The Alexandra Institute // Cases // Big Data by Security

Big Data by Security

Case

Big Data by Security

Reap the business potential of big data 

New security models enhance data quality and enable easy exchange of big data across organisations – without compromising on privacy.

Data security is vital when companies want to harvest the benefits of big data. Advanced security models make it possible to enhance data quality and ease the exchange of big data across organisations without compromising on privacy.

This is for example relevant in systems that banks use to assess and compare the creditworthiness of e.g. farmers, or in systems to benchmark corporate electricity consumption. In both cases we do not want third parties to access confidential information.  

This security challenge is the topic of our project Big Data by Security.

The project involves a number of industrial partners and knowledge institutions and is funded with DKK 7.4 million by the Danish Industry Foundation.

The project focuses on two cases based on Secure Multiparty Computation (SMC).

The first case in question is about developing secure credit rating methods. The second case is about developing a system for benchmarking corporate electricity consumption. Both cases are relevant in a broader perspective, and it is essential that Danish companies can benefit from the solutions developed
– for example to reduce their energy consumption or to get easier access to funding.

The idea is to extend the findings from these two cases to other industries and application areas and to foster innovative use of solutions based on Secure Multiparty Computation. Examples of such application areas are handling of IT outages across organisations or correlation of data between suppliers and companies. 

The overall objective of the project is to turn confidential data into business value without compromising on security and privacy.

This can be achieved by applying a special cryptographic technology called Secure Multiparty Computation (SMC). In short, SMC makes it possible for several parties to input data in encrypted form and compute on the data while still encrypted. The only thing that is ever revealed is the result, which all parties agree to decrypt, and which cannot be abused.

The technology enables the development of big data solutions and services that would not otherwise be available. This is why we call this project Big Data by Security

In the short term, Big Data by Security will develop two solutions that are estimated to add immediate value to Danish companies. The project will also set up specific targets for how to use the solutions. Furthermore, each case will be evaluated.

In the long term, the SMC-based infrastructure that solves the fundamental privacy challenge of big data can contribute to ensuring that the huge business potential of data-driven decision-making is realised. According to Mckinsey, the annual potential worldwide is estimated in billions of DKK per year.

The knowledge about SMC-based software generated in the cases will be disseminated by the Alexandra Institute in our capacity as a member of Advanced Technology Group. Our goal is to pave the way for the development of new big data projects that involve confidential data management. Our results and solutions will be published on the web.

We can help you manage big data without compromising on security.

Contact us for more information.

Contact
Head of Security Lab, PhD
Security Lab
+45 24 26 99 11
See profile
.