Meet Truyo: A major data privacy disruptor in Greater Phoenix
From 2013 to 2018, technology jobs in Phoenix increased by 37 percent compared to 26 percent nationally. With a strong workforce and innovative spirit, Greater Phoenix has become a hotbed for new and innovative startups with big dreams to transform emerging industries. One particular startup that is gaining traction is Truyo.
Truyo is a joint effort between Intel® and Intraedge, both seasoned technology companies with locations in Chandler, to bring a state-of-the-art, powerful solution to the data privacy space. This solution makes it easy for companies and their customers to exercise and fulfill data rights requests and overall consent management. In other words, Truyo helps consumers know what data companies have and collect about them, while giving the consumer say on how companies use that data, if at all.
“We are thrilled to provide a solution that helps enterprise brands thrive in this new privacy paradigm,” says Kal Somani, IntraEdge and Truyo CEO. “This is a pivotal time in data privacy, a time when regulations are granting important rights to consumers. It is thanks to new technologies like blockchain that we can offer a data privacy compliance solution that benefits both the company and consumer.”
With Truyo, a secure consumer data privacy portal is created offering consumers real-time information about the data the company has on them. There, the consumer can exercise their right to ask for changes, deletions or change consent preferences.
Unlike most privacy tools which only automate part of a workflow or help manage tasks, Truyo brings true end-to-end automation to privacy rights operations. While some companies may not require full automation from the beginning, because they get very few requests or have very few backend systems which hold data, Truyo is built to implement with a scalable approach. This enables companies to quickly get up and running without sacrificing the long-term benefits available from full automation. Built for the enterprise and backed by industry leaders, Truyo helps companies and organizations implement individual rights management on a large scale while giving customers the transparency they desire.
Utilizing blockchain in the data privacy space
Truyo uses blockchain for evidentiary purposes, not as a cryptocurrency. They log every action on a blockchain. This creates immutable records of what happened, including requests from consumers and actions taken against each request. When it comes time for a company to prove their compliance, they will have an in-depth audit record ready to show. Blockchain enables a record of truth.
If someone requests their data, a company has a legal obligation to give it to them. However, a data breach can occur if the company gives the data to the wrong consumer. Truyo simplifies this process for companies and minimizes the outcome of mistaking a spam email requesting data as a real one.
Companies like Microsoft and Apple have invested millions of dollars to create portals for data privacy. Truyo provides that level of excellence to many companies and organizations, helping them enhance brand trust while delivering compliance in a seamless way.
Privacy rights operations are increasingly in demand
“It’s startups like Truyo that give Greater Phoenix’s tech ecosystem a good name and an excellent track record,” says Chris Camacho, president and CEO of the Greater Phoenix Economic Council. “We are excited about Truyo’s innovative initiatives and look forward to seeing them disrupt the data privacy space.”
Many states are considering privacy regulations including Arizona, Colorado, Massachusetts, New Jersey and others. In 2020, the new paradigm of data privacy rights will take root in the United States as California’s landmark regulation, the California Consumer Privacy Act (CCPA), goes into effect.
“This privacy bill allows California residents the right to learn what information a business has about them,” says Dan Clarke, president of IntraEdge and Truyo. “The CCPA allows residents to opt out of the information collection exercise and direct businesses to eliminate what personal information they currently have on that customer. Under the CCPA, California residents can also prohibit businesses from selling their personal data to another party.”
This regulation follows the passing of the General Data Protection Regulation (GDPR) in the European Union in 2016. GDPR requires that companies put in place appropriate technical and organizational measures to implement the data protection principles required by the regulation. This level of transparency now available to consumers requires a heightened responsibility from the business community. Without the proper transparency in place, a company could receive significant fines and a loss of consumer trust.
Intraedge has partnered with some of the strongest names in technology and data privacy, including Intel®, Microsoft, TrustArc and DLA Piper. As Truyo forms these important partnerships and utilizes blockchain in their approach, they will continue to rise in the ranks as a top data privacy tool.