerned about these third-party risks than those in financial services. Potential violation of privacy regulations by partners is a worry for 86 percent of healthcare insurance carriers, as well as to 71 percent of hospital respondents, and 50 percent of healthcare systems respondents. This compares to 67 percent of credit card issuers and 63 percent of bank respondents concerned that people at data user organizations will use data in a way that violates one or more data privacy regulations.
"There is strong agreement that optimizing effective data collaboration through advanced PET solutions will result in both increased revenues and enhanced competitive advantage," says 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 full report is available from the TripeBlind site.