Management of Confidential Data Exchange

In the worlds of cybersecurity, there is a lot of attention paid to protecting sensitive data against loss or exposure. However many organizations fail to acknowledge that the data they manage is also susceptible during the process of transfer. This is particularly true when information is shared between customers, partners and business associates.

The security of sensitive data exchanges is essential to safeguard against breaches and maintain confidence with stakeholders, customers and business partners. The reality is that security breaches that expose sensitive information can cause irreparable damage to brand image and confidence among customers. This is especially true for the healthcare industry where HIPAA requires that hospitals have a secure method to share patient records electronically.

The same goes for other types of industries. Retailers and ecommerce platforms must protect their customers’ personal information when they purchase products on the internet, while educational institutions must keep students’ records private to prevent identity theft. Financial institutions should ensure that sensitive documentation is protected when transferring documents to business associates.

While protecting specific locations on systems, servers, and even in the cloud is a critical aspect of securing confidential data but this approach is not flexible for businesses that frequently work with third parties and must 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.