While today’s data clean rooms facilitate analysis of sensitive and confidential data, many still do not fully address the need for increased data security and data privacy, especially in highly regulated industries.
Helping companies collaborate and analyze sensitive data from multiple parties has never been easy.
It requires complex and tiresome agreements, navigating ever-changing privacy laws and regulations, and studious attention to the scope of work to avoid cost overruns and dissatisfaction on the part of the participants. Not unsurprisingly, this drives up the cost, delays the project timeline and frustrates everyone. More time is spent on approval and process than on analysis and results.
Even after overcoming these obstacles, the quality of analytics and insights often leaves much to be desired. That is no surprise given that the most valuable and important data is frequently excluded from analysis for fear of it being leaked or compromised.
With new privacy legislation on the way, and the constant threat of cyberattacks, it is only going to get more difficult.
Data clean rooms re-imagined
The concept of a «data clean room» has been around for many years, and usually associated with a handful of industries that routinely handle personally identifiable information (PII). While the concept is not new, the implementation of data clean rooms is changing… and quickly.
Today, data clean rooms are safe and secure environments where multiple parties can bring their data together for advanced analysis, allowing them to conduct sensitive projects like competitor and industry benchmarking, confidential surveys, healthcare data collaboration, audience analytics in advertising, employee compensation analysis, or fraud detection.
Data clean rooms facilitate analysis of sensitive and confidential data within pre-defined guidelines and privacy controls. This makes working with sensitive yet extremely valuable data easy and with guaranteed confidentiality.
Finally, data clean rooms are no longer an artifact of a consulting project to be discarded at the conclusion. Instead, they tend to be persistent and evolving ecosystems for ongoing collaboration and analysis.
What should I look for in a data clean room platform?
Emerging technologies have facilitated the development of a new generation of data clean rooms software platforms. Some, but not all, are delivered in the cloud. And some are targeted toward specific industries, like digital consumer advertising.
Does it work for use cases in my industry?
The need to share and combine sensitive data exists across all industries. Market research firms routinely engage in consumer research and industry-wide benchmarking projects. HR consultancies are tasked to confidentially measure diversity, employee satisfaction and the structure of compensation plans.
Financial services companies evaluate potential acquisition targets by looking at customer overlap and greenfield opportunities. And more and more often, IoT providers are embracing data clean rooms as a platform for sharing valuable data with multiple participants – internal or external.
Is the data clean room secure?
Another key consideration is data privacy. Many data clean rooms still do not fully address the need for increased data security and data privacy, especially in highly regulated industries. These data clean rooms run on standard cloud infrastructure that is not built with security guarantees. Many also require organizations to trust the cloud provider and/or platform provider with their sensitive data.
How is Decentriq’s data clean room different?
Decentriq has an expansive vision for data clean rooms, unconstrained by industry and use case, available on-demand and can be started in minutes, in the cloud. Leveraging confidential computing – the latest encryption in-use technology – Decentriq’s data clean rooms provide security guarantees that make trust a given between all participants, Decentriq and even the cloud provider. Decentriq also provides several features that cannot be found in traditional data clean rooms.
Here are 5 considerations when selecting the best solution for you.
No matter your intended use case, effectively leveraging your sensitive data assets while maintaining their privacy is key to sustaining a competitive advantage. With Decentriq’s data clean rooms, you can do this with more scale, ease and guaranteed security.
Got a challenge with data sharing? Contact us at Decentriq where we’re all ears!