In the recent Mansion House speech (published on June 17th, 2016), the Governor of the Bank of England (BoE) announced a FinTech Accelerator initiative that will see the Bank of England ‘working with new technology firms to help harness FinTech innovations for central banking’.
Privitar and its privacy engineering software technology have been selected for inclusion in the initiative. As part of a Proof of Concept, the BoE will first test Privitar technology on a manufactured dataset to examine the analytical value of the desensitised data.
Data privacy, and privacy engineering, is of particular interest to the Bank of England. Much of the data collected by the Bank is rightly subject to strict limits on confidentiality and sharing, limiting the extent to which data can be shared within the Bank.
From Privitar’s perspective, the situation is similar for many organisations – they are not getting the most out of the data that they collect. Anonymising and de-sensitising data – in a manner that is compliant with privacy regulations – can allow organisations to make better use of the data they collect to assist data modelling and analysis.