Insurance Technology Industry News

TMCNet:  Privacy Analytics Moves Risk Assessment to the Cloud

[January 14, 2013]

Privacy Analytics Moves Risk Assessment to the Cloud

Ottawa, ON, Jan 14, 2013 (PRWeb.com via COMTEX) -- Privacy Analytics, the leading experts in protecting the privacy of personal data used for analytics, announced the latest release of the award winning Privacy Analytics Risk Assessment Tool (PARAT) so organizations can share and derive more value from their large data holdings while protecting privacy.

The fifth generation of PARAT moves risk assessment functionality to the cloud, allowing clients to collaboratively manage risks for internal data users or external data recipients. It expands what is possible in terms of sharing information while protecting individual privacy and remaining compliant with existing laws, regulations, and best practices, such as HIPAA.

"We recognized that by making the risk assessment functionality in PARAT available on the cloud, it would provide Privacy Officers and their organizations with significant time savings in managing the flow of data sharing agreements between them and their data users and data recipients," said Dr. Khaled El Emam, CEO of Privacy Analytics. "This capability opens up opportunities for them to conduct assessments on a regular, on-going basis which will bolster their audit readiness and help them in their efforts to avoid notifiable breaches and their costs." Notifiable breaches of personal information can cost an organization between $200 and $300 per record - which can be quite damaging for breaches involving large data sets. This offering allows organizations of all sizes to streamline their processes for conducting risk assessments before sharing health data and will make it easier for them to conduct assessments on an as-needed basis. The risk-based methodology provides strong privacy guarantees while still allowing high utility data to be released. The amount of de-identification and masking that is applied to the data depends on risk assessment results.

In addition, the latest version of PARAT now includes more sophisticated capabilities to de-identify longitudinal data sets, can handle data from more types of databases, and incorporates advanced data transformation features to allow the pre-processing of large data sets. The new functionality allows PARAT to de-identify and mask even larger and more complex data sets than before, and facilitates tighter integration with enterprise data systems.

This release builds on recent industry recognition, including being named a Gartner Big Data "Cool Vendor in Risk Management, Privacy and Compliance and selected as the winner of the Strata + Hadoop World Startup Showcase by Tim O'Reilly, and validates the company's status as a trusted authority in data privacy and anonymization.

About Privacy Analytics As the developers of the only commercially available de-identification and masking software application which it leverages to provide HIPAA de-Identification, re-identification and continuous certification services, Privacy Analytics helps companies in the health, consumer Internet, and financial industries derive value and maximum granularity out of their data. Our solutions allow secondary users of personal information to have high quality, de-identified data that protects privacy of personal data for the purpose of conducting critical research and the most complex analytics, while still meeting the most stringent legal, privacy and compliance regulations.

Privacy Analytics works with some of the largest research organizations, pharmaceutical, healthcare and insurance providers in North America and our software has been used to de-identify more than 100 million records.

Read the full story at http://www.prweb.com/releases/2013PrivacyAnalytics/01RiskAssessmentCloud/prweb10320440.htm PRWeb.com

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