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In the world of cybersecurity, lots of attention is placed on protecting sensitive data from being stolen or exposed. However many organizations fail acknowledge that the data they manage is also susceptible in the process of transfer. This is especially applicable when information is shared between partners, customers, and business associates.
The management of confidential data exchange is crucial to preventing data breaches and maintaining trust with stakeholders, customers and business partners. Security breaches that reveal sensitive data can have devastating effects to the brand’s reputation and trust. This is especially true for healthcare where HIPAA requires facilities to have a secure method to share patient records electronically.
The same goes for other types of industries. Retailers and ecommerce websites must ensure the security of the personal information of their customers when they buy products on the internet. Education institutions are required to safeguard student records to avoid identity theft. Financial institutions must ensure that sensitive files are secure when they transfer files to business partners.
While securing specific locations on servers, systems, and even in the cloud is a critical aspect of managing confidential data however, this method can be inflexible for businesses who regularly 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.