MOSTLY AI urges businesses and data professionals to switch to synthetic data to protect privacy
VIENNA, Austria and NEW YORK, Jan. 23, 2023 (GLOBE NEWSWIRE) -- MOSTLY AI, pioneers in structured synthetic data, is urging businesses and data professionals to mark Data Privacy Day on 28 January by taking ownership of data privacy. “Data privacy is everyone’s business,” says Dr. Tobias Hann, CEO at MOSTLY AI, adding, “and the scale at which personal data is being collected - up to 180 zettabytes by 2025 - means it’s impossible for individuals to keep up with where their personal data lands up and how it’s being used. Data Privacy Day may have started as a day of awareness, but today privacy needs to be an always-on mindset, a commitment by data professionals, and a key foundation of data strategies in business.”
Businesses like those in banking and insurance will always rely on personal data to better understand their customers, and deliver increasingly personal and relevant customer experiences. But risks remain high. Consider for example that 59% of privacy incidents originate with an organization's own employees or that new hires in financial institutions - organizations with the highest level of data restriction - have unrestricted access to 11 million files on their first day of work.
“By switching to AI-generated synthetic data, businesses can work smartly and safely with data, eliminating privacy risks and enabling the free flow of data within an organization and even to third parties, in a way that’s GDPR and CCPA compliant,” says Hann.
MOSTLY AI’s synthetic data platform, recently recognized in Gartner’s Cool Vendors report about data-centric AI, quickly and easily converts raw datasets into synthetic datasets that are statistically representative with zero links back to any original data points. These datasets can then be shared and worked with, for machine learning development or test data generation, for example.
“It’s time for businesses and data professionals to ditch legacy anonymization techniques like aggregation and permutation, which are still widely used even though they contain risks and jeopardize utility. Synthetic data, on the other hand, is increasingly seen as the most robust privacy-enhancing technology ready for widespread adoption,” concludes Hann.
To celebrate Data Privacy Day and further raise awareness, MOSTLY AI is thrilled to announce the world’s first data privacy rap. The company would also like to invite journalists, business leaders, and data science experts for a conversation with one of our experts about data privacy.
In addition to the company’s on-premise solution, MOSTLY AI offers a free edition of its platform where data professionals can sign up and experiment with AI-generated synthetic data. They can see firsthand the power of the platform, and how quick and easy it is to start synthesizing datasets.
About MOSTLY AI
MOSTLY AI pioneered the creation of synthetic data for AI model development. Datasets generated by the MOSTLY AI platform look just as real as a company’s original customer data with just as many details, but without the original personal data points – helping companies comply with privacy protection regulations such as GDPR and CCPA, and ensuring models are fair and unbiased. The fast-growing company currently works with multiple Fortune 100 insurers and banks in Europe and North America, and has the deepest expertise in helping companies get business value out of synthetic data. Learn more at mostly.ai.