In the world of cybersecurity, there’s much attention given to protecting sensitive data against loss or exposure. Many organizations do not realize that the data they handle is vulnerable during the transfer process. This is especially the case when data is shared between partners, customers and business associates.
Management of confidential data exchange is key to preventing breaches and maintaining trust with stakeholders, customers as well as business partners. Security breaches that expose confidential information can have a devastating effect to the brand’s reputation and trust. This is particularly true in the case of healthcare which is where HIPAA requires that facilities have a secure means to share patient information electronically.
Other industries are not any different. Retailers and e-commerce platforms must protect their customers’ personal information when they buy products online, while educational institutions must keep student records secret to prevent identity theft. Financial institutions should ensure that sensitive documentation is protected when transferring files to business partners.
While protecting specific locations on systems, servers, and even in the cloud is a critical aspect of handling confidential data however, this method can be unflexible for companies that frequently collaborate with third-party companies and have 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.