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Cheering emerging PETs: Global privacy tech support on the rise

The data economy is facing a paradox. The exponential increase in the processing of personal data has created a wide array of unprecedented possibilities to gain useful insights via artificial intelligence and machine learning. At the same time, these developments expose individuals to new privacy threats.

Data ownership is leading the next tech megacycle

The convergence of Big Tech, finance, and government has enabled a new data economy. While AI is considered the next big thing, it’s only part of the story because data is the “oil” that fuels AI. The first movement in the megacycle was the General Data Protection Regulation (GDPR) when the EU championed data privacy in 2016.

Telecommunications fraud increased 12% in 2023 equating to an estimated $38.95 billion lost to fraud.

Telecommunications fraud continues to impact companies globally, with a 12% increase in fraud loss reported in 2023 as compared to 2021 equating to an estimated $38.95 billion lost in 2023 representing 2.5% of telecommunications revenues.

Winners of Mastercard Lighthouse MASSIV

PryvX, Swedish data collaboration platform enabling telecoms and banks to combat fraud and cybercrime, is announced the program winner in the fall edition of Mastercard Lighthouse MASSIV 2024, Mastercard’s partnership program to find and scale tomorrow’s impact unicorns.

“It’s a privilege to be a part of the MASSIV program. The program offered to us something really valuable and difficult to find ourselves: it helped us to scale with the partnerships and gave us much valuable feedback from the industry. The recognition of Mastercard also gives us great credibility and proof that our solution is valuable and needed. Partnerships is not something you can solve by just “throwing money on it”. Bringing on more and more customers on board is hard and expensive, especially for B2B, and in such heavily regulated industry as financial services and telecom. Now, we are working towards onboarding more partners to create more value through data collaboration and addressing common challenge like cybercrime and cybersecurity”, says Gaspar Wosa, Co-founder and CEO at PryvX.