How Homomorphic Encryption Can Be Used Across Businesses To Enhance Privacy? | LightBeam.ai
Data privacy and security are inevitable for businesses because private data and information are stored and transferred online. Homomorphic encryption is a Privacy Enhancing Technology (PET) designed to extract data value and unleash its scientific, commercial, and social potential. It allows users to perform computations on encrypted data without decrypting it.
This process helps convert data into ciphertext, and you can assess and work within its original form. Encryption helps perform complicated mathematical operations without compromising the data, making third-party data handling much safer. The process also creates an encryption algorithm that enables infinite additions to encrypted data.
Here are 12 ways organizations can use homomorphic encryption to enhance their privacy without risking data security.
Cloud Computing
Cloud computing offers excellent potential when it comes to homomorphic encryption. Organizations take advantage of the analytic services of public providers for storing their information. Businesses don’t have to depend on third-party securities after using this encryption.
Regulatory Compliance
Businesses dealing with regulatory compliance can benefit from homomorphic encryption. The process helps companies operating in heavily regulated industries such as finance and healthcare. It also allows outsourcing services for research and analytical purposes without the risk of non-compliance.
The EU requires companies outside its purview to comply with its General Data Protection Regulation (GDPR) requirements. The GDPR requires EU data to stay in countries with similar standards for data security. These requirements do not apply to encrypted data. The companies, therefore, use this encryption process to remain in compliance.
Supply Chain Protection
Hackers and cybercriminals target the supply chain frequently. Implementing this security method can help organizations protect their supply chains. It encrypts the data offered to a third party and allows it to stay encrypted. This way, the supply chain can remain uninterrupted even after a third-party breach.
Targeted Advertising
Several companies can use homomorphic encryption while selling data to third parties. Meta, for example, sells user data to third parties for targeted advertising. They can perform analytics on the data without viewing the private information. This process could lead to more effective, customer-specific advertising.
Sharing Data Securely
Sharing the private data of an organization with third parties can be risky. It is difficult due to data privacy regulations such as the CCPA and GDPR. Failure to comply with these regulations can cause severe damage to the business’s reputation.
The use of homomorphic encryption can solve the problem. It helps to encrypt the data so that the private information of the client and the company is encrypted and not leaked.
Enabling Collaboration
Homomorphic encryption enables companies to share sensitive information with third parties. Here, companies can share data without the risk of disclosure or the outcome of the computation being revealed to them. This method can accelerate innovation and collaboration without compromising sensitive information.
Higher Standard of Business Security
Businesses can establish a higher data security standard without breaking the application’s functionality or the business process. Organizations can gain intelligence from their sensitive data while maintaining data privacy.
This method is essential in the current era, especially in light of the GDPR and consumer privacy acts. These acts impose stiff penalties for the misuse of handling, collecting, and transferring data.
Enabling Data Analytics in Regulated Industries
Homomorphic encryption aids in the encryption and outsourcing of data to commercial cloud environments for research and data-sharing purposes. This process helps protect the user’s or patient’s privacy. Business organizations across different industries, like information technology, retail, and healthcare, use this process. It helps people use data without seeing its unencrypted values.
