When to use Privacy Enhancing Technologies (PETs) vs. privacy management tools in Banks?

This post was originally published on Finextra (Security)

A more common question today is “whether privacy enhancing technologies should be used in conjunction with privacy management tools?”. Privacy enhancing technologies are tools that can be used to protect data, such as encryption or masking. Privacy management tools are tools that can be used to manage who has access to data, such as access control or discovering where personal data resides. Both types of tools can be used to protect data, but they should be used in combination for maximum protection.

Privacy-enhancing technologies (PETs) protect personal data and empower individuals while minimizing risks associated with data use. Examples of popular privacy-enhancing technologies include encryption, anonymization techniques, secure multi-party computation, and differential privacy. More commonly used techniques include Cryptographic Technologies, Obfuscation Technologies, Statistical Technologies, and Systems-Based Accountability Technologies,

These technologies help to safeguard personal data by ensuring that it is stored, processed, and transmitted in a secure and privacy-preserving manner. While it is true that PETs offer many benefits, there are also some potential drawbacks. For example, PETs can be more difficult to use than traditional technologies, and they can also be more expensive.

Additionally, PETs may not be suitable for all applications, and there may be situations in which they are less effective.

Read the rest of this post, which was originally published on Finextra (Security).

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