Fairmarkit Sets New Standard in Security with Commitment to Never Share Customer Data to Train Third Party Models in Generative AI Products

July 12, 2023

Company launches initiative to further develop customized security enhancements to support Gen AI products

Today, Fairmarkit, the autonomous sourcing platform transforming the procurement of products and services for enterprises, is proud to announce its commitment to maintaining the highest levels of security for enterprise customers through its decision to never use customer data to train third-party hosted models, such as OpenAI GPT, Bard, and AI21. By adopting this approach, Fairmarkit sets a new standard in security, ensuring the protection of sensitive data, preventing data leakage, and mitigating potential risks associated with AI-powered procurement processes.

Public training models, although widely used in the development of AI systems, pose significant security challenges for enterprise customers. These models are typically created by training algorithms on large datasets, which can potentially contain sensitive and confidential information. While this approach has its merits in various AI applications, it introduces a higher level of risk in enterprise procurement due to potential data breaches or unauthorized access to proprietary information. Recognizing these concerns, Fairmarkit is exploring masking and anonymization as an additional security layer to be used with OpenAI, as we explore building our own models.

In addition, by leveraging Large Language Models (LLMs) to bolster data security measures, Fairmarkit ensures the encryption and protection of sensitive customer data, enhancing privacy and maintaining a secure environment for their client’s procurement operations.  

Understanding the critical importance of security in enterprise procurement processes, Fairmarkit has further pledged to collaborate closely with its high-volume customers on the development of its conversational AI for RFP (Request for Proposal). Through this collaborative effort, the company aims to gain valuable insights into their customers' unique security requirements and develop customized enhancements to fortify their data protection protocols.

"At Fairmarkit, we prioritize the security and trust of our customers,” said Victor Kushch, CTO, Fairmarkit. “By developing features that further enhance the security of our gen AI products, we are addressing the significant challenges that have caused concern. This commitment demonstrates our dedication to providing a safe and secure procurement experience for our customers, setting a new standard for the entire industry."

The company's cutting-edge software solutions, built on advanced algorithms and data analytics, provide unrivaled efficiency and accuracy while maintaining the highest standards of security. As we work hand-in-hand with customers to understand and develop security enhancements, the company solidifies its position as a trusted partner in the digital transformation of procurement processes.

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About Fairmarkit

Fairmarkit is the autonomous sourcing platform that empowers organizations to more efficiently purchase the goods and services they need. By equipping procurement and supply-chain teams with automation and data, Fairmarkit promotes competitive bidding while reducing manual work within existing processes. Leveraged across a number of industries by innovative procurement departments, such as Boeing, BP, Snowflake, Cabot Corporation, and Refinitiv, Fairmarkit aims to revolutionize the way organizations make purchases. Learn more at http://www.fairmarkit.com.

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