The era of big data is here to stay. Big data fuels the innovation of products and systems that consumers and companies have come to rely upon and expect.
The challenge faced by companies is not whether they should be using big data, but rather, how they can use big data in a way that benefits them and society while minimising the legal and ethical risks.
Privacy and security
The technology that has allowed us to collect even bigger data sets is available to both legitimate users and abusers. A data breach or hack has serious consequences to the company and its customers. That is why more consumers today are demanding heightened level of security in vehicles like terms and conditions, service agreements and security seals.
Companies can ensure better protection of the personal information they collect through countermeasures like encryption, access control, intrusion detection, backups, audits and organisational-wide procedures that can minimise threats of data breach or data theft.
Laws and ethics
One of the key challenges not considered by most companies using big data is applicable laws and important research that can identify biases and inaccuracies in big data practices.
Companies that compile data for purposes of eligibility decisions should consider applicable laws.
Companies already using big data analytics can minimise the risk of discriminatory harms by ensuring that data sets are accurately representative of the population, biases have been accounted for in the big data algorithm and analytics, and predictions have been accurately applied.
Facing up to these challenges is very much a part of big data mining today. Failure to do so can leave a business vulnerable to financial disaster and huge fines.
As technology continues to evolve, the amount of data available to us is going to increase. Big data is already a powerful tool for businesses today. Imagine what it can do tomorrow.
To find out how we can help you design ethical solutions for your big data mining, contact us today
