New player founded by Mastercard and IBM offers an innovative solution for data analytics in a post GDPR world
IAPP Europe Data Protection Congress, Brussels, 29 Nov 2018: Trūata, the Dublin based data anonymization and analytics company, has been awarded the 2018 HPE-IAPP Privacy Innovation Award at the IAPP Europe Data Protection Conference in Brussels.
Trūata was founded in early 2018 by Mastercard and IBM to deliver next-generation data protection and analytics to the marketplace. In awarding Trūata with this honour, the International Association of Privacy Professionals (IAPP) has recognised the game-changing service that Trūata offers to companies who want to continue to leverage their data to innovate and grow while respecting and safeguarding the privacy of their customers.
The Trūata Anonymization Solution is designed to deliver actionable insights to its customers who operate in multiple industries including financial services, telecommunications, hospitality, retail and travel. Trūata independently anonymizes a customer’s data, giving that customer the freedom to carry out analysis while protecting people’s personal data. The Trūata solution is specifically designed to fully meet the high regulatory thresholds for anonymization as the original source data and the anonymized data will not at any time co-exist in one organisation. This ensures that analytics can be conducted across a customer’s entire data set while only analysing the fully-anonymized versions of that data.
Based on the principle of privacy by design, the Trūata Anonymization Solution is achieved through the application of innovative technological, structural, legal and organisational safeguards. It enables companies to both maximize their data analytics utility and minimize their risk of non-compliance with privacy regulations.
On receiving the award, Aoife Sexton, Trūata Chief Privacy Officer said, “The changing regulatory environment is bringing about a real challenge for companies to understand how they can use data to foster innovation but do so in a legally compliant and ethical manner. We have developed a solution that addresses this challenge by allowing companies to continue to use their data for analytics – but in a responsible manner that is compliant with the GDPR, respecting both the letter and the spirit of the regulation. We are grateful to the IAPP for recognising this new innovative solution.”
Felix Marx, CEO of Trūata, added, “Post GDPR, companies still need to generate value and insights from their data through analytics if they want to innovate and provide their customers the services and products they want. The optimal way to do this, while respecting your customers’ privacy rights, is to have your data anonymized by an independent third party as part of an end-to-end service including world class analytics. Trūata is the first to market with this solution.”
“In today’s global digital economy, organizations will play a critical role in furthering innovation and convenience, while handling data responsibly and ethically,” said JoAnn Stonier, chief data officer for Mastercard and Trūata board member. “At Mastercard, we saw the GDPR as an opportunity to enhance our data practices and—with Trūata —help other businesses do the same. This award from IAPP is a terrific honor and validation of the importance of finding a path that enables both data innovation and stringent privacy protections.”
Sponsored by Hewlett Packard Enterprise (HPE) and issued by the IAPP, the world’s largest information privacy community and resource with more than 32,000 members in over 100 countries, the much coveted Innovation Award recognises unique programmes and services in global privacy and data protection across both private and public sectors.
Set up as a trust, Trūata offers a new approach to handling data anonymization and analytics to help organisations meet the standards of personal data protection envisioned by the GDPR. Trūata offers its customers a service to fully anonymize data and provides analytic services to assist customers with tools, data insights, algorithms and reports that customers can use in their own products and solutions. Trūata is based in Dublin, Ireland. For more information visit www.truata.com.
The International Association of Privacy Professionals (IAPP) is the largest and most comprehensive global information privacy community and resource, helping practitioners develop and advance their careers and organizations manage and protect their data.
The IAPP is a not-for-profit association founded in 2000 with a mission to define, support and improve the privacy profession globally. We are committed to providing a forum for privacy professionals to share best practices, track trends, advance privacy management issues, standardize the designations for privacy professionals and provide education and guidance on opportunities in the field of information privacy.