The most effective way to mitigate risks associated with privacy-related data leaks when sharing with a third party is customer data encryption and masking. Encryption is a process of transforming data into an unreadable format that can only be decrypted with a key or password. Masking is a process of hiding or replacing sensitive data with fake or meaningless dat a. By encrypting and masking customer data, the organization can protect the confidentiality and integrity of the data and prevent unauthorized access or disclosure by the third party.