How Banks are Harnessing the 'Holy Grail' of Data Security to Target Money Laundering
- RegTech , Security and Compliance , Security
- 23.02.2021 10:21 am
Enveil, the pioneering data security company protecting Data in Use, today announced the release of version 3.0 of its flagship ZeroReveal® product line. ZeroReveal® 3.0 is the most mature encrypted search, analytic, and machine learning solution on the market, delivering the company’s core homomorphic encryption-powered capabilities through an efficient and decentralized framework designed to reduce risk and address business challenges including data sharing, collaboration, monetization, and regulatory compliance. The enhancements in this release achieve dramatic performance improvements — version 3.0 performs at speeds more than 1000x faster than the company’s initial offering released in 2017. Organizations can utilize the groundbreaking, privacy-preserving capabilities at scale to enable critical business functions as part of normal workflows.
Defining the transformative category of Privacy Enhancing Technologies (PETs), Enveil’s ZeroReveal® solutions change the paradigm of how and where organizations can securely and privately leverage data assets for business purposes — activities that are becoming increasingly challenging due to a growing demand for privacy and a corresponding expansion of the regulatory landscape. The market for these business-enabling capabilities has never been greater: Gartner analysts predict that by 2025, 50% of large organizations will adopt privacy-enhancing computation for processing data in untrusted environments and multiparty data analytics use cases (Gartner “Top Strategic Technology Trends for 2021,” Oct. 2020). Enveil is already delivering on this promise. Customers use ZeroReveal® to securely derive insights, cross-match, and search third-party data assets without ever revealing the content of the search itself or compromising the security or ownership of the underlying data.
“ZeroReveal 3.0 marks a significant milestone in our company journey and further validates that homomorphic encryption has left the sole realm of research and now has a solid footing in the land of the possible,” said Dr. Ellison Anne Williams, Founder and CEO of Enveil. “Our customers are using ZeroReveal today to uniquely solve real problems at scale, enabling business and mission functions that otherwise just cannot be done. We’re not improving existing processes; we’re making something entirely new possible.”
By focusing on the security and privacy posture of the search or analytic, Enveil ZeroReveal® protects a customer’s interests and intent as well as the content of the operation and its corresponding results. Information can be securely shared between entities and across jurisdictional boundaries, expanding data access and utility and enabling organizations to reduce risk while making faster, better-informed decisions. The proxy-layer software solution is being used for business-enabling applications in regulated industries such as financial services and healthcare.
Through its ZeroReveal® solutions, Enveil uniquely provides a decentralized approach to secure data collaboration, allowing participating entities to retain granular control and ownership of their sensitive assets — an approach that differentiates the company’s solution from other Privacy Enhancing Technology-based offerings. Since requirements to move or pool sensitive assets frequently prove to be the breaking point in collaboration efforts, Enveil removes that risk by allowing organizations to securely and privately search and share over third-party data as it is and where it is today.
“The industry has been waiting not only for homomorphic encryption to reach the computational tipping point, but also for a solution that is built with the needs of business users in mind because both are required for wide-scale use,” said Bob Ackerman, Founder & Managing Director at Allegis Capital. “The performance gains and efficiencies delivered by ZeroReveal 3.0 prove that Enveil has crossed that threshold — and the fact that the company’s approach prioritizes data control and ownership show that they understand the market in a way that will advance this category.”
The product enhancements delivered in the ZeroReveal® 3.0 release strengthen integration, performance, and user experience features for both Enveil’s ZeroReveal® Search and ZeroReveal® Machine Learning product lines. Notable features include:
- Performance enhancements that deliver substantial processing gains over previous versions: users realize an average 40% performance improvement gain for most use cases — scenarios where encrypted results were already being returned in seconds;
- Enhanced capabilities for robust fuzzy matching;
- Native support for encrypted geospatial queries;
- Support for encrypted queries that return large data files, such as videos or high-resolution images;
- Minimized file sizes for encrypted queries to support edge compute use cases in low-bandwidth environments;
- Utilization of industry-standard APIs to work with existing security and data infrastructure including audit frameworks; and
- Ability to leverage and integrate with a wide range of popular open source homomorphic encryption libraries.
“Our goal is always to deliver products that function at the speed of business, a threshold that we are proudly meeting and exceeding for our existing customer base in both the commercial and federal markets,” said Dr. Ryan Carr, CTO and VP of Engineering at Enveil. “The performance dynamics of 3.0 were aimed at further improving customer experience, and we are now utilizing homomorphic encryption with efficiencies of scale that are beyond even what we imagined to be possible four years ago.”