Indian IT business Tech Mahindra has partnered with Israeli firm ContextSpace Solutions to develop the world’s first global software privacy ecosystem.
MyData Shield is a cloud-based software privacy ecosystem that enables corporate software developers and start-ups to meet global privacy and data protection regulations.
With countries moving towards stronger privacy regulations, organisations too are increasingly concerned about personal data protection and regulatory compliance according toTech Mahindra Senior VP(Global), Cybersecurity Business, Rajiv Singh.
The EU General Data Protection Regulation (GDPR), a regulation that requires businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states, was passed two years ago. However, global organisations are still struggling to comply.
MyData Shield is based on cyber-privacy concepts, research, development and operational deployment performed jointly by Tech Mahindra and ContextSpace Solutions. The cloud-based Privacy Protection as a Service claims to enable millions of organisations pan-industry to lawfully collect and process personal data for a common consumer base.
It is configurable to comply with national/global data protection regulations, thereby freeing developers to focus on application functionality and innovation. Tech Mahindra claims the approach will likely revolutionise Digital Transformation by eliminating obstacles posed by personal security and privacy regulations, whilst at the same time vastly improving time to market, data usefulness and the consumer experience.
MyData Shield operates across multiple industries simultaneously, including health care, financial services, retail and government.
“Creating a standardised, privacy-protected ecosystem for software developers and start-ups will accelerate Digital Transformation, where privacy compliance is a critical requirement”, said Shmuel Levine, CEO for ContextSpace Solutions. “Our partnership with Tech Mahindra addresses the difficult and expensive lessons learned from the EU GDPR and enables software developers and organisations of all sizes to succeed in a privacy-regulated world”.
Tech Mahindra also announced the launch of Tech Mahindra NxT in Israel, which will focus on creating collaborative solutions across cyber security, mobility, artificial intelligence, fintech & data analytics. It will also work on mentoring and helping accelerate growth for start-ups by availing ready infrastructure & market know how.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
