How Synthetic Data Combats Security and Privacy Challenges in Regulated Industries
With synthetic data, financial institutions can freely use sensitive data to bolster product or service development with virtually zero risks.
You’ve heard it before – data is invaluable. The more data your company possesses, the more innovation and insights you can bring to your customers, partners, and solutions. But financial services organizations, which handle extremely sensitive credit card data and personally identifiable information (PII), face a difficult data management challenge.
These organizations have to navigate how to use their data as an asset to increase efficiencies or reduce operational costs, all while maintaining privacy and security protocols necessary to comply with stringent industry regulations like the Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR).