Increase Lawful Data Value by Removing Roadblocks
Anonos, the data enablement and privacy rights management technology platform provider, announced that its CEO Gary LaFever will speak on What the Future Holds: Key Considerations for Maximizing Lawful Data Use in the Financial Sectorat FIMA Europe 2019 the biggest and most senior meeting of European financial data leaders.
Host to the top industry innovators and speakers, FIMA Europe has been helping data managers from financial institutions solve their biggest challenges for over 15 years. FIMA Europe is the biggest and most senior gathering, with over 400 financial data leaders who have decision making power. It is the only event built to provide content for every data and analytics professional throughout organizations Chief Data Officer (CDOs), Heads of Data Governance and Quality, Data Architecture, Market, Client and Reference Data, and Data Scientists.
“Financial institutions are just now beginning to appreciate the subtleties, flexibilities and differences between merely complying with the GDPR and turning regulation into a competitive advantage to help them achieve their data innovation and market differentiation objectives,” said Gary LaFever, Chief Executive Officer of Anonos. “My speech will cover how, within this environment, financial institutions can ethically process, share and combine data to support lawful analytics, AI and ML that preserves 100% of data accuracy to advance their innovation initiatives in compliance with the GDPR.”
Mr. LaFever’s keynote presentation at FIMA Europe 2019 will cover:
- How absent safeguards to technically enforce privacy risk management when data is in use, data users are analogous to “rats in a wheel” because they cannot lawfully get to the data they desire to process and must watch the value of their data decrease.
- Financial institutions are just now becoming aware of the fact that traditional approaches to supporting sophisticated secondary processing (like direct marketing, analytics, AI, ML, sharing and combining) no longer work under the GDPR, but that Legitimate Interest processing supported by technical controls when data is in use can work.
- How the timeliness and importance of technically enforcing privacy risk controls when data is in use are highlighted by:
a. The recent guidance by the Spanish Data Protection Authority and the European Data Protection Supervisor (EDPS) that for data to be considered anonymous under the GDPR not even the data controller can be capable of re-identifying data holders in an anonymised dataset;
b. Section 171(5) of the UK Data Protection Act 2018 which makes it a criminal offence to knowingly or recklessly process personal data containing information that has been re-identified after being de-identified; and
c. Restrictions under the GDPR on the availability of Consent and Contract to lawfully support sophisticated secondary processing (like direct marketing, analytics, AI, ML, sharing and combining).
All other data privacy technologies on the market today, such as differential privacy for anonymity, employed by Apple and Google, and homomorphic data encryption, used by IBM, are point solutions that protect elements of consumer privacy but degrade data accuracy and value in the process. In contrast, Hitachi’s Digital Privacy offering, leveraging Anonos Privacy Rights Management technology, preserves 100% of data accuracy necessary for value-enhancing processes such as analytics, AI, machine learning, and algorithms that serve businesses, consumers and society alike, while also expanding opportunities to ethically share and combine data.