94% of CDOs State Enhanced Data Privacy Boosts Revenues, New TripleBlind Survey Finds
We are excited to share with you the findings from a new survey we’ve just conducted with chief data officers (CDOs) and other senior executives in charge of data management at large healthcare and financial service organizations with annual revenues of at least $50 million and at least 250 employees. The survey results were significant and demonstrate the urgency to use data collaboration through advanced privacy enhancing technology (PET) solutions to increase revenues as well as competitive advantage.
Key findings from the survey include:
- 94% of CDOs stated deploying data privacy technology that enforces existing data privacy regulations would result in increased revenues for their organizations.
- 37% of respondents stated they estimate improved collaboration would increase revenues as much as 20%.
- 46% stated increased data collaboration would give their organization a competitive advantage over other organizations.
CDOs at healthcare organizations had different priorities and levels of concern than those at financial service firms. Across different types of healthcare organizations, CDOs were most concerned about data user organizations using the data in a way that violates HIPAA and/or other data privacy regulations. The most concerned were CDOs at healthcare insurance providers, hospitals, and healthcare systems. However, despite their hesitations, respondents believe enhanced data privacy can increase revenues by 10% to 20%.
Financial service firm CDOs were more optimistic than their healthcare counterparts, with most respondents stating that improved data collaboration practices would increase revenues by up to 20%. While slightly less concerned than healthcare CDOs, financial service firm CDOs are still concerned that people at data user organizations will use data in a way that violates privacy regulations.
Both groups of CDOs had hesitations around people at data user organizations deploying PET solutions that modify data to make analyses inaccurate.
For CDOs looking for a PET in order to increase data collaboration, TripleBlind’s software-only solution is delivered via a simple API and is the most complete and scalable solution for privacy enhancing computation. It offers CDOs and their organizations an advanced PET solution that renders legal agreements obsolete, preserves compute performance, prevents organizations from using data in a way that violates data privacy regulations, and doesn’t modify data in a way that results in inaccurate analyses.
For more information, reach out to us for more details about the survey or give us a call to chat about your data privacy concerns.