October 10, 2023 - In the Hype Cycle for Privacy, 2023, Gartner recognized Prime Factors as a Sample Vendor for the Format-Preserving Encryption (FPE) category.
"Security and risk management (SRM) leaders responsible for privacy face massive increases in requirements and expectations from customers and regulators alike," Gartner stated in the research. "As such, SRM leaders must help their organization make strategic technology investments to support a scalable approach to privacy that balances innovation with the need to satisfy regulatory requirements" they go on to say. "Beyond the imposition of sanctions, efforts to mitigate privacy risks focus on ﬁnancial risk following a breach, the decaying of consumer trust and brand damage." According to Gartner, "By 2025, 75% of the world's population will have its personal data covered by modern privacy regulations. By 2026, fines due to mismanagement of subject rights will have increased tenfold from 2022 to over $1 billion."
"We continue to see the scope and complexity of data privacy grow," said Henry Cheli, President of Prime Factors. "The rapid expansion of applicable privacy laws and the continued growth in the sheer volume of sensitive data that most enterprises create and manage seem to make protecting data and enforcing privacy harder over time, even as it is becoming more important. We believe that solutions must be able to proactively reduce risk, while also reducing complexity. This has been the inspiration for product development for EncryptRIGHT."Gartner discusses the business impact of Data Security Governance (DSG), citing that "DSG offers a balanced approach to define how data is accessed and used to support business performance objectives and client experience, while enforcing appropriate data security and privacy controls to mitigate risks," and adds that "Data security policies are needed to guide the implementation of consistent data access privileges security controls across a portfolio of datasets." Gartner suggests that "Proactive risk reduction can be achieved through competent data life cycle governance and pseudonymization techniques, such as encryption, masking and tokenization."
"We agree that the coupling of pseudonymization techniques, such as encryption, masking, and tokenization can help to proactively reduce risk, but we also believe it's imperative that this is not done at the expense of adding more complexity or locking oneself into a security posture that cannot easily adapt with time," said Jose Diaz, Vice President of Products and Services at Prime Factors. "We've spent a great deal of effort architecting EncryptRIGHT in a way that helps simplify implementing data security within the DSG framework while allowing the crypto agility needed to future-proof data security and privacy."
Gartner clients can access the full report here.
*Gartner, Hype Cycle for Privacy, 2023, Bernard Woo, Bart Willemsen, July 14, 2023
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