Independent trust founded by Mastercard and IBM to allow companies to comply with GDPR
Truata has been designed specifically to help organisations conduct analytics in full compliance with Europe’s upcoming privacy and data protection framework, the European General Data Protection Regulation (GDPR). Truata will enable 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.
Conceived by Mastercard, one of its founders, Truata will provide a new standard in data hosting and anonymisation. Using proprietary processes, methodologies and intellectual property, its offerings will make it possible for organisations to analyse their data while complying with the privacy and data protection requirements of the GDPR.
IBM has been selected by Truata to be its foundational partner for strategic technology and services that will include cloud, analytics and cognitive computing capabilities. A cornerstone of the collaboration will be to apply market leading anonymisation technologies from IBM’s global Research teams.
Felix Marx will lead Truata as CEO. An Austrian national, Mr. Marx brings more than two decades of experience in telecommunications, identity management and payments, most recently as executive vice president of services in Asia-Pacific for Mastercard. His previous roles include CEO and president of C-SAM, Inc., CEO of Identiv Group and CEO of SCM Microsystems.
Mr. Marx said: “Truata is built on the long-standing demand for data, security and privacy. This demand will be catalysed by the arrival of the GDPR and other developments like 5G and the Internet of Things. The Truata data trust, paired with data anonymisation and analytics, is a natural next step in the evolution of the data economy.”
Truata’s innovative trust structure offers a new and unique solution that proactively safeguards privacy and engenders trust. Because of its governance structure, Truata will operate independently of its beneficiaries and customers, thereby allowing it to maintain direct control over data hosting and analytics on behalf of its client companies.
In addition to being one of Truata’s founders, Mastercard has signed on as one of its first customers, using the Truata solution for data anonymisation and analytics.
“At Mastercard, data privacy and security are part of our stock in trade. Data and analytics are central to our business. For security. For business intelligence. For enabling personalized experiences and faster, more relevant service to our customers and their customers,” said Kevin Stanton, chief services officer, Mastercard. “We are proud that Truata builds on a rock solid foundation of security, privacy, technology, trust and expertise. With true independence and advanced technologies, Truata will be key to answering businesses’ biggest data questions.”
“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 Truata 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.”
Prominent technologists and data protection experts have joined the Truata board, including 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.
“The explosion of data and advanced analytic technologies mean that businesses can deliver personalised experiences that make life easier, safer and more convenient. If we can’t, as technologists, enable businesses to continue to maximise the promise of data while protecting the rights of consumers, then we all stand to lose,” said Professor Smyth. “By placing boundaries between how data is stored, protected and used, Truata can safeguard the benefits of data for modern businesses and consumers.”
“Under the GDPR, companies will have more responsibilities in terms of how they manage personal data of consumers,” said Ms. Sexton. “In my day job and now with Truata, we see the disruption businesses can face if they don’t put these safeguards at the centre of their data strategies.”
Further details about Truata, which will be based in Ireland, will be announced in the coming weeks.