Michael Hughes, PET expert, discusses the impact of PETs in AFC programs. Topics include PET value in KYC, privacy vs. data usefulness, regulatory views on PETs, early adopters of PETs, and more.
Privacy Enhancing Technologies (PETs) enable secure data collaborations across industries by encrypting data while allowing accurate computations without revealing original data.
Governments are leveraging Privacy Enhancing Technologies (PETs) in law enforcement to securely share encrypted data sets for enhancing insights without compromising privacy or security.
Deep dives
Privacy Enhancing Technologies in Various Industries
Privacy enhancing technologies (PETs) are designed to enable collaboration on sensitive information, including intellectual property and personal data like health information. By encrypting data while allowing computations to derive accurate outputs without revealing the original data, PETs offer significant benefits in diverse sectors like law enforcement, healthcare, and financial services. For instance, using fully homomorphic encryption ensures secure data processing without compromising privacy, opening opportunities for insightful collaborations while staying GDPR-compliant.
Variety of PETs and Use Cases
PETs encompass various technologies such as fully homomorphic encryption and secure multi-party computation, each tailored to specific use cases based on privacy and security requirements. For example, multi-party computation distributes encryption keys across multiple entities to enhance privacy and security in data collaborations. Federated learning enables decentralized data analysis across distributed sources, benefiting industries like healthcare with data that can't be centralized.
Trusted Execution Environments and Data Collaboration
Trusted execution environments provide a flexible approach where sensitive data can move securely for computations within a protected environment, ensuring encrypted outcomes without exposing underlying data models. This technology fosters collaborations like sharing proprietary models for joint data analysis without revealing intellectual property. By safeguarding sensitive data within encrypted processing environments, trusted execution environments enable versatile model applications across structured and unstructured data.
PETs Advancing Cross-Industry Collaborations
Governments are at the forefront of adopting PETs, particularly in law enforcement applications due to the challenges of vast data collection sources necessitating secure information sharing for investigations. By leveraging PETs, organizations can collaborate on encrypted data sets to enhance insights without compromising privacy or security. Privacy enhancing technologies are revolutionizing collaborations by enabling secure data sharing and model monetization, opening new revenue streams and broader collaborative opportunities.
What if your anti-financial crime program could build investigation models using sensitive data you may not have direct access to – in a totally compliant way? In this episode, we learn from Privacy Enhancing Technology (PET) expert, Michael Hughes, Chief Business Offer at Duality Technologies, about the potential PETs have to change the game of KYC.
Follow along as Michael and host, Alex Pillow, discuss all things PETs, exploring topics like:
The value PETs could bring to the world of AFC
Privacy rights of an individual vs. useful data for institutions
Various PET use cases
How regulatory bodies feel about the rise of PETs
Industry sectors that have become early adopters of PETs (the answer may surprise you)
For additional resources mentioned in this episode, check out the links below on Duality’s website:
Visit our website to learn how Moody’s Compliance and third-party risk management can take AFC in your organization to the next level, and please feel free to get in touch – we’d love to hear from you!
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