We spoke with Cape Privacy CEO Ché Wijesinghe about closing the encryption gap for data privacy protection measures. Ché has over 25 years of experience in the enterprise software industry as a senior executive and entrepreneur. He has a proven track record of building teams that deliver significant revenue growth and demonstrable business benefit. He was previously SVP at OmniSci and EVP at Composite Software (acquired by Cisco).
Check out the Q&A below.
Based on your experience in the financial services industry, what gaps exist within the market surrounding data privacy and security?
Organizations are eagerly migrating to the cloud, but as they encounter a dilemma: To keep data secure, it needs to be encrypted. But encrypted data is difficult to work with. Machine learning models can’t extract value from encrypted data, and unencrypted private data or classified data in the cloud is too much of a risk. That’s why IDC says 68% of data stored in the cloud goes unused.
Closing that risk gap and enabling what 451 Research calls “encryption-in-use” is the key to unlocking maximal value from an organization’s most sensitive data. That’s what Cape Privacy is doing.
What are the challenges enterprises face when it comes to securing their data?
Securing data is simple. Encrypt it at the moment of capture or creation and keep it encrypted. The risk comes when you try to put that data to use. And so, one of the biggest challenges that enterprises face is resolving the conflict inherent with migrating encrypted data to the cloud and still having it available for running powerful AI prediction models.
For example, financial institutions have massive stores of some of the most sensitive data there is, but privacy and security regulations dictate that they keep it secure or risk the financial and reputational penalties associated with violating a data breach. To take full advantage of the cloud storage and services, like Snowflake’s financial services data cloud, requires a way to keep that data secure, even when it is being used. That’s what Cape Privacy does.
How is encryption shaping the future of data privacy?
When encryption is no longer a barrier to operationalizing sensitive, private data, encryption as a default will be the expectation for privacy and trust in digital products and services. The implications of encryption as a default are enormous and far-reaching. Here in the West, it may simply mean we have confidence that the data we create and share when banking, driving, using a smart assistant, or interacting with a health professional through telemedicine is secure. Elsewhere in the world it could keep authoritarian governments from tracking and oppressing their citizens.
Cape Privacy believes encryption by default is achievable in the near future.
What are the business value propositions of closing the encryption gap?
Cape Privacy is giving organizations the ability to store and operationalize data in the cloud, without putting it at risk through decryption.
Our partnership with Snowflake is focused on delivering that capability to financial services organizations. Financial services organizations thrive on digital interaction and collect an enormous amount of sensitive personal and transactional data every minute of the day. But those advantages are applicable to most industries. The use cases are extensive, from improved healthcare insights and diagnostic capabilities, better personalized consumer product recommendations, to more comprehensive international counterterrorism programs.
Keeping data secure is vital to maintaining trust. People will be more willing and able to share more about themselves if they know their privacy is respected and protected at all times.