December 20, 2022 – Prime Factors, a leader in application-level data protection, has been recognized by Gartner® among Sample Vendors in the Hype Cycle for Privacy, 2022.

Prime Factors Recognized in 2022 Gartner® Hype Cycle™ for Privacy

December 20, 2022

Prime Factors, a leader in application-level data protection, has been recognized by Gartner® among Sample Vendors in the Hype Cycle for Privacy, 2022.

In the Hype Cycle for Privacy, 2022, Gartner recognized Prime Factors among Sample Vendors in Format-preserving encryption, a category of privacy, defined by the research firm which “protects data at rest and in use, and when accessed through applications.”

In this research note, Gartner predicts “by 2024, government regulations requiring organizations to provide free and accessible consumer privacy rights will grow to cover five billion citizens and more than 70% of global GDP.” Accordingly, they point out that “privacy remains a top priority in managing cyber and IT risk as modern regulations continue to impact the processing of personal data.” In this publication, the analyst firm suggests that “leaders with privacy responsibilities must guide their organization to make strategic investments in technology to support a scalable approach to privacy that balances innovation with the need to satisfy regulatory requirements.”

“In the old days, we saw encryption being used primarily by banks, governments, and militaries,” said Justin Teitt, COO of Prime Factors. “However, with privacy regulations in place at more than 130 countries today, the game has changed – everyone must protect sensitive data. And yet, despite the precipitous growth in mandates, many of the world’s largest companies are still getting breached each year, exposing consumers’ personal data, and breaking trust.”

Gartner suggests that “proactive risk reduction can be achieved through competent data life cycle governance and pseudonymization techniques, such as encryption, masking and tokenization.” However, they go on to caution that “security is frequently not coordinated across all data silos, and organizations struggle to track data flows across their architectures, resulting in clear-text access to sensitive data in other data stores not secured with FPE.”

“It’s clear to us that modern data protection and data privacy requires being able to deliver a broad spectrum of data protection functionality,” said Henry Cheli, president of Prime Factors. “We have focused our EncryptRIGHT® product not only on delivering this functionality, but also on leveraging an architecture that centralizes data protection policies and makes it simpler to apply security policies consistently. This makes it easier than ever to enforce data privacy and protect sensitive information wherever data is used, moved, or stored.

Gartner clients can access the full report here.
*Gartner, “Hype Cycle for Privacy, 2022”, Bernard Woo, Bart Willemsen, August 2, 2022.

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