It has been an important year for cybersecurity pioneer Vaultree. The close of its Series A, the launch of a first-of-its-kind software development kit and the entrance into the healthcare sector. These are just some of the important milestones Vaultree has achieved within the past 12 months and the CyberTech is showing no signs of slowing down.
Continuing the trend of significant milestones, Vaultree has just announced the integration of its Fully Functional Data-in-Use Encryption (FFDUE) software into Tableau, a business intelligence and analytics software developer. The integration has been described by Vaultree as a “monumental leap forward” for secure financial and healthcare data analytics. This integration will allow encrypted data to be safely analyzed and visualized for the first time, whilst maintaining data privacy and security.
How is the FFDUE revolutionising data security?
The necessity for strong data security has never been greater. Digitalisation has transformed the way of life and business, but it has also created a whole new world of risk. Criminals have an easy opportunity to seize volumes of sensitive data they can exploit for material gain. Businesses on the receiving end of a data breach could lose millions of dollars and even risk going out of business. In fact, the global average cost of a data breach in 2023 is estimated at $4.45m, an increase of 15% in just three years, according to IBM.
With such a high risk to business stability, many are looking to increase their spending on data security to minimise the risk of suffering a data breach. The same report from IBM found that 51% of organisations are looking to increase their security investment in response to a breach. These firms are exploring tools for incident response planning and testing, employee training, and threat detection and response tools.
As firms explore the market for new solutions, it is vital they find the right technology that can bolster their defences. Vaultree CEO and Founder Ryan Lasmaili, said, “In an era of cyber threats, it’s vital for firms to enhance their data security. Encryption is paramount because it converts sensitive information into unreadable text, making the data useless if intercepted. Vaultree’s FFDUE further elevates the security by allowing data to remain end-to-end encrypted even while processing, thus setting a new standard in data protection. Even more, with Vaultree’s FFDUE, you no longer have to worry about reporting a data breach under GDPR.”
The FFDUE technology empowers businesses to safely process, analyze and visualize end-to-end encrypted data. The entire database is never decrypted, and all queries are encrypted in use, rest and transit, only the responses will be decrypted.
Data has become a powerful tool in the modern world and the ability to efficiently process it can be a major advantage to a company. Initiatives like open banking has encouraged a world where financial institutions and FinTech startups share data with one another. Data sharing among companies benefits consumers with personalized products, streamlined finance experiences, and greater flexibility in services. However, it also puts their data at risk if weak security measures are used for handling the data.
“Through our technology, multi-party collaboration on encrypted data becomes a reality, facilitating confidential data sharing and analysis. Businesses can now confidently share sensitive financial and personal data for collaborative projects while ensuring data privacy and compliance.”
On top of data collaboration, the Vaultree platform plays a critical role in terms of intellectual protection. Lasmaili explained that financial firms often have proprietary trading algorithms or risk models that require the highest levels of security. The Vaultree platform protects this sensitive encrypted data from unauthorized access, securing these valuable assets and fostering a safe environment for innovation.
A couple of Vaultree’s other major boons are third-party integration and scalability. Based on plug and play technology, the client doesn’t even have to spend masses of resources trying to integrate the technology. As for scalability, the platform boasts “lightning-fast performance and easy scalability, allowing companies to handle vast amounts of sensitive encrypted data no matter how big they get.
What to expect from the Tableau integration
This integration with Tableau combines the power of Vaultree’s FFDUE with Tableau’s secure data visualization. This allows computations on encrypted data to be visualized in plaintext on a Tableau dashboard, providing a new dimension of secure business intelligence. Simply put, Lasmaili said, “We are building a future where persistent encryption and secure data visualization act as catalysts for innovation, growth, and cybersecurity risk mitigation.”
Lasmaili explained that customers will benefit from enhanced data security, improved compliance with data protection regulations and the ability to perform advanced data analytics on encrypted data. This empowers businesses to innovate, drive growth and mitigate cybersecurity risks, Lasmaili added.
One of the core foundations of this partnership is the end-to-end encrypted data analytics. Organisations leveraging the solution will be able to complete sophisticated predictive modelling, trend analysis, and market research on encrypted data. This can transform how financial and sensitive data is used and can ensure data is never exposed to malicious players.
The next foundation of the integration is the use of AI and machine learning. Users can perform advanced encrypted searches and data analysis on sensitive data, such as credit scores or investment portfolios, powered AI and machine learning technology. This functionality boasts “unprecedented levels of innovation” and can improve decision-making capabilities without exposing data.
AI technology has been a buzzword for many years, but the sudden explosion of generative AI tools has resparked hype for the technology. As such, companies around the world are quickly exploring areas AI adoption would transform their capabilities. Cybersecurity can greatly benefit from automation and advanced capabilities. As shown, by Vaultree’s new integration, the technology can provide security teams with more efficient tools to improve their output and reduce the risk of data leakage.
Lasmaili said, “AI technology is pivotal in harnessing and enhancing the value of data. By implementing AI on encrypted data, we can drive sophisticated predictive modelling, trend analysis, and machine learning on previously inaccessible sensitive data. This allows for new levels of strategic decision-making and innovation without sacrificing data security.”
The world has changed seismically since the Covid-19 pandemic. Many companies have embraced a remote working culture, allowing their staff to either work part time from home or even fully remote. While this is great for employee happiness, it poses a whole new set of risks. In fact, 20% of organisations have suffered a security breach due to their remote workers, according to a report from databasix.
One of the biggest risks is data security. Firms will need to ensure sensitive data is not stored on personal devices or cybersecurity measures are not forgotten. The best way to ensure this is through encryption and secure data visualisation. As the world gets used to the remote working system, Lasmaili hopes the future will also bring persistent encryption.
This integration with Tableau is part of Vaultree’s vision for the future of encryption and data visualisation. This is a future where persistent encryption and secure data visualization become industry norms. Lasmaili added, “We foresee a world where sensitive data can be safely analyzed, processed, and visualized, catalyzing innovation while maintaining uncompromised data security and privacy.”
Eyes on the future
As mentioned at the start of the article, Vaultree is knocking out a series of notable milestones and this integration with Tableau is far from the last it has planned for 2023. Its plans include expanding its suite of solutions and bolstering its partnerships to support its mission to transform data encryption. On top of this, it is also exploring more integrations akin to that with Tableau.
But up next on its plans for 2023 is the sponsorship of the Black Hat USA 2023 event. During the cybersecurity-focused Las Vegas event, Vaultree will share a live demo of its integration with Tableau in full operation. On top of this, Lasmaili will host a discussion on ‘Navigating Data Encryption: Discover the Power of Fully Functional Data-In-Use Encryption.’
Lasmaili concluded “As we progress, we remain committed to our mission of making data privacy a human and business right and creating a fully encrypted future where your data remains always encrypted, always usable, and always secure. We’re confident that our recent integrations and future plans will continue to drive unprecedented advancements in data security and analytics.”
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