MasterCard and IBM are teaming up with Truata to develop one of the Europe’s first holistic ‘data trusts’ to help the businesses meet the strict EU requirements on how corporate firms should keep personal information. Data trusts are the best options especially for smaller firms that have limited resources in organizing and protecting their data.
Truata, an independent company will manage and analyze the vast amounts of personal data from various business firms such as the travel agents and insurance companies so that they can comply with the oncoming EU’s General Data Protection Regulation (GDPR) rules.
Through one of its founder MasterCard, Truata will offer a new standard in data hosting and anonymisation. By utilizing its proprietary processes, methodologies and intellectual property, the firm will help organizations to manage and analyze their huge data while complying with the new privacy and data protection requirements of GDPR.
IBM has been picked by Truata to be its foundational partner to offer strategic technology and other services such as cloud, analytics, and cognitive computing capabilities. The intention of the collaboration is basically to apply market-leading anonymization technologies particularly from the IBM’s research teams spread across the globe.
The company will also help the organizations to meet the required standards of data protection envisaged by the GDPR and at the same time continuing to improve the delivery of excellent and innovative services and experiences that the customers are increasingly demanding.
As businesses rush to meet the May 25 deadline for the oncoming GDPR, the data trust is set up under the Irish Law based in Dublin, which is perceived to be a bit less stringent compared to other European countries. The new rules are going to be the biggest shake-up of the global company privacy rules in the history. The rules will force the organizations holding personal information of any EU citizen to search for open content or delete where necessary.
It’s likely that that the regulations will present a considerable challenge for business firms that not are aware how much data they possess or where it’s stored. Organizations will also face strict requirements to promptly report on the cyber violations within the first 72 hours of learning about them. Those who fail to comply with the GDPR requirements will attract the fine of up to 4% of the global turnover.