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According to a new survey by TripleBlind94% of health care and financial services CDOs surveyed said deploying data privacy technology that enforces existing data privacy rules would lead to increased revenues for their organizations.
Data is one of the most powerful business tools. Every day we generate 2.5 trillion bytes of data; it’s up to chief data officers to determine the value and opportunities for strategic growth. If a company can manage its data and collaborate with other companies in a secure and compliant manner, the potential for better results is immense.
Removing barriers to data collaboration and analysis can give a company a competitive edge. Not only do 94% of respondents believe that data privacy technology would increase revenue for their organization, nearly half of those surveyed said increased data collaboration would give their organization a competitive advantage.
Sharing data, even when a privacy-enhancing technology (PET) solution is deployed, remains risky for CDOs and senior data managers. Sixty-four percent of respondents were concerned that employees of organizations they work with will use data in ways not allowed in signed legal agreements. And 60% fear that PET solutions deployed by collaborative partners will alter the data, rendering analytics results inaccurate.
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Compliance with data privacy regulations and keeping data accurate are the top concern of healthcare organizations. A large majority (86%) of health insurers were concerned that data user organizations will use data in a way that violates data privacy regulations.
Financial services firms were more optimistic about the improved data collaboration potential. More than half of respondents from financial services companies indicated that improved data collaboration practices would increase revenues by up to 20%.
TripleBlind surveyed more than 150 chief data officers and other executives responsible for data management at healthcare and financial services organizations with a minimum of $50 million in annual revenue and a minimum of 250 employees. IntelliSurvey, which conducts approximately 5,000 online surveys annually, conducted the survey.
Read the full report from TripleBlind.
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