In the world of cybersecurity, there is a lot of attention paid to protecting sensitive data against exposure or loss. Many organizations don’t compliance management software realize that the data they control is at risk during the transfer process. This is particularly applicable when information is shared between customers, partners and business associates.
The management of confidential data exchange is key to preventing breaches and maintaining trust with stakeholders, customers and business partners. Security breaches that reveal confidential information can inflict irreparable damage on the reputation of a brand and trust. This is especially true in the healthcare industry where HIPAA stipulates that healthcare facilities must have a secure method to share patient data electronically.
Different industries are no different. Retailers and e-commerce platforms must safeguard their customers’ personal data when they purchase products online, while education institutions need to keep student records secret to prevent identity theft. Financial institutions must ensure that sensitive documents are protected when they transfer files to business partners.
While safeguarding specific locations on systems, servers, and even in the cloud is a critical aspect of handling confidential information, this approach can be unflexible for companies that frequently work with third parties and require sharing of 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.