Mastercard and IBM have launched Truata to enable companies to conduct analytics while complying with the upcoming General Data Protection Regulation (GDPR).
The independent trust will allow companies to meet the standards of data protection envisioned by the GDPR while continuing to innovate and deliver the services and experiences their customers demand according to a joint statement.
Conceived by Mastercard, Truata will provide a new standard in data hosting and anonymisation. IBM was selected by Truata to be its foundational partner for strategic technology and services that will include cloud, analytics and cognitive computing capabilities. The collaboration will mean it can apply market leading anonymisation technologies from IBM’s global Research teams.
Trūata will be lead by CEO Felix Marx, who brings more than two decades of experience in telecommunications, identity management and payments. He most recently served as executive vice president of services in Asia-Pacific for Mastercard, having previously acted as CEO and president of C-SAM, CEO of Identiv Group and CEO of SCM Microsystems.
“Data is a powerful resource and companies have a clear responsibility to protect it. That is why we believe that GDPR represents a catalyst for digital transformation that will lead to enhanced data privacy, more efficient and integrated data processing, and the ability to gain deeper insights for enterprises as they meet these requirements,” said Arvind Krishna, senior vice president Hybrid Cloud and director of IBM Research. “We are proud to partner with Trūata to offer our industry-leading technologies to help businesses extract greater value from their data, while maintaining its integrity and protecting the rights of individuals.”
Professor Barry Smyth, digital chair of computer science at University College Dublin; Aoife Sexton, principal at Tech Law Services and co-founder and director at Frontier Privacy, a data protection services consultancy firm; and Kevin Butler, managing director of TMF Group Ireland have all joined Truata’s board of directors.
Earlier this month, an IBM study found that organisations are not ready for GDPR and responding to a cybersecurity incident is still a major challenge for businesses.
The General Data Protection Regulation (GDPR), which takes effect in May 2018, will mandate that organisations have an incident response plan in place.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
